Everything comes down to money and love
How many times have you consciously avoided conflict/ a super awkward conversation with your partner? Unsurprisingly, talking about money with a significant other often feels like one of those topics that’s worth avoiding for ‘the greater good of the relationship’. Manisha Thakor, a Harvard MBA and Director of Wealth Strategies for Women, respectfully disagrees - she says that having an honest discussion about where you both stand financially will benefit both your wallet and your love life. Here’s a list of things to keep in mind to help both flourish:
- It takes two. Don’t leave one sole person in charge of household expenses and bills. A shared bank account helps keep both parties informed on what’s going on in the communal wallet, and adds to a sense of financial unity.
- They may not have a clue. Navigating the financial landscape isn’t straightforward (which is why we’re here in the first place). Don’t assume your partner is clued up; they may be just as lost as you are. Educate one another - read blogs (and Vestpod!) or consider seeing a financial adviser.
- Do it for the kids. We don’t mean to put off budding parents, but the average cost of raising a child in the UK (from birth until the age of 21) is a whopping £229,251. Planning (and budgeting) early is key - make sure you and your partner are on the same page when it comes to these adorable, but very expensive, additions to your family.
- Honesty is better than sugarcoating. Your family income and expenses may fluctuate or change completely over time. Don’t treat the money talk as ‘one and done’ - keep the conversation honest - and frequent.
Keen to find out more about romance and financial compatibility? Check out this article in Forbes - it provides a nifty list of questions that you and your partner should address together.