Struggles and Scars

Achieving financial harmony as a couple

Like it or not, money is an important part of any relationship and we must learn how to control it to ensure harmony

Money is desired by all, worshipped by almost all and misunderstood by many. Money is neither the root of all evils nor is it the only possible way to achieve goodness and happiness in life. It is what you think about money, in other words your relationship to money that decides how you are going to behave when you have it and when you don’t.

When money plays such a important role in almost everything we do in our lives, it is hard to imagine that it would not have a profound effect on the intimate relationships we have with people around us, and especially our romantic long-term partners and/or spouses.

Related reading: 10 reasons why Indian couples fight

Depending upon the unique dynamics that you have with your partner, you can choose to be fairly open about your finances or not. Both are valid choices. If you are not open about every single detail of your financial situation, it doesn’t always mean that you do not trust them, it could also mean that your unique understanding of money and your circumstances make your wary of sharing your bank details with anyone, including your parents. However, never lead your partner to believe that you are better off or worse off than you actually are.

Also, remember to not go beyond your budget to impress your partner. I would say keep a balance between buying things and creating joint property and investing in having joint experiences through holidays. All of this requires as meticulous a planning strategy as any other important thing in life.

financial harmony
‘meticulous planning needed’ Image Source

Everything you plan together as a couple, remember, it requires Money and Mind to create happy Memories and all three M(s) are important.

Here are some tips to achieve financial harmony in the real world as a couple:

1. Financial Education: Just the way we need to learn how to bring up a baby, we have to learn everything that doesn’t just come on its own to us. Educating yourself about the market and your place in it will help you understand your options together and as individuals. Meeting agents from trusted banks might be a good idea, in addition to the reading you might have to do on your own.

2. Budgeting for Fun: It is important to do fun things together, and a lot of those fun things, in addition to the house expenses, require money. It is important to budget for these things, so that one can have an expectation of approximately how much to spend and avoid going overboard.

3. Division of Expenses: It is of value to divide house and other expenses between the two of you. It helps not just to streamline the whole process; it also takes away the unnecessary pressure that ambiguity brings with it.

4. Surprise your Partner but not your Account: Occasional surprise gifts and visits aside, consult each other before buying stuff for each other. A lot of the times we end up buying things that may be of no use to our partner and will only add to the clutter in the house and would be a total waste of money beyond the initial euphoria of good intentions behind the gift.

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5. Gifts for Friends and Family: Financially planning birthdays, anniversaries and weddings would be very beneficial for you and you financial health with your partner.

Do not try to go overboard with gifting; the thoughtfulness of a gift, is not always correlated to the grandness of it.

It can be frustrating keeping tabs on every paisa at first, but once you get into a habit of doing it, it will seem much easier and you know it is worth doing it for yourself and for the financial harmony of your relationship.

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