Good Communication-The key to Financial Compatibility

We know that working on a household budget isn’t exactly your idea of spending a romantic evening but it is one of the keys to a happy and peaceful married life. Paying off the credit card bill every month on or before the due date wasn’t a part of your marriage vows but it can surely strengthen your relationship in more than one way.
Partners who ignore or avoid discussing financial matters with each other often find their financial life in disarray. It is important to educate each other about things like personal loan interest rates, tax rebates, new savings instruments in the market etc. to maintain the financial health of the family. There should be enough clarity on who is supposed to do what. For example, paying the monthly electricity bill, keeping tabs on the bank debits and credits or paying health insurance premiums etc.
Involvement of both partners in financial matters
Most financial experts agree about the fact that both partners should be completely clued on to the financial matters of the family. It could happen that one spouse is earning all the money or manages all the paperwork but the other partner should be equally aware of what’s going on and should participate in any major decisions being taken.
One could talk to his/her partner while on the way to work or at a planned hour every month as this will ensure clarity about monthly spending too. Many marriages suffer because both partners refrain from discussing money matters and the responsibilities attached to it. Frequent and honest discussions can help understand each other’s perspectives and lead to a stronger relationship.
If a partner decides to opt for an instant loan, the other person should be aware of it so the monthly outgo is managed accordingly. Keeping a spouse out of the look will not only lead to an imbalance of the relationship but the trust factor will also be affected. If anything “happens” to the person managing finances, it could be devastating for the other person. To achieve financial compatibility, the fine balance of individuality and sharing is absolutely mandatory.

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