Saving money can be a tricky business where you strategically plan on how to go about your funds. However, some of us manage to sail right through it. But the entire saving equation goes for a spin after we plan to move in and share finances with our partner/spouse. Now you got to combine it with someone that has a totally different money background and the skills to handle it. The entire game changes, and initially, it isn’t that great.
What a lot of people don’t realize that money isn’t the real issue in the relationship, its more about maintaining and investing the funds right. And it can be challenging with the whole trust issue coming to play, but that’s okay. It’ll take time to gain motivation and trust to budget right.
And believe me, I get you. It wasn’t difficult communicating money with my fiancée because as free-spirited as we both were, we knew the importance to save and budget separately. Yes, it took a while to get on board with the idea of sharing funds, but you get there eventually.
The following steps will help guide you and your significant other on the path where you both want to be heading, in terms of saving.
Step 1: Communicate
Your partner is different from you and will not know what’s on your mind about budgeting. Understand each others family’s view on money and how would you make it any different among the two of you. It’ll give you both a better understanding on spending and saving habits of each other.
Step 2: Set a money goal together
Budgeting for the sake of doing it, won’t help you in the long run. Rather use a motivation to help achieve the goal. More importantly, set goals that motivate both of you. Set a goal for buying a car or going for a nice vacation. Put a date on the calendar and plan to make it happen. That type of power would drive you to bring about changes in your spending behavior.
Step 3: Make it fun
Setting goals together and budgeting can become tedious. But if both of you are willing to work as a team and face challenges, things might get fun. Allow yourselves a certain amount to spend on yourselves together as well as separately. This would ensure that the trust you have for each other, doesn’t fade.
Step 4: Don’t Nag
No one likes to be nagged about something they just bought. Rather than jumping onto how much they spent, first and foremost compliment them. In fact, feeling pressured might make them resentful to the idea of budgeting together. So, lay off. Give them enough time to introspect and then later rationalize with them positively about the matter.
Step 5: Be transparent
Sharing every information about budgeting with your partner may give you a different perspective on it. You’ll be able to discuss and plan something that fits you both. It’ll also help you both know how much is being saved and spent simultaneously. It’s an easy way to stay accountable to each other, and it’ll make future money conversations easier.
At the end of it all, it’s all about creating better habits between the both of you. It’s not just a learning process for the two of you, it is also a means of creating a better financial future in the relationship. Hence it is very important to support each other through it rather than tear each other down.
I hope these steps would benefit you and your partner, but in case there was something that wasn’t answered, let me know below. I’d be glad to get back to you.