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Relationships and Money Working Together!

Financial stress is a really big cause of relationship breakups. Money in relationships are often a taboo topic to talk about. Original wedding vows include a promise to be together forever, for richer or poorer, but in reality, many couples find for poorer way too hard. Relationships Australia research shows that financial stress is the number one cause of relationship breakdowns in Australia. 
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Relationships and Money Working Together!

Financial stress is a really big cause of relationship breakups. Money in relationships are often a taboo topic to talk about. Original wedding vows include a promise to be together forever, for richer or poorer, but in reality, many couples find for poorer way too hard. Relationships Australia research shows that financial stress is the number one cause of relationship breakdowns in Australia. 
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So, I’m going to share with you five tips on how to money-proof your relationship so that that doesn’t happen to you.

Tip #1: Be united. 

I believe that the secret to making relationships and money work together, is working towards a shared future. In other words, you really need to be a team that are united in your goals.

Having a shared vision and shared short, medium, and long-term goals will help you both to create and implement money habits that are going to serve you well both individually and in your relationships. For example, every year with my husband James, we catch up and review our goals. We talk about what we want to happen this year, next year, five years, ten years.

We talk about everything we really dream of individually and together. These things include travel, lifestyle, and large purchases. For example, new cars, house renovations, kids’ education, even longer-term, like, when we want to have our retirement, all those sorts of things.

This opportunity to share our personal dreams and goals helps us work together to develop our couple and family goals. From that, we can work together towards implementing the money management habits that will enable our goals to become reality.

So, I encourage you to have those chats with your partner, and try and get those united goals that are going to bring you united in your money management as well because agreeing on those shared goals and setting out those habits and behaviors that you both have to implement to achieve those goals, makes it so much easier for you to work together and be united on the big money decisions that count.

Tip #2: Take equal interest and responsibility for money management. 

Some couples try and avoid conflict by having one partner manage the finances while the other partner is often left in the dark. This often inevitably ends badly either because one person is making financial decisions that are going to impact both of you, or one person is left in the dark about finances and finds it really difficult and overwhelming when they inevitably have to start managing the finances independently either due to separation or illness or death of a partner.

So, it’s important that if you’re not the partner controlling the finances currently that you start taking more of active interest.

Tip #3: Protect your loved ones. 

I’m talking about examining your insurance and making sure that you and your partner have the right insurance that protects each other in case something were to happen. If possible your insurance should also protect your children if you have any.

Ensure you have a valid will that protects each other and your children in the case of an unfortunate incident.

Tip #4: Implement a regular money date.

A regular money date is where you and your partner agree to catch up regularly and discuss your money habits. Look at what’s working well, what’s not. Review your spending. Reflect on where you can both save. Evaluate your goals and dreams that you have set, and make sure they’re still relevant.

These are opportunities for you to come together, communicate, and make sure that you’re really working together as a team. As a result this will help you to have a strong financial future together.

Tip #5: Keep money aside to keep the romance alive.

Allow money in your budget to enjoy some special romantic dates and enjoy fun things with your partner. Keeping the romance alive in a long-term relationship can be hard work. It takes time and effort and sometimes money.

For myself and James, regular fortnightly dates and weekends away really help us to keep our connection and romance strong. I really encourage you to factor money in your budget to allow for your date nights. This is because then you can make sure that you can have the babysitting, eat out, go to a nice restaurant or have weekends away. Doing this ensures that you can have the freedom to be able to enjoy special time with your loved one.

Hopefully, these tips have helped you. If they did, please share them with family and friends who might benefit!

If you are interested in more financial tips or looking for ideas to get ahead financially visit Rise High Tv or contact us directly here with your questions!

 

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