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Cape Town – Money can’t buy love, but it can cause relationships to end. Money problems are one of the biggest reasons that cause couples to split up.
So says Wilfred Moyo, investment and economic strategist at Metropolitan, who has offered some tips to help you successfully manage your finances as a couple.
Money talks
“Talking about money is the first and most important step to starting your journey together on the right foot,” he says.
“Most couples actually find it easier to discuss sexual rather than financial issues, but you need to be able talk about your financial goals as a couple and individually. Be upfront about any financial troubles you have from the start.”
Fatal attraction
Know that old cliché, opposites attract? This is good in love, says Moyo, but sometimes not so good when it comes to money.
“Chances are that you and your partner have very different approaches to handling your finances,” he said. “One might be a spontaneous spendthrift while the other might be more of a Scrooge.”
It is also important to be fair.
“Perhaps one pays when you eat at restaurants and the other buys the groceries for meals at home,” he said. “You could even consider splitting your financial responsibilities proportionately based on income. Find a balance that works for you.”
One love … one account?
Merging your finances into one account could affect both partners. “For example, your partner’s poor credit record can impact your ability to apply for credit, such as a home loan,” he said. “As a couple, you need to decide what works best for your unique situation. Be fair, but firm.”
Track your finances together
Moyo says couples should share in the responsibility of keeping track of their joint finances. “When you share finances, you can keep each other motivated to reach your goals together,” he said. “Achieving goals together strengthens the bond in your relationship.”
Happily ever after …
Couples who plan to grow old together also need to save for retirement, explained Moyo. “You are never too young to start your retirement savings,” he said.
“Make sure this is a priority in your planning.”
So says Wilfred Moyo, investment and economic strategist at Metropolitan, who has offered some tips to help you successfully manage your finances as a couple.
Money talks
“Talking about money is the first and most important step to starting your journey together on the right foot,” he says.
“Most couples actually find it easier to discuss sexual rather than financial issues, but you need to be able talk about your financial goals as a couple and individually. Be upfront about any financial troubles you have from the start.”
Fatal attraction
Know that old cliché, opposites attract? This is good in love, says Moyo, but sometimes not so good when it comes to money.
“Chances are that you and your partner have very different approaches to handling your finances,” he said. “One might be a spontaneous spendthrift while the other might be more of a Scrooge.”
It is also important to be fair.
“Perhaps one pays when you eat at restaurants and the other buys the groceries for meals at home,” he said. “You could even consider splitting your financial responsibilities proportionately based on income. Find a balance that works for you.”
One love … one account?
Merging your finances into one account could affect both partners. “For example, your partner’s poor credit record can impact your ability to apply for credit, such as a home loan,” he said. “As a couple, you need to decide what works best for your unique situation. Be fair, but firm.”
Track your finances together
Moyo says couples should share in the responsibility of keeping track of their joint finances. “When you share finances, you can keep each other motivated to reach your goals together,” he said. “Achieving goals together strengthens the bond in your relationship.”
Happily ever after …
Couples who plan to grow old together also need to save for retirement, explained Moyo. “You are never too young to start your retirement savings,” he said.
“Make sure this is a priority in your planning.”
