by Susan Paige
here’s a lot that goes into maintaining a relationship. Part of building trust and knowing that you can depend on one another is being able to handle the practicalities of daily life, such as your finances, together.
Financial education in relationships is more important than most people realize, and can even help to strengthen your partnership. In this guide, we explore some of the benefits of becoming more financially literate as a couple.
Building trust
If you and your partner are both financially educated, you’re more likely to be on the same page when it comes to money management, including your approach to debts, loans, and spending habits. This is important, as ultimately, good financial habits will keep you afloat.
Sometimes, our finances can take a knock – it’ll happen to most people, at some point in their lives. Being in debt or simply having less money than you’d like to have can feel stressful and cause anxiety. But, when you’re a part of a financially literate couple, you know that you can work with your partner to improve your situation – whether through limiting your spending, setting a budget, or working together to pay off your debts.
A shared vision
Couples looking to build any kind of future together need to have a shared understanding of the practical steps it’ll take to get there. With a good foundation of financial knowledge, it can be easier to make solid plans and put them into action.
Perhaps you’re looking to purchase a property as a couple, plan for your retirement, or want to join your finances in order to support a family. This takes plenty of budgeting and saving – two things you can only do successfully if you have a shared understanding of the best financial practices.
If you’re on different pages financially – perhaps with one partner spending more than the other, or prioritizing different expenses – it can be harder to financially plan and progress your shared vision as a result.
A stable foundation
Relationships need a stable foundation in order to flourish, and money can go a long way in helping us to feel safe and secure.
When partners have a good understanding of their incomes and expenses, it can be much easier to meet essential payments and put money away for the future. When you’re both aware of exactly how much money you’ve got coming in and going out each month (as well as where it’s coming from, and where it’s going) you’re much less likely to worry about your cash flow and security as a couple, and ultimately, are free to put more energy into other areas of your life together.
How can you boost your financial knowledge?
It’s always worth increasing your financial knowledge, whether you’re looking to fill gaps in your own understanding, or perhaps boost your financial literacy as a couple. Studying finance can be a great way to increase your competency, as well as following economic podcasts and news, and familiarizing yourself with finance management tools. No matter how you choose to learn, doing so together is key, to truly boost your financial understanding and skill set as a couple.
So, what do you think ?