Love and Money
A huge part of relationships are the shared goals that you make with your significant other and this day serves as a reflection of not only your romantic commitments. When it comes to finances and relationships, I’ve seen relationships ruined due to a lack of financial communication. Throughout my blog, I’ve advocated that to know yourself is to know your money, and there are plenty of different money personality types. Let’s take a look at this PNC article:
Spenders enjoy spending money on themselves and others. They tend to do so freely and sometimes impulsively.
Savers are careful with their money and believe in the importance of cutting costs and setting aside money for a rainy day. Money hoarders are an extreme example of savers; they're ultra-thrifty and live to save.
Amassers are a little different from savers. They like to save money, but they also look at the bigger picture, such as building wealth and financial security for the long term.
Money avoiders take hands-off to a new level. They don't want to think about money, talk about it, or be hands-on with managing it.
Which one do you fit in? Which personality type does your partner have and are you aligned? Relationships with similar personality types are more likely to succeed in their financial goals and relationship goals due to a general alignment.
Ways to Talk About Money to Your Partner
We all come from different walks of life. When growing up, what was your childhood like? Did your parents teach you the importance of finances or was it something to stay away from? These childhood lessons follow you until you decide to break free from the traditional convention of not talking about money at all.
In one of your first few dates with a potential long-term partner, money should be brought up. Here’s a way to make it a fun and productive conversation to agree on money goals.
Align on a common goal with a few common questions
Do you want to build generational wealth?
Do you want to live your best life?
Do you have plans to make a significant purchase later in the future?
Now that you’ve aligned on a common goal, what are the next steps?
Open a joint bank account?
Contribute to a single savings account?
Discuss investment options for later down the road?
What’s the schedule for our finance talks?
Weekly or monthly?
By focusing on a common goal, you will be able to grow closer together and crush your money objectives. Here is one additional stat from Dave Ramsey on the subject:
In closing, remember to be respectful when discussing money with your partner. Align on that common goal based off your money personality types and watch your money compound together! Remember, you and your partner are a team in every aspect of life, even finances.
Have a great week!
-Jordan