TALK ABOUT MONEY: It is important that you talk about money, your present financial status and boundaries.
HONESTY: Honesty is the best policy. You have to be true to each other. As much as possible, discuss your financial state with your partner. You should be open and not hide any asset, income or debt…this can be termed financial infidelity.
WORK TOGETHER: You should have an attitude of working together. Working together creates harmony in a relationship. Learn to discuss touchy financial issues with love rather than anger. Never push important money talks under the carpet. It has a way of creeping up again. Rather work as a team and most importantly trust your spouse.
LEARN FROM EACH OTHER: You were raised from different back grounds. You may each have a mind set about money and spending. It is important to learn a few things about each other, this may help you understand a fixed perception concerning your financial knowledge and spending.
FINANCIAL FREEDOM: It is okay to keep a joint account but also an individual account is equally important. This encourages shared responsibility as well as builds confidence but this must be balanced with accountability and transparency. Never hide your spending habits. It is also important to spend within your limits. If you need to make any high purchase, first discuss with your spouse.
DON’T GO ON A SPENDING SPREE: Set a realistic budget. Always track your finances, plan for retirement. If you have incurred any debt, you should map out a plan on how to clear the debt. Always work with a budget so you don’t overspend. You should buy only necessary things.
EMERGENCY FUNDS– It is very important to save for a rainy day. You never know when emergencies will come up. As a couple it is very important to plan for emergencies. An example is a loss of job by one party. Never use money as a weapon against your partner. Separate accounts promotes independence but it should not be used to abuse the other party.
NEVER USE MONEY AS A WEAPON:– If one party is earning the money , don’t turn him into a pay check by over spending. Never use it as a weapon against your party who earns less than you or has no job. Be considerate if your spouse has the higher earning power and watch your spending pattern. He can’t work, earning N500,000 and you are spending N650,000 and expect there to be financial growth in the family. Live within your means.
EDUCATE YOURSELF-Marriage should be seen as a partnership, a bond of love between two people. You have to be realistic and well informed to combat issues relating to money.
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