Are You And Your Partner Financially Compatible?
Updated: Feb 9, 2019
Did you know that on average, a couple divorces every 13 seconds in the United States? When you think about it that's 227 divorces every hour, 6,646 divorces everyday, and over 46,000 divorces every week! With so many marriages ending in divorce, 50% of all marriages to be exact, it's so important to have open communication in a relationship and to discuss important topics such as finances before you say "I do".
Following infidelity, statistics show that financial related issues is the second leading cause for divorces in the U.S. Making sure you and partner see eye-to-eye on money matters can be a determining factor to whether the relationship will last. Let's take a look at the eight questions you and your partner should discuss when determining if the two of you are financially compatible.
Do You Both Talk Openly About Your Finances?
Financial infidelity is one of the main reason couples argue about finances. Financial infidelity can include keeping secrets about your spending habits, your earned and saved income, or withholding information about your credit score and accumulated debt. When deciding to build a life together, being open and honest about where you stand financially is key. The open dialogue between you and your partner will help establish trust within your relationship and also help identify possible issues that may arise later.
Do You Have The Same Future Financial Goals?
A couple having completely different financial goals can be an indicator that the two are not financially compatible. For example, if one person in a relationship has a goal to save enough money for retirement and the other's goal is to save enough money to travel the world, this may present issues within the relationship. In the early stages of your relationship it's important to ask about one another's financial goals and dreams. Learning this information will not only assist in getting to know your partner better, but it will also bring insight to whether you both are aligned when it comes to long-term financial goals.
Do You Have Similar Financial Upbringing?
Another way to determine if a couple is financial compatible is by comparing their financial upbringing. Those with similar financial upbringing, will typically have the same outlook on life-styles and expectations as it pertains to monetary value. When a couple understands one another's relationship with money as a result of their financial upbringing, they are able to identify each other's financial strengths and opportunity areas. This will allow for a direct approach in financial planning and goal setting as a couple.
Do You Have The Same Financial Comfort Zones?
Along with comparing each other's financial upbringing, it's key to also identify your financial comfort zones. You can start by asking one another, how much money and what monetary things do we need to live comfortably? Asking this question may help reveal underlying reasons behind certain behaviors such as splurging or penny-pinching. If the relationship is leading to marriage, it's best to discuss the things that matter most to each of you and then establish a financial comfort zone you both can agree with.
Do Both Believe In Shared Financial Responsibility?
One mistake most couples make when deciding to live together is not having a conversation about shared financial responsibilities. If a couple does not establish a plan of who's responsible for which household expenses, one partner may begin to feel resentful due to taking on more responsibilities, or jealous because they're unable to contribute to the household. Before moving in together, take an inventory of individual and shared expenses in relation to your individual incomes. From there, come to a mutual agreement how shared expenses should be divvy up based on each other's ability to contribute to the household.
Do You Share Similar Spending and Saving Patterns?
Nothing can be more frustrating than being in a relationship with a big spender when you're a hoarder of money. Knowing how your partner operates when it comes to saving and spending is huge in obtaining your financial goals and a key component in disagreements revolving money. If your partner has a spending or saving habit you dislike, before bringing it to their attention, make sure you're practicing the behavior you like them to embody.
Do You Have Comparable Income Levels?
Studies show couples with similar income levels tend to have less issues with finances - go figure. In some cases where one partner makes more money than the other, an unhealthy co-dependent relationship can form or the feeling of resentment may arise as one partners becomes envious of the other's success. Although, these studies do not apply to housewives, it may be wise to consider a mate who has a similar income level to your own.
Do You Argue About Money Often?
Needless to say, if you and your partner consistently argue about money issues, there's a good chance the two of you are not financially compatible and the relationship will be short-lived. Couples that disagree about finances at least once a week are 30% more likely to divorce than couples who disagree just a few times out of the month. Common reasons why money disagreements arise are due to a couple's differences in financial values and perspectives on money. Don't be afraid to talk freely and frequently about your financial goals with your partner - this will only bring to light what matters most to each of you.
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Sources: Williams, Geoff. “Love and Money: 8 Signs You're Financially Compatible .” U.S. News & World Report, U.S. News & World Report, 15 Jan. 2019
“Financial Statistics.” Money Habitudes, Money Habitudes, 26 Sept. 2018.