Finance in Relationships

Unsurprisingly, financial issues are one of the main reasons for relationship failures. In fact, studies show that financial conflict is among the top 5 reasons for divorce. Most people look for character compatibility in relationships, but they should not ignore the importance of financial compatibility as well. This applies to all classes of couples ranging from the wealthy to the poor. Just because you are rich, it does not mean you will not run into financial disagreements.

From a financial point of view, to have a successful relationship, both parties must have their values aligned. They must agree on how and when money is spent. Who pays for dates? How often do you go on dates? What are your views on materials and spending habits? What are your long-term financial goals? These questions will often dictate the trajectory a relationship will take. Go ahead and ask your partner those questions. If they are too many disagreements, I hate to break it but your relationship will most likely not last. Think of it like this, would you be happy being in a relationship where your partner frequently demands gifts beyond your means or a partner that isn’t willing to spend anything at all? I know for sure that I wouldn’t. Couples that want to survive and succeed long-term must be financially compatible. They need to know how to spend within their means and need to know when to splurge and when to save.

I am currently in a stable 2+ year relationship with my girlfriend. Not only do our personalities mesh, but we also think similarly when it comes to money. We do not spend recklessly by frequently going on dates or buying each other extravagant gifts. When it comes to dates, we have a clear and effective system of each taking turns to pay. As for long-term goals, we plan to eventually buy our own property so in the meantime, we spend intelligently. I am not trying to brag about my relationship. What I am trying to get across is the importance of being financially compatible with your partner. Being in a relationship can come with a lot of problems, however, by being financially compatible with one another, you remove one of them.

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