Successful Saver-Spender Relationship, You’ve found the love of your life and chosen to marry her. However, as you and your soon-to-be spouse make plans for your future together, you learn that one of you is a spender while the other is a saver. Fortunately, there are methods for managing shared funds that will satisfy both parties.
Here are a few pointers to help you get on Successful Saver-Spender Relationship.
Successful Saver-Spender Relationship
Discuss your feelings on money.
Much of our attitude toward money is emotional: money can make you nervous or excited, and managing it can make you feel peaceful or dreadful. Take some time before getting married to discuss how and why each of you thinks about money.
Did you grow up in a household where money was scarce or where you were never concerned about where it came from?
Your background will have a big influence on how you feel about money, and your potential spouse may not always share your viewpoint.
If you know where your and your spouse’s money views come from, you’ll be able to sympathise and communicate compassionately if you and your spouse disagree on a financial problem.
Talk about how you want to spend your money.
One partner may place a high value on luxury clothing, while the other may have a costly pastime. And You may both enjoy travelling, owning a property, or retiring early.
You and your partner will almost certainly find some overlap if you spend time discussing each of your desires.
You and your partner will be delighted with the purchase if you intend to save for the items you desire together and spend the savings on something or an experience that you both appreciate.
It’s critical that you and your partner create a budget together, in addition to saving and spending on pleasurable activities.
Together is the crucial word here: It’s a bargaining tactic, and if both partners agree, you’ll have a strong strategy for discretionary spending and how much to put down for long-term financial goals like retirement.
If the plan isn’t working, you can reassess it later, but establishing an initial budget gives each partner something to work with.
Rather than debating whether to buy the $50 pants or the $150 pair, for example, you’ll know what’s inside your budget and avoid a quarrel about your spending.
Unrestricted Spending Budget
Consider including a line for “crazy money” in your budget. Pay your bills, put money aside for emergencies and long-term goals as agreed, and then give each of you a fixed amount to spend on whatever you choose.
If you really want a piece of jewellery or the nicest headphones, go ahead and buy it—but only with half of the “crazy money,” not with the rest of the family’s money or from your emergency fund.
The spender will be able to buy whatever they want, while the saver will be able to hide or invest their money without worrying about not having enough money left away for a rainy day.
Don’t be afraid to ask for help from a professional.
Whatever you do, don’t try to hide anything or lie to your significant other about your expenditures.
If you don’t feel comfortable discussing money with your husband, it’s because you haven’t devised a plan that works for both of you.
If you’re having problems coming to an agreement on a budget or a plan, go to a financial planner together to help build a budget that works for your relationship.
Financial planners aren’t emotionally invested in your finances, so they can advise you on whether that beach vacation is a good investment or a luxury you should avoid this year.
Read also: Signs that you may be a Spender