As Valentine’s Day approaches, many couples may be thinking about how to strengthen their bond.
Just as strong relationships are built on trust and communication, financial success (a crucial aspect of a successful relationship) is achieved when couples plan, save, and grow together.
Money doesn’t have to be a source of conflict, it can be a powerful tool for building a stronger, more united relationship.
Mariné van Brakel, Deputy CEO at RCS highlights that money is often seen as a source of conflict, but it can be a powerful tool to strengthen relationships when managed together.
Van Brakel shares tips for financial success as a couple.
Start the conversation
Recent studies reveal that couples who openly discuss their financial goals and habits are more likely to achieve them.
“It’s common knowledge that money problems are an often-cited reason for the breakdown of committed relationships. However, it’s not necessarily money, but a lack of transparency in this important area of life that leads to the breakdown of the relationship,” explains van Brakel, who adds that transparency is what builds trust, and a lack thereof breaks it.
Set shared goals
Whether it’s opening a credit account, taking out a loan, or customer protection insurance, financial harmony starts with setting shared objectives.
“There’s an old saying that goes, two people rowing in opposite directions will never reach the shore. Common interests draw partners together, but common goals are the glue that keeps them together,” says van Brakel.
A great place to start is by creating a budget together. This will allow you to work as a team to document your expenses and develop a realistic plan that balances your short-term needs with long-term ambitions. Couples who plan together, prosper together.
Leverage the right financial tools
Money can be a sensitive topic for couples because it’s deeply connected to our basic need to feel secure. Making big financial decisions—like choosing a credit provider or making a major purchase—requires a lot of trust. It can be even harder if you and your partner have different views on money.
For example, one of you might like to save every cent, while the other enjoys spending freely.
Celebrate milestones to build momentum
When achieving your financial goals seems like a lifetime away, it can be easy to get bogged down by the sacrifices you’re making now.
Celebrating small financial victories like meeting a monthly savings target, staying within your budget for the week or even making a debt repayment, will keep you both motivated to keep working toward your major goals.
The post Tips for couples to achieve financial harmony this Valentine’s Day appeared first on EntertainmentSA News South Africa.
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