A lack of financial compatibility is one of the factors that can make couples fall out of love, according to Janine Horn, Financial Adviser at Momentum.
Given that February is the month of love, now is the perfect time to determine if couples are on the same page when it comes matters of the heart and finances.
Horn said that financial dating is an essential tool that can help couples improve the longevity and success of their relationship.
“Financial dating is all about understanding your financial goals and communicating them openly and honestly to your partner,” Horn said.
Couples should start financial dating early in their relationship to avoid broken hearts later on when they realise that they are not financially compatible.
Horn said: “Use tools like talking about goals rather than outwardly asking about their financial habits. Talk about a goal that you have and mention how you're saving towards it. Follow it up by asking them about any goals they have.”
Here are 6 ways couples can determine if they are financially compatible:
1. Couples need to discuss their patterns and learnt behaviour to help them build trust with each other.
2. Partners in a relationship need to talk about their long-term goals including saving for retirement, buying a home, or paying off debt.
3. Examining spending habits will help couples take a closer look at how they both handle money, and their attitude towards saving and debt.
4. It is important for couples to be open and transparent about their financial situation, including their income, debts, and assets.
5. Couples should create a budget together to help them identify any areas of disagreement or differences in spending habits and priorities.
6. Couples should consider working with a financial coach or adviser to help them navigate their financial compatibility and create a plan that works for both of them.
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