From whether you should have joint or separate accounts to how much money one makes; any discussion about money can be a very uncomfortable one to have.
Disagreements about finances is one of the common arguments that a lot of couples have and choosing to ignore speaking about it only makes it worse.
Some studies even suggest that fighting about how to handle finances is more common than having arguments about intimacy.
It goes without saying that discussing how to handle finances before marriage is a necessary discussion to have and according to mymoneycoach.ca, these are some of the financial mistakes that couples make and what to do about them.
1.Not knowing your partner’s financial history
Find out what your partner’s financial history is. How do they spend their money? How often do they save? Basically just finding out their financial habits.
This will help the both of you to come up with a financial plan that best suits your relationship.
2.Not having a spending budget
This can greatly help especially when you have a joint account.
Set a budget for how much each of you is supposed to spend for a certain period of time.
This will greatly help reduce the “You’re a spendthrift and I’m more of a saver” arguments and on top of that make the two of accountable for one another’s spending.
3.Not discussing your finances after getting married
Speaking about your spending habits after you get married is just as important as discussing about it before getting married.
Yes it is uncomfortable but still very necessary.
This will help keep track of your expenses and allow the both of you to set different financial goals for each other.
4.Creating a budget that does not suit the both of you
If either you or your partner earns more than the other, it does not make sense to have a budget that only caters to the higher earner in the relationship.
You’re in the relationship together and compromise is key when creating a budget for the both of you especially if your partner earns less.