Financial Compatibility and Your Love Life
For singles and couples, the issue of financial compatibility will always come to the fore because finances are an essential part of love life. The reality is that when financial issues are out of the way, more than fifty percent of the problems are solved.
Financial compatibility is important because it is dangerous to marry someone whose financial principles and practices are polarized to you. This doesn’t mean you are financial experts but what it means is that you should be on the same page so that you can synergize together.
Here Are Conversations You Should Have
1. Financial History: What has been the financial history? How has your potential spouse been handling finances? As newly married, you will immediately notice that your partner’s financial habit before the wedding prevails within your home. It is good to have these conversations!
2. Budgeting Together: Have you discussed budgeting, planning, and spending? What amount goes for which? What are the priorities? As engaged or newly married couples, are you on the same page? Do you consult one another before major spending?
3. Financial Goals: What are the plans? This should be discussed! When are you going to start developing your property? What kind of school are the children going to? What kind of income streams are in the pipeline?
4. Debts and Savings: Are there debts before the wedding? Light or huge debt? Are there serious and chronic debt habit that needs attention and counseling? You cannot close your eyes to all these indications. As a newlywed, are you servicing debt with all your income like in Nigeria? Lol…
5. Crisis Management: What are the financial plans in place in emergencies? What are the options? Have you decided that you will never use a loan to take care of another debt? What are the immediate plans to stop addictions from constantly patronizing loan apps?
These and more conversations will help you when it comes to finances and your love life.
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