Money and Relationships: 5 Ways to Navigate Finances With Your Significant Other
If you and your significant other have been fighting about money, know that you’re not alone. Money and romance often don’t mix well. That’s why you have to be on the same page about finances to ensure a healthy and stable relationship.
Let’s explore how you can navigate money matters with your person to build a strong financial foundation for your relationship in 5 simple steps:
1. Start with Open Communication
Kuongea nayo ni lazima. The first step to money management with your significant other is to have an open and honest conversation. What are their financial goals? What’s their money attitude e.g. are they spendthrifts knowing there’s always more to come? Strict planners for whom every cent must be accounted for? Misers or those we call economists who don’t spend unless absolutely necessary etc. Knowing this will help you make sense of their behaviours when they do or do not have money. Create a safe and non-judgmental space for this conversation, so there are no surprises down the line and the earlier this is done, the better. Keep the conversation going as you observe any changes just to ensure you’re both on the same page.
2. Create a Budget Together
If you are baby girl and are for being taken care of, skip this one :-)
If you have been told ‘I got you. Use your money for snacks… skip this one too. In fact just skip reading this post all together…
Now, for those who are like ‘I bring something to the table’ then read on… This is for you. You need to align your financial objectives on spending and saving. The best way to do this is by making a budget together. Budgeting isn’t just for married couples with joint accounts. If you are in a committed relationship you can also take advantage of this tool to grow with your partner financially. Na kabla kubudget, you need to know your combined income and monthly expenses (refer to point 1 above about honest conversations 😄)
3. Define Your Financial Responsibilities
Together, decide who will be in charge of what when it comes to handling money. He can handle the investments, she can make sure bills are paid on time, and so on according to your strengths. To prevent misunderstandings, ni poa kila mtu akijua duties zake
4. Set Shared Financial Goals
Think about this: You are 3 years into the relationship and both making good money. Your man wants to upgrade his ‘footsubishi’ to a Subaru, but you want to move to a bigger house in the leafy suburbs. What takes priority 🤔?
That’s why setting and aligning your financial goals early on is key. This can be paying off debt, saving for a down payment on a home, buying a car, making investments for the future, or whatever else you want to prioritize together. Make sure your goals are specific, measurable, achievable, relevant, and time-bound (SMART).
5. Be Accountable
Finally, accountability is essential. Sio kila saa kusema “tumia pesa ikuzoe” ama “pesa itarudi tu”. Hold each other responsible for your financial decisions and commitments. Make sure you’re both staying on track with your budget and goals, and celebrate your successes together 🤗
Navigating money matters in a relationship requires time, effort, and a willingness to be completely open and honest. With a shared vision and a solid plan in place, you can build a strong financial foundation for your relationship and create a brighter financial future together.
