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In Love with Your Financial Opposite? How to Make It Work

If you and your beloved are financial opposites, you’re not alone. A highly-referenced academic study found that “tightwads” and “spendthrifts” tend to attract. The problem with that is that money differences can eventually spark conflict, which can trigger bigger problems including divorce.

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If you and your beloved are financial opposites, you’re not alone. A highly-referenced academic study found that “tightwads” and “spendthrifts” tend to attract. The problem with that is that money differences can eventually spark conflict, which can trigger bigger problems including divorce.

However, it’s not all doom and gloom. The same academic study that discovered financial opposites attract, concluded that couples can succeed when they commit to controlling spending and debt.

 

If your money differences are affecting your relationship, here’s are some helpful tips.

 

  1. Find Common Ground

Accept it. Your financial habits are different than your partner’s. Rather than obsess over that, focus on what you share in common: your goals and shared vision for your future. You may both agree that you want to buy a home or start a family. Have those goals serve as the financial anchor in your relationship. By recognizing the goals you share and how important they are to both of you, you may be more willing to adjust your financial habits to make those goals a reality.

 

2. Designate a CFO

One of you is either naturally better or more interested in tracking the household finances. The best person for this role is the one who has the most time and aptitude for managing the family’s budget and paying the bills.

If you’re not the CFO, be sure to read this, too. It’s the least you should know to remain financially competent in your relationship.

 

3. Set Spending Thresholds

Create a rule of thumb where you talk to each other before making pricey purchases. If you’re the spender, this strategy will encourage you to stop and think before splurging on something for the household. Design a spending threshold of say, N50,000, whereby you must check in with your partner before buying up anything that exceeds that price point.

This not only shows respect for your shared savings and goals. You can use a platform like fundall.io to do this. Along with their online savings platform, they help people set spending thresholds

4. Maintain Your Own Account

Speaking of not wanting to be judged, having your own separate bank account can provide you with the financial freedom and autonomy both of you crave. No need to ask your partner if it’s “okay” to buy something for yourself since it’s coming from your own personal savings. 

 

Share (and Respect) Your Money Histories

In many cases, our financial habits are rooted in our upbringing and childhood influences. Are you a saver because your family was extremely frugal? 

 

Going down memory lane together can expose many stories that are relevant to the way we behave with money today. The point is not to look for excuses to permit bad money manners. Instead, learning your financial histories can provide each of you with more patience and understanding for why your partner thinks and act the way he or she does with money.

 

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