Building financially stable relationshipsPosted: Updated:
Money may not be able to buy love, but being financially stable can definitely help you stay in love. In fact, according to a recent survey by Money Management International (MMI), 56 percent of married couples who are unhappy indicate financial issues for their reason for dissatisfaction. In addition, 50 percent of respondents named “lack of job security” as the deal breaker in a relationship. Significantly more women rather than men named “job security” as a deal-breaker.
For those looking for love, MMI’s survey results are a clear call to action: getting your finances in order now will not only make you a more attractive prospect, but will help build a healthy relationship. For those already in a relationship, take the opportunity to recommit yourself to building a stronger and more financially secure partnership by following these helpful suggestions:
• Open the lines of communication. No matter how unromantic, having an open and honest discussion about your financial past and future is vital to your financial success. Approaching money issues honestly and openly gives you a much better chance at a strong, healthy financial relationship.
• Make a commitment. No one cares more about your financial security than the two of you. Make a promise to each other to take joint responsibility and take steps to better your overall financial position by paying down debt and establishing a savings cushion.
• Establish goals. Setting goals and keeping them are two different matters. It’s important to create goals that are both specific and achievable. Make sure your goals are equally rewarding so that you’re both working towards the same goal. Depend on each other for support, and encourage one another to stay focused and committed.
• Spend quality time. Schedule a time to meet each month to discuss your financial goals and expectations. Review your budget regularly in order to identify problem areas. Don’t be discouraged by the occasional setback. Make adjustments as often as needed to ensure financial success.
Because money matters, it’s important for couples to devote more time to improving their financial standing. Love and Money, a free downloadable eBook from MMI, is filled with more ideas and tips on striking the right balance between your relationship and finances.