Money Mistake #5

We see this ALL the time.

More than one in four Aussies admit to lying to their partner about money, with hidden debt and secret spending two common contributing factors.

Lets take an example

Partner 1, ‘risk taker’, does all the finances. Wants to borrow to invest, Partner 2 does not want to. Partner 1 also has a lot of small leaky expenses, buying breakfast out 3 times a week, a drink here and there. Partner 1 is frustrated at Partner 2’s lack of interest in ‘getting ahead’

Partner 2, more risk adverse, not really interested in the finances, so cruising along happily like an ostrich. Likes to spend more on big ticket items, but fairly frugal on a day to day basis. Partner 2 is frustrated at Partner 1’s non intentional spending that ads up.

The above conditions are very common and a major source of relationship conflict, and thus the financial situation can get stuck as no agreement on the long term future can be reached.

Solution: 

Ensure intentional communication about your finances together. Frank and open discussions about spending and budgeting.

Consider a counselling session about this together. Consider educating yourselves together or separately. Recognise that each partner has different financial styles and be aware of this logistically. Be open and transparent. Get a good mix of joint and personal accounts set up, so each partner can feel like they have financial autonomy but also the big financial picture is in place and being executed.

Want to chat about it? Book here:

Alternatively email me at [email protected] or call me 0403397060

Stay tuned for number 7 next week.