INSIDE YOUR POCKET- Here’s why your partner’s financial habits matter
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GUEST - Stian De Witt CFP® - Executive Head of Financial Planning at NMG Benefits
Money is one of the leading causes of stress in relationships — and being on the same page financially will not only give your relationship a better chance of success, but also improve your ability to reach your financial goals. To do this, it’s vital that you start by understanding each other’s financial habits and attitudes to money, says Stian De Witt, CFP, executive head of Financial Planning at NMG Benefits.
If one partner is a saver and the other a spender, there may be conflict when it comes to financial decisions. Understanding each other’s financial habits and values can help you both work towards common financial goals. “Money affects many of the major choices you and your partner decide to make. Are you going to buy a house, and where? Where do you want to send your kids to school? What cars do you want to buy? When do you want to retire? By setting aligned and common financial goals, defining individual responsibilities, and establishing a budget, couples can build a foundation for relationship and financial success,” says De Witt.
Money is one of the leading causes of stress in relationships — and being on the same page financially will not only give your relationship a better chance of success, but also improve your ability to reach your financial goals. To do this, it’s vital that you start by understanding each other’s financial habits and attitudes to money, says Stian De Witt, CFP, executive head of Financial Planning at NMG Benefits.
If one partner is a saver and the other a spender, there may be conflict when it comes to financial decisions. Understanding each other’s financial habits and values can help you both work towards common financial goals. “Money affects many of the major choices you and your partner decide to make. Are you going to buy a house, and where? Where do you want to send your kids to school? What cars do you want to buy? When do you want to retire? By setting aligned and common financial goals, defining individual responsibilities, and establishing a budget, couples can build a foundation for relationship and financial success,” says De Witt.
