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Whether you’re dating, or you’ve been married for 50 years – money is a big deal in a relationship. How can people test their financial compatibility? Well there is a test that you can take to determine your financial compatibility! Click Here to take a test to see if you and your Valentine are financially compatible. In addition to the test results, there are five key areas you should discuss with your partner. You don’t have to be the same on every topic, but knowing how you differ or how you were raised can lead to increased understanding, and that’s key.
5 Areas that Test Financial Compatibility
- Debt: Debt is a huge issue. Many young people have student debt. Older people looking at marriage may have medical bills or other debt. Don’t hide it! Financial secrets can ruin a marriage. Make sure you’re honest so that together you can develop a plan to reduce your debt burden.
- Spending Habits: In many relationships you have a spender and a saver. She likes to shop, and he likes to save. She wants to save for a rainy day, and he wants to splurge on the trip of a lifetime. When two people with vastly different spending habits get married, conflict is bound to happen unless you make a pact with your spouse that no major spending will take place unless both agree.
- Budget: Every family should have a budget to make sure they’re staying on track and staying honest with each other. According to a survey by SELF.COM, 56 percent of women and 37 percent of men admit that they have lied about money to their spouse. Financial infidelity can damage a relationship just like sexual infidelity.
- Financial Responsibility: Couples need to work together to determine who will be responsible for what financial duties. One person may like paying bills while the other person hates it. Or maybe both feel the same way, and they need to take turns. What’s important is deciding who will do what financial chore, and also making sure that both people feel like they’re part of a team and are working together to achieve their mutual financial goals.
- Investing: Some people are comfortable with risk, some are risk-averse. So knowing your comfort level and that of your partner is key when it comes to investing.
What if people look at these topics and realize they’re worlds apart? Don’t worry if you don’t see eye-to-eye on everything. It’s not a deal breaker. But it may be time to bring in an objective third party to help you out. I’ve been a part of many of these conversations. Don’t allow these common issues to come between you and your sweetie, contact our office today at (352) 307-8652 to seclude an appointment! We can help minimize any uncomfortable situations that may arise due to a financial mismatch!
