Your partner should know how much you earn and own. Love is about sharing.
Financial misunderstandings in relationships may explain the rising cases of domestic violence today. Some people have killed their partners with the intention of taking their wealth. Discussing finances as people in love will address such tensions. When was the last time your wife or girl friend saw your payslip? If two become one, what is it with the secrecy and privacy with finances? There are many married people who simply shred their printed payslips after reading them. It is worse that nowadays payslips are sent on mail. Selfishness as shown with secrecy about personal finances is just a sign you are not ready to be in love.
Ensure that your spouse, girlfriend, mistress, boyfriend or fiancé knows how much you earn and own. Love is about sharing and compromise. Put personal financial statements on the table as a team building activity. This also applies to working class women not only men. It is true that traditionally in Africa financial burdens are left for the men which should stop. It may be bad if the other finds out that you have been hiding some things from them. No one should claim they are in a healthy relationship without being open about their finances. Being secretive about your wealth just confirms that you are not willing to see the relationship stick. Therefore you might just move out and stop wasting the other person’s time.
Wealth is a pillar of any relationship because we are in a materialistic generation. Your spouse or the person you are dating should have an idea of how you stand financially. Opening up about your personal finances with a loved one builds trusts .Trust determines the future of any relationship. You trust her HIV status but not her wealth. Being honest about your finances just shows how committed you are to the other person. This brings lovers closer for mutual accountability, and responsibility to each other.
Declaring and merging finances is great for couples to bond. Remember different people hold different beliefs on money. One person may be better at financial management than the other so you may consider having a financial controller for a relationship. Depending on who is the financial controller in a relationship, that person must involve the other in the budgeting process as well. Simply bring money home to your sweet heart to plan for it. Even if there is a pay rise or bonus at work, rush home and report to the financial controller.
A couple can consider having a joint account. The research, carried out by psychologists at the University of Iowa in the US, suggests combining financial resources serves as a marker for how determined couples are to make a relationship work. The findings, published in the Journal of Family Issues, show couples who are cohabiting but not engaged have relationships that are just as strong as those who are planning to marry – but only if they share a joint account.
If you know how much your partner earns, you will estimate what they can have and what they can not. Having financial details about your loved ones can help you know if they are cheating. For example if someone comes home with an expensive car or phone out of the blue, you may ask some questions since you know that as a couple you can not raise that kind of money. Then you confront them to explain the source of funds. That way you avoid cheating and unbecoming financial habits. Unbecoming habits may include addiction to getting loans and sports betting.
You make better financial decisions together if you are in the habit of updating each other on individual financial statuses. She may not ask for the Brazilian hairstyle if she knows you can not raise that kind of money. You can not give what you do not want. Openness leads to financial freedom. You can comfortably enjoy soft loans from your partner and pay back with less stress than when it is a bank loan. Love is a sacrifice, and you need to lay down everything for it.
It is great to let your loved one know what you own and how much you earn .Just in case the other person dies; they know where to start from. It may be complicated to manage family estates and follow up on pension payment if no information has ever been shared.
Some people fear that declaring their finances may complicate things but it actually simplifies relationships and finances. There are lots of frustrations in love as reported in the media but you have to work around them. It is a known fact that some people come into relationships for financial gains. Learn to evaluate the motives of those with whom you are closely associating. Building strong financial responsibility takes time in any relationship. Start by talking about what may work best for both of you. This must include agreements on wealth to be shared and that to remain personal. The shared financial information doesn’t give anyone a right to start tracking each other’s expenses or wealth.
Ivan .N.Baliboola
PR and organizational diagnosis specialist
Twitter:@mediasurgeon
Wordpress:nbaliboola.wordpress.com/
Blogger:http://mediasurgeon.blogspot.com
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