By: Natasha Archary
The main source of conflict between many couples is money, which is also the second most common reason for divorce, the first being infidelity.
Eunice Sibiya, Educator & Coach on Personal Financial Management joins Gugulethu Mfuphi on Kaya Biz to discuss how financial infidelity can affect relationships.
In a CreditCard.com 2021 survey into the prevalence and reasons for financial infidelity, of those partners who had admitted to financially infidelity, 30% stated that they wanted to control their own finances.
A further 25% said that the reason for their infidelity was because they were embarrassed by how they handled their money, while 13% said that they used the money for an addiction.
It’s therefore important to have a partner who has the same financial goals as you in order for a relationship to be successful.
“The one thing that’s really important for a relationship to flourish is to have common financial goals. Go sit down with your partner once a year, and go through your financial goals as a couple.
If we can sit down as a couple and write down and align our goals, then we can align our money as an extension of our goals, to help us achieve those targets.
It’s easy for the money to fall into place when the goals are aligned.”
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.
If one partner is a save, and the other a spender, there may be conflict when it comes to financial decisions.
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.
Listen to the conversation on Kaya Biz:
Also read: “My husband is angry I suggested we send 50% less money to his parents” – The Blindspot
