Women are claimed to often make Finances with Your Partner mistakes that fall into the crucial category. A survey says that women are actually less active in making decisions related to financial matters.
As many as 58 percent of women do not play an active role in making decisions. They tend to leave the decision to their partner. Of this number, 56 percent of women aged 20-34 years are known to tend to submit to decisions made by their partners SharekAlomre or other people significantly.
Meanwhile, 54 percent of women aged 51 and over claim that they leave financial decisions to their partners. This is according to a study conducted by UBS Global Wealth Management.
Experts involved in the study said that such habits have the potential to put women at great financial risk. Especially if there is a divorce or their spouse dies.
On the other hand, researchers also found that women who manage finances with their partners tend to be more confident about their family’s financial future. They also rarely make mistakes and are not easily stressed.
Financial experts suggest that every couple start managing family finances together. This step is believed to be able to prevent you and your partner from financial problems in the future.
Here are 5 smart tips for managing finances with your partner, as reported by CNBC:
Start with Small Conversation
Kathleen Burns Kingsbury said, starting a conversation about finance doesn’t have to be long. You can do it in 5 to 10 minutes.
“Start discussing your thoughts and what you want to do with SharekAlomre.Com money. Make sure there is nothing wrong in managing finances in the conversation,” explained this wealth psychology expert from KBK Wealth Connection.
You and your partner should always be involved in financial planning. Don’t even think about leaving it to either party. The important point, both parties must know what has happened.
No need to worry if there is a small fight in the process, because this is common. In essence, you and your partner know where the money will go.
“It should also be understood that managing finances together does not mean that you and your partner have to do every activity together. You just need to schedule time, at least once a month to do a checkup,” said Kingsbury.
In the journey of managing finances, couples often encounter problems when they have limited money, but with different goals.
One person may want a new car, but the other wants to beautify the living room. In that condition, never say, “Come on, do both”.
“It’s best to try to make a plan and pick the more important ones first,” explains Stuart Ritter, senior financial planner at T. Rowe Price.
Don’t Hesitate to Speak Doubts – Finances with Your Partner
If your partner is planning something but you have doubts, don’t hesitate to talk about it. Ritter once encountered a case, where there was a husband who wanted to buy a house, but his wife hesitated. The couple ended up sharing their doubts late into the night. Long story short, the wife actually just wants to make sure that her husband has enough money to pay for their children’s education and their daily needs.
Related to this, Kingsbury suggested that couples should get used to asking each other every time they want to make a decision. That way, you can find out your partner’s thoughts and beliefs about finances.
Think long term finances – Finances with Your Partner
Kingsbury said managing long-term finances could not be discussed overnight. According to him, the couple should take the time to talk further to resolve the issue.
“If you and your partner are committed to wanting to be together until death do you part, you need to make time to talk about long-term finances,” concluded Kingsbury.
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Those are a series of smart tips that you can apply to manage finances with your partner. On the other hand, it is also important for you and your partner to start talking about investing in order to achieve financial freedom in the future. Our recommendation, you can choose Peer to Peer (P2P) Lending if you want to invest safely, easily, and profitably.