A Guest Post about Financial Compatibility.
I love my significant other but we are not a good fit for each other financially.
Ask yourself how many times have your fights been about or related to money? How it was spent, why it was spent, whether or not you could actually afford the purchase, whether or not to save and so on.
Despite the important role money plays in a marriage or long-term relationship many couples are reluctant to discuss finances before moving in together. My husband and I did a marriage compatibility questionnaire before we married. It said that we were more than 80% compatible but I do not recall it asking much about money. It may have asked if we were going to have joint or separate bank accounts but that was all.
At the time I thought that a joint bank account was the way to go. I handled all the finances and as I was a risk averse, deadline-focused individual I thought we would be fine. How na√Įve I was.
I wanted to invest in investment property but he wanted to put money every week into a long term Superannuation scheme. That was not what I wanted to do, as I preferred property. However I decided that if my impulsive free spending partner wanted to commit to a conservative scheme then I should support him in that. It was made very clear to us what would happen if we took money out within the first 3 or so years. No problem I thought, we are in this for the long term.
A year or so later my impulsive partner took me out one weekend. We ended up at a car yard. Next thing I know my fully paid for economical hatch back had been traded in for a red convertible. The next day in order to be able to make the payments on the new car we pulled out of our scheme losing thousands in the process. Now I am not blaming my partner totally for this. He did NOT twist my arm. I agreed in the whirlwind excitement of it all.¬† Read more »