How do we handle financial differences in our relationship?

Transcript

Each couple will handle and have different approaches to both their personal finances and joint finances.

Some couples split the household bills down the middle and then have their own disposable income from what is left from their individual wages.

Some couples put everything into a joint account and use disposable income for personal spending always agreed by both parties.

Income differences can cause problems and when there is a lack of communication and transparency around expectations, then difficult feelings of resentment and frustration can arise.

One person's idea of fare may be different to the other person's, so compromise will be important.

If we can be honest and open about our feelings and how we wish to contribute financially, then that is the first step to address any differences.

But let's consider for a moment outside of our financial income.

How hard do we work each day and how tired are we when we get home?

Of course, if we're working twice as many hours as our partner, then it may be fair to expect our partner to contribute in other ways so we can enjoy time together.

Your partner may run errands, do school runs, cook, clean, book appointments, or help in other general household chores.

Just imagine if you had to pay someone to do those things.

So do consider including these practical investments as equally as the financial contributions when you assess or discuss.

It's really good to remember how much value we bring into a relationship that's not all based on our income.

The true meaning of abundance comes from health and time as well as money.

In fact, some may argue that our true abundance is measured by the time we have with our loved ones or time to ourselves to just be.

So couples' financial differences can be evened out with regular sit-downs, honest conversation, consideration and compromises.

As long as both partners are satisfied and are happy, there is no right way to do this.

If you have decided on who contributes what and circumstances change, such as health, jobs, life stages, then it's time for another chat with your partner to change things accordingly.

Nothing is set in stone, and life can throw challenges our way, which require us to re-evaluate our contributions and lean into maybe the other partner's income a bit more.

The ebb and flow will be necessary at times.

I encourage you to take on board that saying that teamwork makes the dream work, which is apt for the practical set setting of household contributions too.

But good communication is at the foundation of all balanced relationships and links in strongly to the value and responsibility balance within your relationship.

So I hope that this has been helpful and thank you for listening.