Pssst! Are you interested in spicing up your relationship? Studies have shown that whether you’re newly in love or long-time lovebirds, doing things together can strengthen your relationship, be enjoyable, fulfilling and even good for you! Joint research done by the University of Technology, Sydney, and the University of Bristol revealed that a strong relationship does wonders for your quality of life – even more than being filthy rich will! But if you’re thinking that throwing all your savings away will be the key to happiness, think again, because working together on your financial goals is one of the most important aspects of maintaining a strong relationship. In fact, a recent national survey showed that 47 per cent of people thought that having enough money was more important to the success of their relationship than having enough sex – so while financial intimacy isn’t foremost in the minds of most Australian couples, it’s sure running a hot second!
Many couples have a dedicated ‘date’ night to help keep the romance alive, spending a lot of time and money ensuring that they have a ‘perfect’ night. But what about making a regular date with your partner to start improving your mutual money management so you’re able to enjoy a perfect life? Scheduling a regular time and place to discuss your finances and learn more together is an ideal way to start improving your financial relationship. As in all areas of your love life, communication is the key to success when managing money, because when it comes to financial personalities it seems that opposites really do attract – a recent American study uncovered the fact that ‘savers’ are more likely to be attracted to ‘spenders’ and vice versa and if your soul mate is your polar opposite from a financial perspective you’re going to need to be able to talk to each other to make the relationship work! The same research showed that while these relationships are likely to be more tumultuous they can also be more financially beneficial – two heads are better than one and financially opposite partners can cancel out each other’s weaknesses and create more savings and less debt, if they can work together.
But where do you start? If you’re a beginner the best place to start is by learning the language and The Financial Planning Association of Australia’s website (www.fpa.asn.au) has a great glossary to get you started. Once you’ve mastered some of the basic terms it’s time to stay on top of current affairs by reading financial publications like The Australian Financial Review, Smart Investor and Money and checking out articles and information from reputable financial websites such as Canstar Cannex (www.canstar.com.au) and the Australian Securities Exchange (www.asx.com.au). Oh, and you’ll also find some great articles by heading to the homepage of www.yourfamilyyourmoney.com or www.women-and-money.net!
Finally, regardless of whether you want to improve your financial relationship or your romantic one you have to make a commitment to making it work. Make time every month to discuss your financial progress – and don’t make it a chore. Talking about money can be stressful, especially if you and your partner both have strong opinions about what you should do with it. Most people still think of money as a taboo topic, so if you feel a bit awkward about discussing it, that’s okay. Work out the best way to make working on your finances an enjoyable experience for you and your partner and make a date of it. Try going for a walk or having a nice dinner together to help make the occasion special and if you have kids, include them in the conversation as well because your kids are going to learn most of their money habits from you and we’re confident that you want them to have the best possible financial start in life.
There’s no denying it: building a satisfying relationship takes work. If your love life is getting a little stale, think about working together to improve your financial position – with a bit of effort and commitment you’ll be able to give your relationship the financial security it needs, and develop the teamwork and communication it deserves. And when you’ve got that in order, you’ll be more inclined to devote time to the thing the other half of the population thinks is most important in a relationship!
