Analysis has shown that about 70% of people will get married at least once in their lifetime. However, half of these marriages will not last. That is a staggering amount. Experts have also found that one of the leading causes of marital breakdown is poor financial communication, leading to quarrels about money.

Couples that are about to be married tend to underestimate the importance of financial compatibility, which is how suitably matched two people are.With that in mind, here are some useful tips to avoid financial misunderstandings in your marriage, and to communicate better with your spouse about money:

Choose Your Partner with Care
Compatibility doesn’t just mean both of you share common personality traits and interests; it also means you share the same financial goals and values. It helps to have a partner who is financially mature, and by that we mean that your partner understands the basics of personal budgeting, can control and manage personal finances and makes sound decisions regarding loans and debts.

If you have an immature partner who only knows how to swipe credit cards all day, and doesn’t care about anything else, we suggest you reconsider the relationship, or sit down for a long discussion.

Share Your Financial Goals Frequently
What do you want to achieve financially as a couple or individually? Talk it out with your partner often. This is includes whether you have a short term, medium term and long term goals. These goals can be how much you want to earn from a passive income, how much you want to save or what you want to profit from your business.

Discuss Major Financial Decisions with Each Other
Before investing or spending a large amount of money, always check and seek mutual agreement from your spouse. Using the family’s hard earned money all at once on yourself is not wise. The definition of what constitutes a large expenditure may differ from couple to couple, so it helps of you set a boundary beforehand. For example, anything above RM500 to be purchased must have the consent of both spouses.

Be Open about Your Personal Finances
Don’t hide the true amount of your personal income or business profits from your spouse. If possible, update them regularly. It is also very important that you don’t hide your debts from your spouse. Discovering a financial secret about your partner can hurt as much as discovering that he or she had an affair.

Combine Assets for Better Growth
Pooling you assets gives you better credit for loans, and allows you to gather a down payment faster, whether it’s for a house or car. You’ll also have better growth opportunities when you invest, and adds financial protection from creditors.


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