Anyone who is in, or has ever been in, a relationship will know that money is often the number one area of contention between couples. Disagreements over how to manage money can turn your love nest into the house of horrors.
Research from ING shows that one in five Australians keep financial secrets from their partners. The report shows women are most likely to keep financial secrets in case the relationship doesn’t work out, while men are more likely to cover up larger purchases their partner could disapprove of.
Finance guru David Koch advises that when you are getting serious about a relationship then it’s time to sit down and have a discussion about money. If you find that you have wildly different approaches to your finances then maybe you are not going to be suited for a long-term relationship without a lot of hard work and compromise. Taking the time to ensure you and your partner understand each other’s long-term financial goals, needs and wants can save a lot of heartache as well as a lot of money.
Once you’re ready to settle down and buy a property you should already be open about money and have agreed upon way to handle your joint finances, making the property buying process run more smoothly.