Love and money: how to navigate financial values in a relationship
Money can be a sensitive topic in relationships, but it is important to be on the same page, says a financial education specialist.
Finances, Bills, Worried couple, 123rf.com
702’s Relebogile Mabotja speaks with Salem Nyati, Consumer Financial Education Specialist at Momentum Group Foundation.
Listen below.
Finances are an important part of any long-term relationship.
Your financial values will outline how you spend, save, and approach debt.
If you and your partner are not aligned on these values, it may cause tension and instability in your relationship.
“People do not understand that the most important and urgent conversation to be had when dating is the money conversation.”
- Salem Nyati, Consumer Financial Education Specialist - Momentum Group Foundation
In order to have a healthy and harmonious relationship, you need to understand each other’s financial views and learn to navigate differences.
Nyati says money is among the top five reasons for divorce and relationship struggles, and this largely comes from not talking about it.
This includes knowing who should pay for what, your credit history, views on debt, and how you manage saving.
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If you are in a serious relationship, Nyati recommends sharing payslips, credit reports and bank statements with your partner.
Nyati says having a neutral person, such as a financial advisor, can help you bridge gaps in your views on money.
“We do need the help because we are not experts when it comes to money.”
- Salem Nyati, Consumer Financial Education Specialist - Momentum Group Foundation
Scroll up to the audio player for more.