Sales Director & Country Manager for Africa, Franklin Templeton Investments Jo-Anne Bailey gave us tips on how to get this talk right.
Know what works for you
Couples differ; some prefer it when one partner carry’s the financial burden alone while others prefer to split things 50/50. The key thing to remember is that the person you meet is not likely to change their financial values, so you have to be comfortable that you are both on the same page. Do not be blinded by the early signs of financial red flags or hope that your partner will somehow change.
Discuss your priorities
Perhaps you both want to rent property instead of buy, or maybe you want to forgo spending money on the cars you drive in favour of a travel fund. Finding common passions and dreaming up ways to fund them is incredibly satisfying.
Educate yourselves prior to the talk
It’s also important to remember that financial discussions shouldn’t be daunting. You don’t need to have a great degree of financial literacy to get started, just some basic mathematical ability. In basic terms, you simply need to ensure you don’t spend more than you earn. With this basic concept in place, you and your partner can build a foundation for prosperity, in whatever direction you choose!
Discussions over finances are set aside because people are fearful, shy, or afraid of discussing heavy topics too soon. Approach the issue of money with lightness and excitement. Break it down into basic steps. The sooner you as a couple work out your financial goals, the more successful the outcome will be.