How to overcome FINANCIAL incompatibility?

BY: DIANA BELLO ARISTIZABAL

In a new survey conducted by the fintech firm Bread Financial, 64 percent of couples admitted to being financially incompatible with their partners, which in times of inflation poses an additional challenge for families in a society that has not taught us to talk about money in romantic relationships. How to overcome differences in this aspect?

To start, putting finances on the table in a relationship is not only recommended but also a sign of a healthy bond. Doing so early on and in the right way can save both parties a lot of headaches and even a breakup.

“It’s important to have a casual conversation about money early on when we feel we’re in a relationship that is going somewhere, because it’s often harder to do so once you’re in the dynamic of a relationship and sharing bills,” says Dustin Jacobs, Vice President of Marketing for BrightStar Credit Union.

For the above, the initial phase of a serious romantic bond is the ideal time to evaluate if the couple has the same philosophy regarding how to spend, save and invest money.

“We all have specific financial goals, for example, paying off debt, buying a car or helping a relative. This must be communicated up front in a new relationship to avoid surprises and thus tensions in the future,” says the expert.

After this part of the other is established, it can then be defined whether or not the couple is financially compatible. There is incompatibility when each one assigns a different value to money frequently and in critical issues. In this sense, it is not the same to have occasional disagreements around minor purchases than to differ in children’s education or the retirement plan. If, for example, for one member of the couple it’s not a priority to save for college or for a house while it is so for the other, this would qualify as a case