On Money and Honey

Image from Sheknows

The best things in life are free. Now that I've discovered what you mean to me. Woooo sing with me, now! I feel like a concert star on stage. Talk about shifting my blog from personal finance to performing eh?  

Sure, love is one of the best things in life. And it is absolutely given for free. I haven’t heard so far of someone paying another person just to love him or her. Or pay another person just to be in relationship with him or her. Truth be told, it is free however as you proceed with the relationship needless to say you would need to spend for movies, date night, gift giving and more. Talk about money and spending. I guarantee that you will surely have a budget intended for your girlfriend or boyfriend.

I happen to stumble upon a comment in a YouTube video that when you want to save, it is best to drop your girlfriend. This statement totally makes sense. When you are in a relationship, most of the time, it is expected that the boy will always step up for the bills. Good thing if you are married wherein you will have what we call as conjugal money, but you are not ‘yet’. This post is directed to the unmarried ones or those who are still in a relationship status.

So how do you handle finances within the relationship?

Talk about it

Oftentimes the concept of money is taboo in the relationship. They might be chummy and sweet with each other, talk about building the future, how many kids they will have but they don’t talk about money at all! So how can they build the future without it? How can they sustain having x number of kids if they don’t have money? That is what I’m telling you. As much as possible openly discuss money with each other. Let the other person understand your financial situation and also understand their financial situation too. Be comfortable talking about it. This could definitely strengthen the relationship and all the more you can see how he or she will handle money should you be married soon.

50:50 Rule

When going out on a date or even watch a movie, as much as possible split the bill. Now let’s tackle this carefully. If your boyfriend would gladly tackle the bill for you then good. However, if the men is always shouldering the expenses, then that’s bad. Women out there I am not saying you don’t let men save you from that bill. He is your knight in shirt and pants after all. Of course who wouldn’t want to be treated right? But you are in a relationship with the other person. He is not running a charitable institution. Apart from that, spending your money will also define that you can carry your own expenses. You can manage and pay for yourself. That defines financial independence. And girls, we should stress that out to our partner loud and clear. You may also have the other one treat you for the time being and you will treat your partner the next time you go out on a date. Now that’s being fair and square.

Be the financial partner and scrutinizer

Even if you are just in a relationship with someone, be more than a girlfriend or boyfriend to them. Be also a financial partner and scrutinizer. Now what do I mean by this? Whenever you go out on a date with your partner and he or she happens to see that big SALE tag, don’t simply persuade him or her to shop his or her heart out. I know you are simply supporting him or her and there’s nothing wrong with that. However, step up if you have to. Ask them if they would need to have that item or they can just let go with it. Ask if it is necessary for your partner to buy it now. Your partner would then rethink the purchase and they may not proceed with the transaction. See, you were able to save your partner from spending big this time.

Be frugal

When you are in a relationship and go out on a date every single day, it is important to be frugal sometimes. Don’t eat every single night in a fancy restaurant and grab your couple’s favourite latte after. Both your finances will suffer in the long run. Learn to be frugal in the relationship. Schedule dinner at home with his or her family. With such, you can be close to his or her family and you won’t be spending for dinner at all. Learn to appreciate dining at low end restaurant. Explore new venues where you can stash a few hundreds from that bill.

Money is often an issue that married couples tackle every single day. This is also one of the causes of their breakups. With that, it is important that even if you are still in a boyfriend/girlfriend state, you need to be talking about money with each other. Be more than a partner to him or her. Be a financial partner too. This is a good training ground for the both of you and will prepare you in the next stage of the relationship. So when you are married, you both are financially wiser and financially smarter. And money will never break your love apart. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 4 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.