There are a million blogs and articles on the internet that talk about how to be financially independent as an “individual.” However, there isn’t much out there on how to become financially free within a relationship.
As an individual, financial freedom gives you the power to be in control of your life. You can make decisions about your own life without having to worry about funds to actualize them.
On the other hand, being financially independent in a relationship simply means being able to fund your lifestyle without help from your partner. This means being able to cover your basic needs and having enough leftovers for other spending each month. Financial freedom doesn’t equal the freedom to spend money on anything you want. It means having enough money so that finances are not a burden in your relationship.
Not many people can tolerate a financially dependent partner, therefore financial stability is crucial for the survival of your relationship. A good financial life also favourably improves the quality of your relationship. It’s usually a good idea to discuss money issues with your partner in a relationship and establish clear boundaries.
If you want to be financially free in your relationship, first, you need to communicate with your partner and make sure that you are on the same page. Then, come up with a plan that makes sure that one person’s goals do not become another person’s sacrifice. Don’t wait until it’s too late. Don’t wait until a partner says you’ve become a burden. It’s important you learn and understand your partner’s background with money, and how they make financial decisions in the good and bad times. This will enable you to approach this subject with more empathy if any problem comes up.
Secondly, discuss with your partner how you get to split your finances. There are many factors to consider when making this decision to split your finances. For example, if your partner makes much more money than you do, it may not make sense to split the bills down the middle. Instead, try contributing an equal percentage into a joint account.
It’s advisable you don’t keep all your money in a joint account if you want to attain financial independence. A joint savings account with your partner will enable you to manage your daily and monthly expenses like rent or mortgage payments, utility bills, groceries, and fuel. A joint savings account can also allow you and your partner to easily pool money together. This will enable you to save for shared financial goals like a new car or a vacation. But that doesn’t mean you should send your entire paycheck to a joint account.
In the end, being financially independent in a relationship comes down to understanding your core values, being honest with yourself and your partner, and knowing what you want out of the relationship. Most importantly, you must be willing to change the faulty money mindset you may have acquired while growing up. This may take time, so have some patience with yourself. It is also very important to have a healthy relationship with money. This means making sure that you are not spending more than you earn. It also means that you are saving some of that money and investing it wisely so that it will grow into a substantial amount over time. The Reaprite anniversary promo which gives you 20% off your savings is a great place to start.