Opposites attract, often leading to romance, but an opposing viewpoint when it comes to money management could cause the big divide.
Can a saver and a splurger co-exist? Yes, if both are committed to that familiar word, communication.
The ability to talk to our partners early in the union about household money management is a skill that could be practised during Financial Literacy Month throughout November. So if this topic is a challenge in your relationship, a full four weeks in a 'money talk' atmosphere will probably make it much easier.
A game plan for couples might start with the following:
• Make a monthly budgeting plan and agree on who will manage it
• Set ground rules on spending
• Discuss expectations on 'found money' like inheritances and income tax refunds
• Plan for unexpected hardships like managing on just one salary. Try to set aside at least six months of funds to cover expenses.
