Has money ever come between you and a loved one? According to stats, approximately 50% of marriages end in divorce, and a large number of these divorces are related to financial infidelity. However, financial relationships don’t only matter with married couples. There are many other financial relationships that have an impact on our lives.
In the weekly #BeFinanciallySmart feature on the Azania Mosaka Show, FNB Head of Consumer Education Program Eunice Sibiya shares some insight on financial planning for successful relationships and the importance of having open, honest conversations with your loved ones to build healthier and stronger financial relationships.
A great place to start is knowing yourself and the relationship you have with money, every person has a different personality with money— Eunice Sibiya, FNB Head of Consumer Education Program
Are you a miser who spends as very little as possible? Or a spender who easily spends money without a care in the world? Sibiya says these different personalities are often the reason people clash and relationships with friends, colleagues, business partners and family members go down the drain.
It doesn’t help running away from the conversation about money, we tip toe around situations, stop procrastinating and come clean.— Eunice Sibiya, FNB Head of Consumer Education Program
Sibiya says it’s extremely important take action immediately if a personal relationship is strained.
Here are six pointers on how to tackle money issues and build better financial relationships with your loved ones.
Determine your financial requirements and highlight your financial expectations and limits.
Create a plan to cover responsibilities and assign roles.
Set clear rules for every transaction, especially around loaning each other money
Compromise – All relationships require a little give and take
Do not keep financial secrets, this is why most relationships fail
- And most importantly, keep communication channels open. Express your concerns and make suggestions.
Listen to full interview below: