Once again the temptation to splurge is upon us, and so soon after recovery from the festive season. But if you think romantic partners are most impressed by expensive gifts and extravagance, you may be in for a surprise!
Studies in recent years have found financial responsibility to be one of the highest ranking attributes of attractiveness in a relationship partner. MONEY’S 2015 survey ranked financial responsibility among the top three attractiveness attributes across both Baby Boomers and Millennials, with both generations placing significant value on financial compatibility. Interestingly, extravagant spending was considered by many across both generations to be a ‘deal breaker’.
In today’s challenging economic environment, consider trading momentary splurges for long term relationship gains by being financially savvy partners. Priya Naicker of Old Mutual Personal Finance shares tips for being a financially responsible partner:
Know your money, have a plan
Financially responsible people are not always those who earn or save the most. Often, they are those who best understand their finances and take the time to plan. At the heart of financial planning is the process of setting goals and deciding on how best to make them a reality. It also helps work through balancing your immediate needs with short, medium and long term goals as individuals or as partners. Create a financial plan and regularly track your progress.
Be open about your finances and financial values
Responses to a survey in 2015 revealed that millennials prefer to have conversations about finances earlier on in romantic interactions than their predecessors. This can be a healthy development, adding that conversations around partners’ financial value systems and habits contribute significantly toward the understanding and financial compatibility that partners desire.
Take regular and inspired action
Allow your individual and shared goals to inspire you into action. Make budgeting, conscious spending and saving fun! Apps that track your spend, help you set up money challenges together and create pockets of savings can be a fun way to introduce financial savvy into your daily life. Take regular steps toward achieving your goals. Even small steps compound into significant achievements.