Q – My partner and I just cannot agree on how and where we spend our money, or even what level of risk we take with our savings. I am the more cautious type while she’s happy to risk everything especially as there is little interest on deposit accounts. Is there a simple way round this ? Martin – Raheny Dublin 5
A – Disagreements about personal finance can be very divisive Martin – I have seen figures that suggest half of the couples who break up do so because of a disagreement about money. So when I say that you need to agree a joint financial strategy with your partner I don’t say it lightly. One approach that I have found works well is to:
- Look for common ground. It is likely, for instance, that you both want the same thing – to be free of debt and have plenty of spare cash.
- Communicate freely and honestly. Assess where you are and how each of you have contributed to the current state of affairs. Be honest. Discuss each of your strengths and weaknesses. The things you are doing right, and the things you are doing wrong.
- Compromise. Don’t allow past behaviour and events to poison your chance of success. Put grievances behind you. Start afresh and in doing so accept that you will both have to agree to do things differently in the future.
Work as a team – it’s literally in your best interests. Best wishes.