If your spouse asks, tell him or her how much you earn. Both parties should have a fair idea of what each party earns; 'fair' being the key word,” she further said. A marriage counsellor, Mrs. Bose Fawehinmi, said the ideal situation is for couples to be transparent about their finances from the start.
A lack of transparency surrounding money can lead to conflicts in a relationship and can impact future plans with your partner, like buying a house or getting a loan. Talking about money can be nerve-racking, but it's crucial for a healthy relationship.
The only time it is appropriate to disclose your financial details is if you and your dating partner are discussing marriage or plan to get engaged. Otherwise, your personal finances shouldn't matter, as they do not—or at least they should not—affect your relationship.
It is important to remember that you do not have to share everything with another person in a relationship. Some things to remember in any relationship: You have the right to privacy in any relationship, including with your spouse, partner, and family.
Both the partners should be in the know about important financial aspects because if one were to pass away, the other should not be left clueless. Both should be on the same page when it comes to goals and budgeting.
In an ideal partnership, if both the spouses are earning, they should contribute to the household expenses or finance joint assets in the proportion that they earn.
Now, research finds that those who do pool their money are more likely to stay together. The study, titled “Pooling finances and relationship satisfaction,” found that whether or not couples combine their money may make or break a relationship. The research focused on bank accounts and liquid wealth.
But that doesn't mean you have to tell your partner every little detail of your present or past life. So not only is it OK to not tell your partner everything, but it's also healthy to keep some secrets of your own.
The no-contact rule refers to cutting off all contact with an ex following a breakup, and it's the best method for moving on from an ex. No contact should last for a minimum of 60 days, and it includes no texting, no calling, and no interacting on social media.
Overall, the answer is no. We don't need to tell our partners everything. However, holding out on communication with them too frequently or on the wrong topics isn't going to do you any favors.
A stable relationship often involves planning a future, whatever that looks like: renting together, buying a house, owning cars, having kids, taking lots of vacations. Whatever your path looks like, money is important because where you spend it is going to dictate how you live, and how you achieve your goals together.
Know your financial rights
So, understand that as a homemaker, you should not have to ask your husband for money; he is bound by law to provide it to you.
Sharing decisions about spending and saving and discussing money openly will help avoid arguments and tension. Use these questions to help you understand you and your partner's attitudes to money and to talk about your goals. It's important to think about what you both want: do you prefer to live for today?
Missing bill payments or not paying them in full is the No. 1 financial red flag identified by the survey. “Developing the habit of paying your full balance by the deadline will serve you well in the long run and prevent accruing late fees,” Hines Droesch said.
It is completely fine to date a person who does not make as much money as you. What is important is that they are able to manage their finances and are able to afford their own lifestyle, and still have savings at the end of the month. Being mindful of one's finances is a reflection of how responsible a person is.
Reveal income if your income is equal to the median income of your peer group (industry, level, experience) up to +15% over. If you are making any more, then it's probably best not to reveal and speak in generality. Any income below 115% of the median income of your peer group is fine.
Going 'no-contact' with someone you spent a lot of time with and planned a future with can be painful. A woman experiencing the stages of no contact is likely to feel angry, sad, and lonely.
One effective approach is the 'No-Contact Rule' for returning to your Ex. This strategy refers to entirely cutting off your communication, detaching yourself from that toxic member of your life and moving on from your ex following the breakup. Usually, the no-contact period must extend for at least 30-60 days.
To give yourselves the best chance of emerging from a separation period on amicable terms, you both need to commit to open and honest communications. Effective communication can help prevent the types of misunderstandings, wrongful accusations, and the “blame game” that often occurs during separations.
Here are some of the signs of stonewalling to look out for: They walk out in the middle of a conversation without warning or explanation. They refuse to talk about or give reasons not to talk about an issue. They dismiss your concerns.
They may feel something is too taboo to discuss—like marital problems, financial issues, sexual preferences, or their own or their partner's mental health and addiction issues. They may have broken their sexual exclusivity or monogamy agreement in a long-term committed relationship or marriage.
They need to be open and honest with each other if they want to build trust and maintain healthy communication. It may be easy to keep a secret if a couple spends little time together due to distance or other life commitments. Keeping secrets can harm relationships as it can lead to feelings of distrust and loneliness.
One of the most common types of percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.
While not everyone believes that a relationship should be 50/50, paying half of a couple's expenses is a good start. Of course, there's no right or wrong way to do things, but what's most important is that you and your partner are on the same page about your finances.
Financial infidelity occurs when couples lie to each other about money matters. It can include things like hiding debt, hiding big purchases, and lying about income. Financial infidelity can drastically affect trust between partners and the financial stability of the relationship.