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The financial compatibility checklist to complete this Valentine’s Day

Love it or hate it, Valentine’s Day is right around the corner. And whether you’ve just started dating or are in a long term relationship, Valentine’s Day gives us the chance to reflect on time spent with our partners and where you see the relationship heading.

Common interests and shared passions often make for a well matched partnership, but financial compatibility is also crucial. In fact, Mozo’s research into financial relationship deal breakers revealed bad money habits like carrying debt, always wanting to split the bill and excessive spending were all reasons for a partner to call it quits.

This year, why not celebrate Valentine’s Day a little differently by putting your partner through a financial compatibility checklist and ask yourself, is my partner…

#1 – Upfront and honest

From burying feelings about your in-laws to hiding speeding tickets, no one appreciates being lied to in any situation and finances are no different. Lying about your financial circumstance was enough for 76.4% of Aussies to end a relationship.

Ask yourself if your partner has always been honest about things in the past, like how much they’re willing to spend on date night or if they’ve got any debt skeletons in their closet.

While you don’t have to demand this information on the first date, a strong, long term relationship is built on honesty and trust, so if someone doesn’t start sharing once things become serious, it could be a red flag.

#2 – Independent

There’s no doubt about it – nothing is more attractive than independence. But that doesn’t just mean knowing what to do when your car breaks down. Financial independence is also essential in a partner, according to 56% of Aussies.

So does your partner have a budget? Can they pay their own bills and prioritise spending? These things are important because it proves they can be responsible with money and act on their own. Plus, if you one day decide to live together, it will give you the reassurance of knowing that not only can they make responsible decisions on their own, but it also gives you confidence in being able to make decisions as a couple.

#3 – Goal oriented

Do you sometimes wish your partner had clearer goals for their money? You’re not alone. From buying a first home to starting up a business, having a partner with long term financial goals or ambitions was a must for 52% of Aussies.

It’s important to know if your partner takes their future seriously and that you’re both on the same page, financially. Otherwise it could impact your relationship later on if you find you both want different things.

So if you’ve never had the conversation before about what you both want financially, Valentine’s Day could be the perfect day to bring it up…if you do it right. Money and love don’t always mix well together, so why not start the conversation over dessert during your Valentine’s Day date. This might make it easier to talk about setting money goals.

#4 – Sensible spender

Finally, think about your partner’s spending habits. There’s nothing wrong with splurging on a new video game or perfume every now and again, but if their spending gets to a point where they’re relying on their credit card to pay for groceries, it could be a cause for concern.

If your partner has less than ideal spending habits, suggest they put a spending cap on their card or start tracking their spending with an app like TrackMySpend. And you shouldn’t feel awkward for asking, as you’ll be in good company, given 62% of Aussies feel uncomfortable with their partner constantly putting expenses on their plastic.

So how many boxes does your partner tick? If you think there’s room for improvement, then it could be time to start working on your money management together.

This post was brought to you by Budget Direct Life Insurance

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