Love and money: spliting financial responsibility with your partner

Love and money: spliting financial responsibility with your partner

Love and money: spliting financial responsibility with your partner

Feb 1, 2022

Love is not enough Baby come to me molowo; the first line on Nigerian Singer, Adekunle Gold’s latest hit ‘High’ signifies that money is not just one of the most important things in life but also an important component of love, building romantic relationships and marriages.

This is why it is important to talk about money before starting a relationship.

In fact, before becoming a  ‘thing’, everyone should learn about their prospective spouse’s money philosophy, financial experiences, and personal financial goals, and make sure the other person is aware of theirs as well. 

That’s what the talking stage is for

By knowing the financial orientation of your prospective spouse, it will make it simpler to understand what makes each individual tick, what differences you both have, and how to work on those differences to reach a common financial goal.

And to reach a common financial goal, sharing financial responsibilities is very important; couples need to talk about the ‘what do you bring to the table’ conversation.

Difficult conversation to have, right? We asked a  few Nigerian couples about how they share financial responsibility with their spouses;

Uchechi – Fashion Designer

My spouse and I are quite open about our earnings, therefore we work jointly to meet our financial obligations; in order to do so, we have a joint saving system.

Joshua – Investment Banker

We are honest about how much we both earn, and because I earn more than she does, I pay all of our expenses, including hers, but she looks for holes and fills them up without my knowledge.

Haruna – Realtor

Even before we were married, we adopted a shared savings plan; in fact, while we were still dating, we saved together to buy our first landed property. Now that we are married, we both have our own savings accounts, as well as a joint account for important financial goals.

No matter how couples choose to split their financial responsibilities, it’s important for them to be clear and open about their finances — how much is coming in, how much is going out — and what are their shared goals; that way they can build wealth and attain bigger financial goals – call it couple goals

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