[Infographic] 5 Common Financial Mistakes Couples Make (and How to Fix Them)

1. Not talking about money
   
   Have you and your spouse discussed your financial plans with each other? This is a critical topic for your marriage. There’s no one-size-fits-all approach when it comes to handling finances, but, at the very least, you should agree about it.
   
   Some couples believe that keeping their accounts separate is key; others think they should put it all in one account; while some do a mixture of both. This gets tricky if you keep postponing this major discussion, or find out your money management techniques don’t align.
   
   How to fix it: Make sure you talk about your financial set up early on, so you can figure out how to work through your unique financial management tactics. You can experiment with what works for you and lay your expectations so that things are clear from the start.
   
   
2. Keeping financial secrets
   
   Financial infidelity is a big deal-breaker when it comes to relationships. This is when you hide a purchase from your spouse or if you’ve been keeping a secret bank account that they’re not aware of. Any secret is harmful to relationships, so it’s understandable why this will cause a problem if your partner finds out.
   
   How to fix it: Tell the truth. It’s best to come clean. Be transparent with your partner about your purchases—whether major or minor. If you feel the need to hide it, then all the more should you open the transaction for discussion. It’s better to talk about it now, rather than wait for them to find out.
   
   
3. Living for one instead of two
   
   There’s no going around the fact that you and your spouse will share financial responsibility. It’s crucial to align your lifestyles and spending habits, as neither can continue living and spending as if they’re single. The problem here arises if no compromise takes place, and each couple has no regard over their shared funds.
   
   How to fix it: You should line up your lifestyle with your shared income. You’re allowed to indulge from time to time, but it’s time you prioritize your shared expenses and consider your partner before you make huge purchases for yourself.
   
   
4. Letting power play enter the picture
   
   It’s quite common for one party to have a bigger paycheck than the other. Rarely do you find couples who are working in the same industry and even on the same job and income level. This becomes an issue when the person earning more feels like they have more say or control over where the money goes.
   
   How to fix it: Trust in your partner and look at your money as “ours,” not “mine” or “theirs.” Make decisions together, and don’t let the person with the higher paycheck decide and control over financial decisions. If you happen to be the one earning less, don’t feel guilty about it. Instead, focus on growing your assets together and creating a great life for your family.
   
   
5. Poor family planning
   
   In this day and age, it can take quite a toll on your finances to raise a child. Unplanned pregnancies could make things rocky for your relationship if you haven’t adequately discussed starting a family yet. Not surprisingly, frustration can arise if you discover that you’ll have an addition to your family.
   
   How to fix it: Be open with how many children you want to have if any. Talk about how you’ll be financially ready to support your child until they become an adult. You should have insurance laid out so you can cover unforeseen expenses too. A good example is BPI AIA’s Family Care Plus, which allows you to protect your family, safeguarding you and your spouse for the price of one.

Communication is Key

Discussing finances and being open with your partner about money is one of the best things you can do for your marriage. Communication is vital for healthy finances and an even healthier, longer, and better relationship with your spouse.

Take time to go through your plans and how you want to manage your money, so you can be sure that you’re always on the same page. Expect that you won’t be talking about this once—you’ll soon realize that money talks will be part of your regular conversations. The more you practice doing this at an early stage, the more natural this will be later down the line.

When planning about your family’s future, it’s best to start talking about how you can set things up for the future, too. One of the best ways to do this is to look for investments like insurance.

BPI AIA is one of the leading companies providing life insurance in the Philippines, and it’s easy to set up an appointment with their bancassurance sales executives. Visit them at any of their 900 branches nationwide to hear more about your options.