Feb282017

Money and Relationship Talk

Finance

Financial matters are sensitive issues in a relationship that needs to be discussed by both partners. Do you agree, mommies and daddies?

I admit, I was a bit reluctant to talk about money and relationships, but what the heck, we all experience the enigma – good and bad, that money brings.  Money issue is a common source of friction or fights in a relationship. I believe so. We have talked about this last Wednesday at the Pru Life UK workshop held in Frank & Dean’s Cafe and Kitchen, Taguig.

From the workshop, Ms. Gizelle Villareal-Camua, head and AVP for Brand and Communications of British insurer Pru Life UK,  shared us some information about Pru Life UK Relationship Index. Survey showed that Philippines ranks second out of 10 Asian countries in terms of relationship satisfaction.  We scored 79/100. The first was Vietnam who schored 83/100.

The survey also showed that Filipinos argue with their partners the most in Asia. 46 percent said that the cause of arguments is money.

 

We also discussed how to strengthen relationship with partners especially through money matters. Ms. Ross Fres Fausto, helped us understand how we deal with finances through childhood money memory.

Aside from this, we completed our FQ Test where I found out that I need to understand money more.

The main reason why the workshop was held was to help couples understand and attain high financial intelligence quotient or the ability to make sound decisions and actions in handling one’s personal finances. These may help them lessen arguments at home and live harmoniously.

Let me share you the DESIGN for High FQ

  1.  Start with your goals.
  2. No secrets please.
  3. Automate saving and investing.
  4. Have your regular Balance Sheet Meeting.
  5. Raise your kids to have high FQ.

The workshop was refreshing, we even pledge to talk about money positively with our partners and follow the Basic Laws of Money.

  1. To pay ourselves first.
  2. To get only into a business that we understand and seek advice to competent people.
  3. We will make our gold work for us and create an army of gold before we buy luxury.

Personally, I believe we need to focus more on number 3. Now, honey, let’s talk seriously about money behind closed door.

Interested to know more about Pru Life UK Relationship Index and Pru Life UK products and services please visit https://www.prulifeuk.com.ph/

Sharing to you soon about how to raise a money-smart kid.

 

 

10 comments on “Money and Relationship Talk”

  1. I’m quite blessed to be born to parents who are both financial advisors so more or less I was educated about how money and finance works, most specially the importance of saving. I used to ignore talks like these when they’re held in our company but now that I’m soon getting married and will inevitably face money issues with my future husband, I think it’s about time I listen to the pros!

  4. That’s the problem if you are a single mom. You have to deal with all these things by yourself. Hard but still possible. Making ends meet is hard for me but I always make it an effort to save a bit a month. I also have an EIP with BDO. It automatically deducts from my savings account.

    I am curious about the FQ Test. I wonder if you can share it to us.

  5. Thanks for the tips. My husband and I have set our goals and although there are drawbacks sometimes but because we have set a goal we could always bounce back and continue working on our goal.

  6. Believe it or not, my husband and I have never fought about money, because one of the best advices we ever got from my grandma was to never fight about money, so we do talk about our finances all the time, but we’ve never really fought about it, so thank God for that.

    46% of couples fought about money, tsk tsk that is a high percentage indeed! How do we not fight about money? Simple we follow #2 you’ve stated above, we have full disclosure about money, we both know how much goes out and we both know how much goes in, it’s pretty transparent so there’s nothing to really fight about. 😛

    We do keep separate bank accounts for ourselves too, so he can spend whatever he wants and I can spend whatever I want so long as the family account remains just that, for the family.

  7. This is really nice, it’s best to learn more things about the understanding on how you can save your money and have a less expenses monthly.

  8. Financial literacy is something I wished were taught is schools. This is one area where I admire the Filipino-Chinese because they were taught Financial literacy early in life.

  9. Haven’t attended any workshops about money and yes we seldom talk about them. The husband would only ask me if we have enough and I would say, yes, even though sometimes we don’t. Our savings is automatically deducted from his salary!

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