The Malta Independent 21 April 2024, Sunday
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Unequal incomes: Making it work in a relationship

Sunday, 11 February 2024, 09:14 Last update: about 3 months ago

Luca Caruana

Being someone who assists individuals with their financial matters, I have spent a lot of time discussing the impact that it has on relationships. On a personal level, I can relate to this subject. In the past, there have been instances in which my wife and I have received a higher income than the other. What I've learned from working with other couples and how we've handled this situation is something I'd want to share with you.

Before anything else, it is absolutely necessary to have a conversation about the significant disparity in earnings that exists between individuals. I found that being honest and understanding about how we were feeling made a significant difference in my own life. The individual who makes less money may experience feelings of depression at times, while the person who makes more money may have the impression that they are responsible for everything. Talking about these emotions is quite important.

In a joint account, I am a great supporter of the idea of sharing money. For us, it has been really successful. When we do this, we feel more like a team. But I am aware that this is not something that everyone enjoys. Discovering a means by which both parties can experience a sense of well-being and appreciation is the most essential thing.

Creating a budget collectively has come to feel like a group endeavor for us. It's not like we merely divide it evenly. Based on the amount of money that we bring in, everyone of us contributes what we are able to. Both of us will have the sense that we are contributing in this way. Together, we make decisions regarding how we will spend our money and how we will save for the future.

Remembering that money is not everything is another important thing to keep in mind. When it comes to contributing to a relationship, there are a lot of different ways that don't include dollars. In addition to being significant, things like taking care of the house, being there for each other, and making sacrifices are also very important. As a married couple, we make it a point to acknowledge and value the contributions that both of us make to our life together.

Speaking with a financial professional might be beneficial at times. They are able to provide you with direction that is appropriate for your circumstances, particularly if figuring out financial matters seems difficult to you.

Making preparations for the future is also of great significance. During our conversations, my wife and I discuss our long-term objectives, such as establishing an emergency fund or saving for retirement. Our day-to-day concerns about money are alleviated to some degree as a result of this, which helps us remain on the same page.

I have witnessed a great number of couples navigate the challenges of coping with varied salaries. We can learn something from the experiences of every couple. One of the most significant things that I've realized is that the most important thing is to show respect and concern for one another through our interactions. Instead of getting in the way of you building a life together, money should be a guide.

Maintaining a conversation about money is the most effective thing you can do. We talk about our financial situation on a frequent basis, my wife and I. It was of great assistance to us. We don't allow money to become a major and intimidating subject.

It is important to keep in mind that the true value of a relationship is not determined by the amount of money that is present in the connection. The importance of love, respect, and mutual support cannot be overstated. It is possible for you and your partner to handle any disagreements in financial matters and develop a happy life together if you communicate to each other, make plans, and have an understanding of one other.

Luca Caruana is a Certified Money Coach and Founder of the Money Coaching Hub

 


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