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Are you and your Valentine money-compatible?

Article (news)

Aneth Ng-Lim

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/vday compatibility 1A.png" style="width:950px" class="fr-fic fr-dib" alt="Are you and your Valentine money-compatible - 1"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none"><em style="text-align:left">Illustration created using Pixlr AI Image Generator</em></span><em> </em></span></span></span></div><p>Around this time last year, Anne was surprised by her Valentine with a designer bag. It was not a good surprise though, as she knew he spent money he did not have. His three credit cards were nearly maxed out, and Joel only pays the minimum due to keep debt collectors at bay. He has also borrowed money from family, friends and officemates. So while the bag is really really nice – she felt guilt accepting it knowing it likely put him in more debt than he could already afford.</p><p>In such a scenario, would you be Team Anne, or Team Joel? Team Anne here meaning keeping an eye on expenses or Team Joel meaning go for the big romantic gesture?</p><p>When we dream of our perfect match, we have a long list of things we want but rarely do our lists include being money-compatible. And yet money is one of the top reasons couples break up, whether at dating stage or soon after the wedding or even after years of being married.</p><p>To save yourself some heartache down the road, plus damage to your wallet, take time now to see if you and your partner are on the same wavelength when it comes to money. Here are 5 questions to get you started.</p><div><strong>#1 Ask about your partner’s saving habit</strong></div><p>It’s a big red flag if your Valentine says he or she does not save. Working adults typically have access to regular income, and part of that income should go into savings. Some are more disciplined than others, but it will be a tough road ahead for any couple if one saves and the other does not. If your Valentine does say she or he are not regular savers – there is still hope. Maybe they just need good advice, like help with signing up for automated savings with their bank. </p><div><strong>#2 Do a credit card check</strong></div><p>It’s understandable to have more than one credit card these days, but when one has three or more, that can be a cause for concern. Why pay for more annual fees? Could it be that the other cards are almost maxed out? Subtly ask how many credit cards your partner has, and if all are being used. Does he or she pay the balance in full, or just the minimum due? Maybe your partner received free pre-approved credit cards? Then having a few should be okay, so long as they will be cancelled after the free use period. </p><div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/vday compatibility 1B.png" style="width:950px" class="fr-fic fr-dib" alt="Are you and your Valentine money-compatible - 2"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none"><em style="text-align:left">Illustration created using Pixlr AI Image Generator</em></span><em> </em></span></span></span></div><div><strong>#3 Are you dating a big spender?</strong></div><p>Big romantic gestures like Joel’s are sweet, but if it always comes with an expensive price tag, you need to know if you are dating a big spender. If he can afford it, then just enjoy the gift. But if that puts him into debt (or deeper debt), that’s a red flag you need to seriously consider and discuss. Plus the truth is even if he could afford it, big spending should be the exception and not the norm for long-term relationships. A bigger red flag is if you are both big spenders – because I can see debt collectors in your future.</p><div><strong>#4 Have the serious debt talk</strong></div><p>Couples are more likely to talk about what they have and own, like a car, or a house, or a lot, than what they owe. But if you think your relationship is going from casual dating to something serious that could lead to a walk down the aisle, it’s important to have the debt talk. Does he or she have any mortgage? Are credit card bills paid as they are billed, or paid when able? Any unpaid obligations or negative credit history? You need to know because if you do end up married, you’ll sign up for all that debt and unlikely to be able to borrow for a house, or a car with a partner that has all that owed baggage.</p><div style="text-align:center"><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/AfABU_MRd9Y?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span>Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" id="isPasted" style="color:rgb(60, 151, 255)" target="_blank">iWantTFC.com</a>. Watch hundreds of Pinoy shows, movies, live sports and news.</div><div><strong>#5 Be open about your money goals</strong></div><p>You both need to share what you see in your money future. Millennial couples are said to not care about owning a house or a car. If you two agree, then that’s no problem. But if you want assurances of a comfortable retirement, owning a home you can grow old in, having a car so you can be mobile, it’s good to have a partner that will work with you towards these goals. And it all starts by talking openly about your money expectations and aspirations.</p><div><em>ABOUT THE AUTHOR: Aneth Ng-Lim returns to writing after more than two decades of working as a communications specialist in the government and the private sector. Her advocacy for financial inclusion and personal finance began when she served as head of Consumer Education during her stint at a multinational bank. </em></div>

<p>To save yourself some heartache down the road, plus damage to your wallet, take time now to see if you and your partner are on the same wavelength when it comes to money.</p>

To save yourself some heartache down the road, plus damage to your wallet, take time now to see if you and your partner are on the same wavelength when it comes to money.