Wednesday, February 14, 2018
Ways to Show Your Partner You Really Care
Happy Valentine’s Day to all the hopelessly in love couples out there. For all the single people and couples who given up on this commercial holiday, Happy Wednesday. When a day like today arrives we often think of ways to show our partner how much we really care about them. I personally think Valentine’s Day is a joke and showing someone that you care should be done every day rather than once a year. My major issue with the holiday is that it doesn’t address the underlying issue of how to actually show love to the one you care about most. There is just far too much of a Hallmark feel that makes me want to vomit and not enough concrete love being shown. I’m going to get straight to the point with this post and show 5 ways to show your partner you really care about them. These are 5 financial sacrifices you both should make that will make your relationship much stronger than a box of chocolates ever will.
Tackle debt together
Debt is a relationship killer. A constructive effort must be made as a team to tackle each other’s debts. No, I am not saying that you should pay your spouse’s personal debts. What I am saying is that if one partner is trying to pay off debts, the other must support them in that effort. That might mean shouldering a bit more of the expenses for a period of time. That might mean not indulging in things that cost money while the other spouse cannot because of their debts. That might mean picking up a bit more of the household chores while the other person works more to get rid of their debts. Whichever system you choose, paying off debts should be a common task. For any couple to flourish and be successful, both spouses need to be debt free. This means you both need to be open about your debts and challenges with money. Be completely honest and transparent and come up with a plan together. You should not be afraid to be straightforward about what’s going on. Remember, you have seen each other naked, so don’t be scared.
Tackle goals together
When I see joint investment accounts I smile. This means that both partners are completely on board for the ride. While the accounts do not have to be joint, you both should be contributing equally to common goals. You can’t have a saver and a spender trying to make it happen. The spender will have to curve their behaviors at least slightly. Some common goals for a couple are saving for their first home, paying for a child’s education, going on family vacations and of course saving for retirement. Another positive about both of you contributing to a common goal is that it will often cost far less if two people go at it. You gain a common strength and determination that makes the goal even more satisfying once it is obtained. You can hold each other accountable and move forward as a team. A great way to start is by opening a joint investment account or 2 separate ones and contribute the same amount monthly. Every so often, get together and go over the progress. It will be a very unifying experience believe me.
Wills, Power’s of Attorney and Trustee’s
No one likes talking about the nasty stuff that happens in life like getting sick, getting hurt, or even dying. If you truly care about your partner you need to have this conversation. What will one spouse do if the other becomes incapacitated? What will one spouse do if the other is on life support? What is one spouse going to do if the other dies? This is where a will and power of attorney comes in. You can clearly define what you want to happen if you die or become very sick. The trustee position is very important to talk about as well. Do you want your brother and his wife to look after your kids if you both should die? What if your wife would rather her Sister look after them? Lay it all out on the line so there is no second guessing should something go wrong. In my experience, when something happens, it happens quickly and out of the blue. You don’t want to have to make abrupt decisions while you are coping with tragedy.
The most selfless thing you can do is buy life insurance. It means that you care so much about the ones around you that you will sacrifice some of your money every month to support them when you die. If you are in a long-term relationship you must get life insurance. There are no “ifs” in my mind when it comes to this issue. If you truly care about your partner you will not leave them scrambling to pay for a funeral while they are grieving your loss. You also won’t leave them high and dry when it comes to raising your children should you die prematurely. In the industry I am in, I have heard both sides of the equation. The surviving spouse that receives a cheque when the partner dies is always better off than the one who doesn’t. Families have been ripped apart and some are thrown out of their homes when a spouse dies. If you could prevent this from happening for less than a cup of coffee every day, wouldn’t you do it? I certainly hope so.
Living benefits coverage
More insurance talk I know, I know. Having living benefits insurance coverage can be just as important if not more so than life insurance coverage. I mentioned that having a will and power of attorney are important, but so is replacing the income of a spouse should you get sick or hurt. If you cannot work, how will you meet your monthly obligations? Will the other spouse have to pick up a second job? Could you survive on government benefits alone? What if you got sick and your spouse had to stay home to care for you? Proper disability insurance can cover your income should you get hurt or sick. Critical Illness Insurance can give you a lump sum should you get diagnosed with a major disease. Both forms of coverage can allow you and your healthy spouse to make proper choices as to how you wish to recover rather than having the choices made for you. Watching someone work while going through chemotherapy always makes me sad. You and your spouse deserve the ability to live your life free of financial worry should either of you get sick
All these areas require sacrifice, determination and a sense of commonality to be accomplished. If money is tight have you done better by your partner by getting them a dozen roses or spending $30 a month on Life Insurance? Roses won’t pay the bills should you get sick or die. A heart-shaped necklace won’t allow you both to retire comfortably. As a couple, focus on what’s important before wasting your money on junk. Once the essentials are in place, feel free to drop your hard-earned money on something that will be forgotten by St. Patrick’s Day.
Thanks for tuning in today as Couples Week continues at Budget Boss. Tune in tomorrow as I discuss sure fire signs that you are dating a deadbeat. If you would like to help plan a future as a couple, feel free to message me at email@example.com and I would love to hear your goals. Have a great day all you lovers out there!
“Love is when the other person’s happiness is more important than your own.” – H. Jackson Brown, Jr.
Email – firstname.lastname@example.org