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AAC - Legal & Financial - Talking about Money & Work - Financial Differences in Relationships - Q1 - Sylvie · Wellbeing Solutions - Ask A Counsellor

• 0:01
  SPEAKER_00: How do we handle financial differences in our relationship?
• 0:05
  SPEAKER_00: Each couple will handle and have different approaches to both their personal finances and joint finances.
• 0:12
  SPEAKER_00: Some couples split the household bills down the middle and then have their own disposable income from what is left from their individual wages.
• 0:20
  SPEAKER_00: Some couples put everything into a joint account and use disposable income for personal spending always agreed by both parties.
• 0:30
  SPEAKER_00: Income differences can cause problems and when there is a lack of communication and transparency around expectations, then difficult feelings of resentment and frustration can arise.
• 0:42
  SPEAKER_00: One person's idea of fare may be different to the other person's, so compromise will be important.
• 0:49
  SPEAKER_00: If we can be honest and open about our feelings and how we wish to contribute financially, then that is the first step to address any differences.
• 0:58
  SPEAKER_00: But let's consider for a moment outside of our financial income.
• 1:03
  SPEAKER_00: How hard do we work each day and how tired are we when we get home?
• 1:07
  SPEAKER_00: Of course, if we're working twice as many hours as our partner, then it may be fair to expect our partner to contribute in other ways so we can enjoy time together.
• 1:17
  SPEAKER_00: Your partner may run errands, do school runs, cook, clean, book appointments, or help in other general household chores.
• 1:25
  SPEAKER_00: Just imagine if you had to pay someone to do those things.
• 1:28
  SPEAKER_00: So do consider including these practical investments as equally as the financial contributions when you assess or discuss.
• 1:39
  SPEAKER_00: It's really good to remember how much value we bring into a relationship that's not all based on our income.
• 1:45
  SPEAKER_00: The true meaning of abundance comes from health and time as well as money.
• 1:50
  SPEAKER_00: In fact, some may argue that our true abundance is measured by the time we have with our loved ones or time to ourselves to just be.
• 2:00
  SPEAKER_00: So couples' financial differences can be evened out with regular sit-downs, honest conversation, consideration and compromises.
• 2:09
  SPEAKER_00: As long as both partners are satisfied and are happy, there is no right way to do this.
• 2:16
  SPEAKER_00: If you have decided on who contributes what and circumstances change, such as health, jobs, life stages, then it's time for another chat with your partner to change things accordingly.
• 2:27
  SPEAKER_00: Nothing is set in stone, and life can throw challenges our way, which require us to re-evaluate our contributions and lean into maybe the other partner's income a bit more.
• 2:38
  SPEAKER_00: The ebb and flow will be necessary at times.
• 2:42
  SPEAKER_00: I encourage you to take on board that saying that teamwork makes the dream work, which is apt for the practical set setting of household contributions too.
• 2:53
  SPEAKER_00: But good communication is at the foundation of all balanced relationships and links in strongly to the value and responsibility balance within your relationship.
• 3:06
  SPEAKER_00: So I hope that this has been helpful and thank you for listening.