Audrey (not her real name) met her boyfriend on Tinder, a dating app, back in 2019. They started dating a couple of months before the pandemic caused a massive global economic, sociological
It’s not that Audrey has a closet full of Birkins and Louis Vuittons. Both her parents went through major hospitalizations in 2020 due to COVID-19. Her savings were enough to cover one year’s worth of emergency fund, which was already a sign of financial superiority back in 2019. But it didn’t make a dent in her parents’ hospital bills.
The complications of relationships can make lack of financial compatibility a deal- breaker. Love does not conquer debt; neither does it fix “spendthriftosis.” When the warm, fuzzy feelings after the wedding inevitably die down and both couple start building their life together, financial dishonesty and wide gaps in financial values cause ugly breakups.
These sessions can be therapeutic. Couples “rediscover” each other’s dreams in a fun way and in the process, find themselves more powerfully bonded. The colors and drawings get etched into their mind and provide them with an emotional connection which kicks in when they are facing massive budol temptations. We attach a monetary value to each of the drawings and goals and the total becomes the basis for creating a financial plan.
Every year, couples should revisit this joint SALN to see clearly if their monthly savings and investments are giving healthy results. In addition, if something happened to increase their debts during the year, looking at an updated SALN at the end of the year will give them inspiration and resolve to wipe it out.This list is by no means exhaustive. There are many more steps toward achieving that financial peace.
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