Couples should use the opportunity of February, the month of love, to examine their financial relationships.
In this month, couples should review their individual relationships with money and also take a closer look at their relationship with money as a couple.
Farzana Botha, the communications manager at Sanlam Risk and Savings, and Lee Hancox, head of channel and segment marketing at Sanlam, have shared advice to help South Africans navigate the challenges of handling money as a couple.
Navigating beige flags
We have all heard of grey areas, but what are beige flags?
Beige flags are quirky financial habits or minor issues that are not necessary relationship deal-breakers, but they are areas which may require attention.
According to Botha and Hancox, examples of beige flags include:
– a partner who splurges on Uber Eats instead of grocery shopping
– a lack of interest in discussing financial planning
– lies about minor purchases
Botha said that these habits may not pose immediate threats to financial stability, but they do indicate deeper financial attitudes or behaviours that couples need to discuss to prevent potential conflicts down the road.
According to Botha, to address beige flags couples need to have honest discussions about financial habits, goals, and expectations.
“It’s about recognising these subtle signs and understanding how they fit into the broader financial dynamics of the relationship. Discussing these issues early on allows couples to prevent beige flags from escalating into more significant issues,” Botha explained.
Sanam Naran, counselling psychologist and founder of Conscious Psychology, said that there are steps that couples can take to proactively address and navigate the nuances of beige flags to prevent future conflicts.
Naran said that individuals should consider therapy to understand their triggers and feelings towards money so that they have enough self-awareness to know when those issues will come up.
“It’s important to have constant communication around these topics, to know yourself and your partner’s unique mindset around money so that you can mitigate any issues that may come up in the future,” Naran said.
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