Financial literacy is the skill and knowledge with which an individual makes informed decisions about handling their finances.


Different people hone this skill at different stages of their lives and parents can help by introducing habits like piggybank savings to children to help them in financial literacy.

The first thing to note is that financial literacy is a skill and is best mastered by an individual before introducing it to a partner in a romantic relationship.

Some may wonder about the link between financial literacy and a romantic relationship. The answer is simple: financial decisions impact relationships. Whether the financial state of a relationship involves debt or more credit, both parties in the relationship will surely be affected.


The three simple steps on how to practice financial literacy include:

Initiate financial discussions

Unlike popular opinion, financial discussions with a partner does not have to be boring or stressful. Setting up a lovely dinner or eating out at a great restaurant while discussing finances are examples of ways to make the conversation semi-formal.


In discussing finances, it is always important for both parties to be transparent about their credits, debits, and incomes. Both partners will decide the exact financial step they wish to adopt be it investing, saving, budgeting or even operating a joint account.

A very essential outcome of having the financial or ‘money talk’ is that both parties can be clear about the money personality of each other. The five money personalities include spender, saver, flyer, risk taker, security seeker.


Depending on what both parties have discussed concerning their personal finances, identifying the money stresses in the relationship is made easier. The basic money stresses are income and expenditure.


Budgeting will help both parties secure. Budgeting covers include income, credits, expenses, emergency fund, funds allocated for specific projects or plans and savings or investments.

Budgeting helps in documenting every financial step making sure to track how both parties spend and save money.

Follow through and respect

With the financial discussions and documentation put in place, it is important that both parties respect the financial rules.


Financial infidelity like spending money in secret, acquiring loans or debits in secret, investing in risky ventures or ponzi schemes and other financially irresponsible behaviours should be dropped by both parties.

In the case where one partner is cheating financially, an apology should be issued followed by corrective measures to resolve the matter.

Copyright 2023 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.

Follow us on twitter @Thecablestyle