Financial incompatibility 'can damage relationships'

Relationships can suffer if couples do not properly manage their finances together, it has been suggested.

David Koch, co-host of Channel 7’s Sunrise programme, noted that it can be difficult enough to control collective finances when a couple "is on the same page and flush with money", but "a nightmare" when money is tight and they don’t agree.

Writing for News Limited with his wife Libby, they advised couples to have a finance plan in place that both sides can review along the way.

"Have a common vision of where you are going with your money and what your goals are, whether it’s to travel, pay down the mortgage or get on top of the credit card," they said.

The couple also argued that people with more knowledge and inclination for managing money may need to motivate their partners to become better informed and disciplined themselves.

Such comments may interest Aussie couples wishing to compare credit cards and reduce their debt levels. Last week, the Senate passed new reforms to the bankruptcy laws as a means of tackling the rising amount of consumer debt.

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