The person you choose to be your partner will have a very large impact on your wealth, so it's an extremely important choice.
Firstly, I'm not saying you need to go find the richest person that will have you. The only gold digging that's a good idea is by our ASX gold miners like Evolution Mining Ltd (ASX: EVN).
It's totally okay to live the rest of your life without a spouse, but it sure helps if your household has two incomes winning the bread.
The running costs for a house are very similar between one person and two people. You still need at least one bedroom, all the heating and cool, all the cutlery, the furniture, TV and so on. Havin a second income can really boost your household's savings. Although having a partner could unlock a very expensive achievement – kids.
But everyone at Michael Hill International Ltd (ASX: MHJ) is very thankful that people keep hooking up and getting married.
Saver or a spender?
There isn't a 'right' way to manage your money as a couple. Some people do things completely separately whilst others do all the finances together.
But what does make a big difference is whether your partner has completely different views on money to you.
Do you prefer to save and they prefer to spend? Not only could that lead to arguments and resentment (from both sides) but it means you're probably not working towards the same financial goals.
Every month I like to sit down with my wife and look at how things have gone over the past month, how much we saved and how much closer we are towards our goal(s) of saving for a house and investing.
It's so much easier for your life if you're both pulling in the same direction. Talking about it regularly can help you both stay on track.
And one of the most important reasons of all to choose right person is because if you choose poorly, or if things go wrong, divorce will likely be the most expensive thing in your life.
Foolish takeaway
Love should come before money with your partner, but your love can have the biggest effect on your wealth over your life – for the positive or negative. So choose carefully!
