Are Money Management Differences Coming Between You? What You Can Do
Money struggles can be tough. When you’re going through financial hardship, it can not only impact your bank account, but it can also cause problems in your relationships and your day-to-day life.
Money is one of the most common sources for arguments in a relationship. We all manage money differently, but splitting bills and dividing costs can cause disagreements if you’re in a relationship.
Before you dive in, remember that our professionals are always here to help
How Can Money Issues Ruin A Relationship?
Even if you’re deeply committed and in love with your partner, money issues can wreak havoc within a relationship.
One partner may want to save up for a home and put away every dime, while the other may splurge and spend all the money they earn. Different spending habits and money management skills can cause real issues when you share finances.
How to Stop Fighting About Money
To stop fighting about money, you need to be clear about your expectations, financial goals, and how much money you have. You have to communicate with your partner and be open about your finances.
As long as you are both on the same page and know whether you are spending, pooling your money together, or saving, there should be no crossed wires and no disagreements. Secrecy and deceit cause fights; openness and honesty create trust.
How To Manage Money In A Relationship
To manage money differences in a relationship, you’ll need to follow these tips:
1. Be Honest About Purchases
Keep your purchases and expenditures out in the open, even if you know it’ll let your partner down. Hiding things will fast-track you to broken trust, arguments, and resentment.
2. Don’t Let Salaries Get You Down
Let’s face it. You’re going to have salary differences or variations in income. Things may not always be split 50/50 if you earn different wages, but you do not have to make one person feel financially reliant on the other.
3. Discuss Lifestyle Choices & Goals
Discuss how you want to spend your money and come to an agreement. Make sure that you are both clear on what you want. One of you may want to save up for a trip or a home, whereas the other may not be on the same wavelength.
4. Keep A Joint Bank Account / Keep Your Finances Separate
You may find that setting up a joint bank account where you both deposit your money or equal sums of money can help divide up expenses equally and fairly. For others, keeping finances separate can help avoid arguments if one person tends to spend more than the other.
5. Set Expectations & Boundaries
You will also need to set expectations and boundaries together. This means developing a monthly budget, agreeing on how much you will spend each month on certain things, and having money aside for date nights or other expenses. Ensure that you both agree on those boundaries, so no one is inclined to go off and spend money without discussing it with the other person.
6. Accept That You Are Different People
In some cases, you may have to accept your partner for the person that they are. We all have different spending and saving habits, and sometimes you cannot change someone or how they want to spend their own money.
How To Move Forward
Money management and mismanagement are one of the leading causes of couple arguments. We all spend our money differently, which can lead to miscommunications and misunderstandings within a relationship.
It is essential to communicate with your partner and try to spend money equally and fairly, following agreed-upon boundaries and budgets. If money continues to cause problems in your relationship, consider couples counseling. We are here to help you get on the right track.
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