With a new year comes, new bills and more headaches. This can be a tremendous strain on you and your significant other’s relationship. In fact, in 2015, SunTrust released a survey stating 35 percent of fights were due to financial issues. Luckily, the Critical Financial staff have got you covered on the keys to having a healthy financial relationship. Even though it may seem like you are in a dire situation you can fix it.
Sharing is imperative in a healthy financial relationship.
Money, contrary to popular belief, is not the root of everything that is wrong with the world. We can chock that up to that terrible music of today. In all seriousness, though, money is far from evil. It can, however, be the catalyst to evil actions. For example, say you are married; you and your partner have a joint account, but you also have a personal account. This feed into a notion of deception and deceit. We are not saying you should not have your own money. Who wants to ask for permission to purchase that leg lamp from A Christmas Story? No one.
This is an easy fix as long as you approach the situation in the right way. Do not allow yourself to be “caught,” with an account. Tell your partner outright. If they have a problem with you have your own account give them access to it or introduce the idea of them having their own money as well. The both of you could use the joint account strictly for bills and other household expenses. If that idea is not a good option, you have to find a common ground that you are both comfortable with.
A healthy financial relationship has a direct relationship with communication.
We all know communication in a relationship is key. Communication in a healthy financial relationship is vital. Where many couples fall apart though is the way they communicate about finances. Most of us have been in the situation when money has been spent while there was an expense that needed to be taken care off. Usually, an argument follows and one person ends up sleeping on the couch. Most of these arguments are avoidable.
One of the best ways you can talk about your finances is by doing something strenuous. For example, if you want to talk about your finances with your partner try doing it while hiking. It forces you to concentrate on two different things at the same time. After you’re your hike you will be too tired to yell, as well.
Aside from exercising, you should also make it a habit of going over all the bills together. We are not saying that you each have to pay half on everything, but you should let you partner know what is going on. Do not take on a burden by yourself it only causes headaches and fighting.
Figure out your budget and stick to it.
Budgeting is crucial to a healthy financial relationship. A budget has the ability to keep your spending in line one month and provides a shopping spree the next. You and your partner should both know what is going on with your finances. Once you have established a budget you have to stick with it. If you are spending too much money on leisure each month you need to cut back and save your money. Maybe you and your partner work near in the same area, but you always take different cars. You could start carpooling to save. You also are able to spend time together while you make money.
Having a healthy financial relationship takes time. It takes also takes a lot of willpower and communication. It may also take fewer trips to the mall, yes we are talking to you, Karen. If you work with your partner you will find your life will be happier and financially healthier.