Money is a common source of conflict in relationships, because it is a means of survival. It is not something you can avoid, but there are things you can do to not make money a big issue.
I recently started thinking about how money affects relationships. What can you do as a couple when money becomes a problem? How do you avoid it becoming a problem?
Here are some tips about handling finance as a couple that I came up with after doing some research. It is not perfect, but it might help relationships.
1) Decide If The Money You Make Is Also Your Partner’s Money And Vice Versa
This might seem silly, but it is important. It is the only way to move forward with finance as a married couple. You cannot set your financial goals as a couple without making this decision.
2) Set Your Financial Goals As A Couple
As a couple, you both want to know what your future financial goals are and how money plays to that goal. Do you want to invest in real estate? Do you want to have money saved up for your kids’ education? Any goal has to be something you both agree on, so you can plan to get there.
3) Manage Day-to-Day Finance As A Couple
Set out dates to have financial budget meetings. It could be every month. Look through your plans for the month, how you want to spend money, what payments you should make.
Decide who would do what with money. It could be anything that you need to pay for that month.
Try to make your budget meetings fun because money talk can be a bit frustrating. You don’t want to start an argument while talking about money.
4) Clarify Your Approach To Money As A Couple
Decide what type of life you want to live financially. This would help you decide how you want to spend money and what you should spend money on. It would also help you decide if you have to work more.
Talk about finance clearly and honestly. Before making expensive purchases, talk to your partner. Let them know why you need to spend that amount of money.
Understand that one partner can like to spend money while the other likes to save money. Don’t judge your partner’s money spending abilities. Work together as a couple to meet your financial needs.
5) Don’t Be A Financial Burden
A relationship is a give and take. With money in relationships, don’t do only one, do both.