The notion that money can’t buy happiness is true to some extent but for people in a relationship, having aligned financial goals will go a long way in reducing the constant conflicts. Besides communication issues, relationships have suffered from financial issues. In short, serious money fights are prevalent in most relationships.
To most couples, talking about money isn’t a pleasant encounter despite its high place in determining a healthy relationship as well as financial security. While this is the case, it’s possible to embrace your significant other when managing your finances. With the financial tips discussed below, you can improve and stabilize your relationship.
Identify the money personality traits in your partner
People are different, there is no denying that. The differences tend to influence how we handle the finances to some extent. For instance, if you have a partner who embraces frugal spending habits but you like spending liberally, you can bet that your money talks are more likely to get heated.
When you identify how your partner thinks about and handles finances, you are closer to understanding the reasons behind the personality. With this in mind, you can handle the money topics without being judgmental and be more open to putting yourself in your partner’s shoes. Once this is accomplished, it is quite easy to lay down workable plans adapted to the different personalities.
Commit to serious money talks on a regular basis
If you want to stay on the same page as far as finances are concerned, you must hold money discussions at regular intervals. It’s not only important to discuss where the money is held, you also need to talk about how you are spending the cash and whether there are any adjustments to be made.
At all costs, try not to restrict money talks to periods when there is an acute financial problem. Both your financial habits and goals need to be discussed as a stepping stone to creating a favorable financial plan. Besides, embracing honesty and openness when talking about money, serves as a critical ingredient in fortifying trust in the entire relationship.
If you can spend time every few weeks reflecting on the finances, chances are high that you won’t have to worry about financial disagreements poisoning the relationship.
Setting joint financial goals
When you sit down and set a money goal together, you can share your visions of the future and save for its attainment together. As a result, this will strengthen your relationship further. Basically, when people have a common thing they can look forward to attaining, they tend to be closer and happier.
Whether it’s a dream house or retirement, you can engage your partner to make things better. You can make regular contributions towards achieving the goal as well as encourage each other along the way.
But you’ve got to consider the debt you have together, your income as well as the total amount of money you can afford to commit towards your objective. You can start by jointly deciding how long you need to accomplish the goals. Depending on the magnitude of the financial goal, you may find ways to earn more money as you cut back on some budget busters.
For instance, if you’ve been struggling with debt for some time; you can set a goal for debt elimination. Today it’s quite easy to find attractive debt consolidation loans. Basically, this is a type of nation 21 loans that combine all your debts and pays them off leaving you with a single debt to deal with. In addition, you stand a chance to lower the overall cost of your outstanding debts.
Create a safety net for emergency expenses
If you have just secured your first job and haven’t climbed up the ladder, you might be postponing saving your earnings. But if you are already in a relationship, you probably know that there are various responsibilities that demand financial backup.
For instance, you may be sharing a car with your partner and when it breaks down, you’ve got to get it fixed immediately. To make sure you are well prepared for the joint expenditures, it’s important to save some money to be used on a rainy day.
Even when you are already in a stable relationship, you need to be certain that your significant other is well buffered from sudden occurrences that could make life unbearable. Therefore, whether you decide to save alone or as a couple, make sure you’ve created an emergency fund to shield you from adverse events that might destabilize the relationship.
Shared responsibilities in financial management
Whether one party is more proficient in financial matters, the responsibility of managing your finances falls on both of you. When the burden is shared, it becomes easier to open up to your partner about any pressing financial matter before it evolves into a nasty conflict.
When faced with financial challenges, you must face them with a team mentality rather than blaming your partner. At times, the difficulty may come as a result of an action taken by your partner. In such an instance, you should try as much as possible to support them and offer useful input for dealing with the financial challenge. Of course, it is critical that one individual assume a leadership position but this doesn’t mean they make all the decisions.
Let money be a tool to stabilize the relationship
Whether you’ve been dating your partner for a year or you’ve been married for the last one decade, money fights shouldn’t drive a wedge between you. When you become honest about money issues with your partner you can eliminate unnecessary money conflicts.
As long as you clearly understand how your partner views money, it’s not hard to come up with a plan that will work for both parties. When you know what to expect and put the right measures to handle the situation, your relationship won’t be at the mercy of money talks.
