Financial matters are a significant part of any relationship. Money issues are still cited as the number one reason that relationships have trouble or fail. Solving relationship money troubles whether you have been together for one year or thirty years doesn’t have to be complicated.
Where should couples start when it comes to talking about money?
One of the key things to understand about your significant other is their money personality. People can be savers, spenders, risk takers, security seekers or not involved at all. Knowing your money personality and that of your spouse is important when discussing financial matters. You will understand better their reasons for how they want to spend and save the money.
What is one of the biggest reason couples squabble over money?
Without a doubt, it is unplanned spending. One of the best ways to avoid this argument is to have a limit on what each can spend without talking to the other spouse. The reason, some people might think anything over $100 should be discussed and others believe unless it’s over $1000 you don’t need to talk about it. Resolving this one issue can be a major relationship saver.
What is your recommendation regarding comingling accounts or keeping everything separate?
It is whatever works best for the couple but I tend to favor the idea of joining accounts and making it an “ours” not “his and hers” situation. Splitting everything 50-50 can get complicated and if one spouse makes more than the other it can lead to one spouse having more power in financial matters. Avoiding power struggles and being equal financial partners is extremely important for long term relationship success.
Why is developing a joint budget beneficial?
The budget process will allow for discussions on many important topics that might seem trivial early in a relationship but grow over time. This includes how much to spend on entertainment, what type of cars to purchase even how much to spend on vacations. Budgeting will also allow couples to have conversations regarding long term plans and that is always helpful.
What is the most important tip for couples to have financial bliss?
Without a doubt, it is having regular money discussions and being willing to compromise so that you don’t fight about money all the time. Harboring ill feelings about your spouse’s spending or lack of spending is not going to yield a healthy relationship long term. Couples are a team and the team wins not individuals when it comes to financial matters.