Don’t let money issues stress your relationship

05/14/2020

Money matters often play a key role in determining the amount of stress in a relationship. And during these economic times, there might be more money issues that couples are dealing with than any other time. Fortunately, there are ways you can make your relationship stronger as it relates to financial matters.
 
What is biggest issue with relationships and money?
Not ever talking about money is always cited at the biggest issue. Often couples don’t share anything about money with each other. Never talking about money as a couple can create tension and resentment as money issues grow.
 
Where should couples start when it comes to talking about money?
Couples should start first with making sure they understand each beliefs about money. This includes finding out which money issues are the biggest stressors for each other and what money habits they would like see changed in each other.
 
What part of spending is important for couples to reach agreement?
When talking about spending, first they both need to agree on wants and needs. Often couples will find out they have very differing opinions on what is a need and what is want. The reason this is important is that if they need to reduce spending the first category is wants, without agreement, there is sure to be an issue with cutting spending.
 
Is there an important step for couples to take together?
Building a plan together and setting priorities for their financial future. This will help them discuss and agree on many financial decisions from the monthly budget to their 5 and 10 year financial goals. It is so important to learn to compromise and find win/win solutions in this step.
 
What types of problems can arise when building a plan?
There are two primary problems.  The first is giving one person more power in the money relationship based on income, it should be 50/50 no matter what level of income any brings to the relationship.  The second is having one doesn’t want to be involve or support the plan and then then later resents the choices. Everyone has to be equally involved and have equal say in making decisions.
 
What is an important component of couple’s planning that is often left out?
Even when couples are struggling, they have to remember to have plans that allow them to have fun. Taking all the fun money out of the budget is only going to create an unpleasant relationship experience and in the end derail any financial plans and create money conflicts.

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