We all know that love cannot pay bills and money matters can strain even the healthiest and happiest relationships.
In fact, a study done by the University of Kansas suggests that couples who frequently fight about finance-related matters are more likely to head for a divorce.
Of course, every relationship is different and there is no ideal way to manage your finances but avoiding these seven mistakes would surely help you to strengthen your bond.
1. Not understanding your partner’s spending habits
Many couples fight because they do not understand each other when it comes to money. While it might be okay for one of the partners to squander the entire salary within a few days of the month and later depend upon credit cards, the other partner might be a hoarder and would think twice before spending even a penny. Hence, first of all, both the partners must understand each other’s spending habits and then look for ways to figure out a budget together.
2. Your partner’s debt
Well, your partner’s debt is your debt as well to some extent. Treating it as his or her individual problem and pretending you have nothing to do with it might not be the right approach. It’s best if both the partners talk about their debts before moving in together or getting married, and discuss how they would like to manage the household budget together.
3. Managing your expenses
While planning the household budget, it’s unfair to put the entire financial burden on one partner when both of them are earning. Even if you plan to maintain your separate bank accounts, it’s ideal to pool in an equal amount of money every month, devise a budget that pays all your shared bills and stay on the same page financially. Trust us, it would save you both from money-related resentment and misunderstandings at every stage of your relationship.
4. Avoiding this important discussion
Again, it is very important to hold a finance-related discussion with your partner and let him or her know about how you have been managing your finances. Do you have a family member or friend who is financially dependent on you? Are you saving for a new car or house? Or, is there any other financial commitment that demands a major chunk of your salary every month? It’s wisest to disclose it all to your partner before he or she discovers it and mistaking you for hiding such details.
5. Keeping secrets
If one or both the partners lie about his or her salary, hide money or maintain a secret bank account, that can count as financial infidelity. It’s a signal something is majorly wrong in your relationship and the time ahead might not be a rosy one.
6. Not talking about long-term investments
Since you intend to have a happily-ever-after life, you need to talk about your long-term investments as well and secure your future. Whether it is your retirement fund, buying a house or health-related expenses, no couple wants to struggle in the later years of their relationship and argue about how they could have planned this all better.
7. Pin-pointing things
While financial transparency is extremely important in a relationship, you must not forget to respect your partner’s personal space as well. You cannot pinpoint your spouse whenever he or she makes an online purchase or indulges in something. It is good to keep each other informed when making a hefty purchase but assuming your lover would spend every dime after taking your permission is a wrong expectation.
