People argue mostly about money. Financial arguments have been recorded that in a relationship or marriage a third of it is because of finances. When you’ve committed to being someone’s life partner, it comes with a lot of responsibility and the way that you handle things like finances will likely change.
What Statistics Has to Say about Financial Arguments?
Money issues can be so troublesome and put a huge strain on a relationship. According to research, 22% of all divorces are due to money issues. What a couple should know that these fights are not really caused by the lack of money, it is the lack of respect and open communication when discussing finances.
In this article, we will give you tips you should consider so you and your partner can stay together and happy and most importantly, prevent money from destroying your relationship.
Discover Each Other’s Money Personalities
We already know that a couple’s relationship is shaped by love and mutual understanding. This includes handling money as well. Learning your partner’s money personality will give you a clear picture so both of you can hopefully reach a compromise. Is your partner a spender, hoarder, money worrier, money avoiders, money monks, money amassers, risk-takers, and avoiders? Knowing this will help you communicate and empathize with your partner and when you openly communicate what you dislike about them, it gives you the chance to strategize and think of solutions that will benefit both parties and this will result in accepting the behavior as part of your partner’s money personality. Communication is key!
Schedule A Money Date
Have you ever had a money date with your partner? No matter how in sync you and your partner in other aspects of your lives, it can be challenging to get on the same page when it comes to finances. A money date is a way for you and your partner to talk about money in a calm way and without hostility. This is the time where the couple should assess their financial status and really talk over your financial goals. What you really want and how do you envision them and making it happen are just a few of the things that need to be discussed.
How do you do your money date? You can treat it the same as going on a regular date with your partner. You can have them once a week, once a month, twice a year, etc
Both Should Assume the CFO Role and Take Turns
It doesn’t matter if you have a one-income household or both wage earners. Working out a detailed budget together will result to less fights or arguments on your finances. Prioritize the bills and agree on out of budget purchases. One way to do this is by using a budgeting or financial app or for some couples, a monthly budget or allowance for each are set. Come up with an arrangement you can both live with, and revisit it every few months.
While setting your finances straight, it is also a great time to learn to save for the future as well. Talk it out with your partner about your financial goals for the next few years, whether it ba having a miscellaneous section for you to splurge on and pampering yourself, investing in stocks, building up your emergency fund, etc.
The bottom line is if we keep open communication and respect each other’s needs to have control over their money, arguments like this will be reduced.
Considering the above-mentioned tips can certainly help you if you are struggling and can help you avoid arguments over finances.