Finance is often a major trigger of conflicts among couples, especially if one partner is more inclined to save while the other loves to spend. Further complications may arise when both partners make unwise financial decisions, which can strain their relationship. Therefore, here are some tips to maintain a healthy dialogue about money matters with your partner.
1. SET A SCHEDULE
Admittedly, it might seem unusual to set up regular meetings to discuss money, but this practice helps both partners get into the right frame of mind about finances. These meetings can be coupled with a casual coffee outing and can cover topics like financial goals, budgets, bills, anticipated expenses, and detrimental spending habits. Doing so can benefit your budgeting and foster joint financial accountability.
2. ADOPT A COMPASSIONATE APPROACH
Finger-pointing during a disagreement only escalates a conflict. It’s essential to remember that everyone, including you and your partner, is prone to make errors. So, if your partner struggles with handling finances, practice patience and understanding. Consciously recalling areas where you’ve erred can also help, such as not maintaining a clean house or overworking, for instance.
3. ALLOCATE FUND FOR LEISURE
A overly restrictive budget can make people feel deprived, leading to impulse overspending. To avoid this, it’s smart to reserve some budget for enjoyment, providing some financial flexibility for you and your partner. It could range from $50-$100, depending on your budget, thus removing guilt associated with occasional treats.
4. CONSIDER PROFESSIONAL ASSISTANCE
Many couples tend to detest the idea of marriage counseling, associating it often with relationship crises. However, these sessions can also be valuable for healthy couples in gaining an impartial perspective about their financial concerns. Professional counselors, equipped to provide a fresh outlook, can assist in figuring out the best financial strategies.
5. MAINTAIN TRANSPARENCY
Encourage your spouse to confess any covert charges, shopping sprees, or undisclosed credit cards without fear of sparking your anger. Often, one of the partners might hide expenses to avert a backlash. Responding angrily will only perpetuate such behavior and worsen matters. Instead, calmly advise your partner that ensuring financial transparency would be more beneficial for your collective financial health. If they admit to any concealed debts, collaboratively devise a plan to tackle it. If such clandestine actions continue, seeking counseling may be advisable.
Remember, don’t let your union suffer due to financial difficulties. Cooperating with your spouse to realize your financial objectives can eventually grant you the freedom to fulfil bucket-list aspirations, like traveling.
Do you have a routine for discussing money with your partner? Was there a process of adjustment? Have you ever concealed transactions from your partner?
