If you and your partner have been together for some time, chances are that you have had different ideas about money at some point. It’s a common cause of conflict, especially when both parties don’t see eye to eye. Money issues creep up in every aspect of life, and it’s easy for these to create problems in a relationship.
Money and relationships don’t always mix well, but you can find a way through to financial happiness if you recognise the issues and deal with them appropriately. Here are 4 common money issues faced by couples, with tips on how to work through them together:
- Understand your partner’s attitude to money
It is important to talk to your partner, or future partner, about how you deal with money. A lot of arguments around finances are caused when couples don’t understand each other’s priorities and approach to spending and saving. If you haven’t discussed this yet, find out what your partner’s ‘money mindset’ is like – this means how they approach spending, saving and planning for their financial future. It may help to do a money quiz, where you can both answer the questions and discuss the results and any potential differences that it may reveal.
- Are you communicating?
As life changes, so do priorities, so it’s only normal that you start to think about your money differently as you enter new phases. The problem comes in when you don’t communicate these changes to your partner. To avoid any nasty surprises, sit down together once a year and talk about your expectations and plans for the next 12 months. Even if your goals are different, you can help support each other to reach them.
- Dealing with debt
Debt can put huge pressure on a relationship, especially if it is unevenly balanced. It’s hard to know that you are dragging your partner down with your unpaid loans and accounts. However, solving debt problems together can only strengthen your relationship in the long run. Read our tips on solving debt problems, keep communicating and work it into your budget.
- Draw up a budget together
A household budget is the most effective way to keep track of your money. This is something that you should do together so no one is in the dark about where money is going. There are many brilliant budgeting apps available, so take some time and find one that works for you and your partner.
The information contained in this article is for information purposes only and does not constitute professional advice.
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