A lot of studies have shown that finances are the number one cause for friction in relationships. The truth is that most money fights are not caused by the lack of money but by the lack of respectful communication about money. When it comes to money and finances, a lot of couples are blinded by their own views on spending or saving and they often can’t understand their partner’s perspective. Experts say that communication is key to resolving money issues and that a better understanding of your partner’s financial habits will help you prevent money fights. It’s actually not that difficult to manage money with your significant other; you just need to follow a few important rules. Since arguments about money can be quite distressing, here are a few ways to prevent money fights with your partner that you should consider:
1. Don’t Hide the Debt
Be honest with your partner and don’t hide your debts because big credit card debt can create serious issues in any relationship. Put aside your shame, be honest, share this problem with your significant other and do your best to solve this problem as soon as possible. Just keep in mind that honesty is the best policy.
2. Make a Spending Plan
To avoid money fights, you should create a spending plan together with your partner. Work out a detailed budget together. You can even attend a budget management class together if you want to make things easier.
3. Plan Major Purchases Together
If you plan on making a major purchase, then talk with your partner first and make sure that they agree with you on that decision. If you consult with your partner before spending a ton of money on a certain thing, you will avoid a potential, damaging money fight and you will also strengthen that special bond that you two share.
4. Don’t Hide Your Purchases
Be honest and don’t lie to your partner if you bought a new expensive dress or pair of shoes that you love so much. Any good and healthy relationship is based on trust, so don’t lie to your significant other regarding your spending habits. Be honest with each other and work together on finding a solution if you discover that you have a spending problem.
5. Set a Limit
If one of the partners is a saver and the other one is a shopaholic, then money fights will arise quite often in the relationship. You can prevent money arguments by setting a spending limit. If you want to cross that limit, then you need to talk to your significant other and ask for their approval.
6. Have Some Personal Money
Each of you should have some personal money so you can indulge in those small, insignificant purchases any time you want without asking for your partner’s approval. You will reduce the frequency of quarrels in your relationship regarding finances.
7. Be Respectful
Always show your partner the respect they deserve, even if they sometimes make some poor financial choices. Avoid criticizing them or blaming them for all the problems in your relationship. Show them love and respect and work together on finding a solution to your money problems.
Communication is key to solving money problems, so always treat your partner with respect and dignity and work together to prevent those money arguments that might, in time, damage the stability of your relationship. Do you frequently fight with your partner over money? Do you know any other tips on how to avoid money fights? Please share your thoughts with us in the comments section!