How Planning Finances Plays a Big Role in a Relationship
When we discuss the causes of relationship tension, money is frequently the main offender. It’s a classic sign that you’re struggling with the uncomfortable combination of relationships and financial stress if you and your significant other have been arguing over your spending and saving practices.
Even though you can’t buy happiness, having money affects every part of your life in some manner. Your relationships as well as your physical and mental health may suffer from this instability. Dealing with financial issues in a relationship becomes crucial because of this.
To answer the question, “How do you handle financial stress in a relationship?” let’s examine some of the major factors that contribute to this recurrent problem.
Blaming the Other Partner for Financial Troubles
According to a survey, people are more prone to credit their good financial habits than to place the responsibility for bad ones on their partners or spouses. In this poll, over 34% of participants indicated that they were the savers while their partner was the spender. With that mindset, the relationship would inevitably become tense over financial issues.
Varied Opinions on Financial Management
Financial stress in a marriage or relationship is inevitable if a couple cannot agree on how to divide the money, how much should be saved each month, the best investments, and other issues.
Lack of Transparency
A survey on financial infidelity found that spouses frequently keep their money dealings secret from one another. One in five respondents to this survey acknowledged that they have spent up to $500 without their partner’s knowledge or even approval. Such a lack of transparency and hidden transactions will undoubtedly exacerbate a relationship’s financial issues as debt starts to mount.
Once we get a basic grip on what behaviours and attitudes lead to financial problems causing relationship distress, we try to imbibe things to do in a relationship which promote financial management and stability.
Let’s see how!
1. Talk of Financial Management Early in the Relationship
Stress in your finances and your relationships can be fatal. This is particularly true given the prevalence of couples who put off discussing finances until it is too late.
Create a financial management plan first, then talk about income and expenses. Don’t be afraid to discuss money with your parents, kids, or other family members. Early on in your partnership, make securing your financial future a mutual effort. This is not to argue that you should bring up money on your first or even second date. When you’re sure you’re in it for the long run, talking about money is necessary. Don’t wait till you live together or get married.
2. Always Work with a Budget
The best thing you can do to avoid financial difficulties, both short-term and long-term, is to create a budget that takes into account your necessities and way of life. I, You, and We should each have our part in this budget.
If both partners are employed, they should split the household expenditures equally and put some of their earnings toward savings. Similar to the income front, there should be a combined amount and a personal amount for each pair. Organize your day and your week.
3. Maintaining Separate Accounts
A wonderful method to reduce financial stress in a marriage or relationship is to keep your money separate. Your ability to manage your finances independently is preserved in this way. Because of this, animosity or sentiments of self-pity do not develop in a relationship.
You have control over how much money you make and still have some discretion over how to spend or save it. To ensure that the bills can be paid from a single source, you should open a joint account in which you both contribute a certain amount each month. You may maintain your running expense transparency in this way, which is essential for preventing financial stress.
4. Financial Literacy
Both partners must work together and take equal responsibility for managing the finances and spending, and both must put effort into gaining financial literacy. One of the partners may feel anxious and apprehensive if just one of them manages all financial decisions, such as savings and investments.
Regardless of whether you both have incomes or not, you should work together to learn about investing and savings plans and choose which ones to use.
5. Failing to Prepare is Preparing to Fail
Bitterness in the relationship may result if you try to protect your financial future at the expense of your present. Each spouse should be allowed to spend some of their income on themselves. The sum should be agreed upon by both parties. This eliminates the need for one partner to conceal the items they acquire for themselves. This aids in removing the possibility of financial infidelity. One of the main sources of relationship stress is money.
Conclusion
As times are advancing, people are adapting to their sense of independence and it is indeed difficult when two people come under the same roof, begin their lives together and more importantly club their finances together. We know how to make relationships work, adjusting and compromising are done out of affection and for the peace of the relationship. But today more than ever, adjusting to each others’ financial status quo and planning on the same is the bigger determinant of how a relationship works.
