5 Ways to Solve Money Problems for Couples

If you ever disagree with your spouse or partner about money, don’t stress too much about it – 65% of all couples do, according to research conducted by Manilla, a financial organization website. When we’re just establishing ourselves financially we tend to get even more stressed, so it’s not too surprising that Manilla’s research indicates that younger couples are more likely to argue about money everyday. Couples disagree about a lot of things, and while some arguments can’t be avoided, ones about finance usually can. Here are five ways that you and the love of your life can solve your money problems.

1. Talk About It

Before dealing with any of the details, you have to be able to talk about your finances openly and without fear of judgement. Schedule a “money talk” when you won’t be interrupted, turn off the TV and smartphones, and make sure any other distractions are put at bay. If you’ve got a problem with the way your partner spends money, broach the subject in general terms by saying something like, “How about we talk about our financial picture as a couple” – not something insensitive like, “I notice you blew two hundred dollars with your friends last weekend.”

2. Get on a Budget

Plenty of money problems between couples can be sourced to a lack of a joint budget. This is an easy fix. Check out the BudgetTracker or Mint websites for user-friendly services that help you manage your household money and even allow you to program bill payment reminders. Simply enter your personal information, compare your spending to your income, and, if necessary, get to work on cutting your monthly bills.

3. Create Savings Goals Together

Have you ever discussed long-term goals, such as retirement, college for the kids, or even an emergency fund with your partner? If not, add that to your initial conversation. Saving for the future is important, and nearly impossible unless done from a unified front. You and your spouse may have vastly different visions of what your retirement should be like and how much you should earmark for your kids’ education – talk it out now and come to a mutual understanding.

4. Agree On Spending Limits

Although you might think you’re making your partner happy by purchasing a surprise 80-inch flat-screen TV, it actually may not go over so well – especially if you’re in debt. There’s nothing wrong with one of you spending money on sporting events and the other hitting the clubs with friends on Saturday night – but it’s essential to set limits. Define a threshold that either partner can spend beneath before being obligated to consult the other for approval.

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5. Identify and Rectify Mistakes

Did somebody forget to pay a bill last month? How about if one of you went crazy on entertainment recently? Instead of letting these missteps go unaddressed, discuss them openly and honestly. Figure out what caused the mistake and then set guidelines to ensure it doesn’t happen again. Just be sure you don’t use too judgemental a tone. Unless your partner has made this mistake repeatedly, there’s no need to do any finger-pointing.

Money is one of the most common causes of divorce. Don’t let yourself start down that road. Sit your partner down, be open and honest with one another, and, of course, be understanding. Speaking rationally about your fears, goals, and inclinations can bring an immeasurable amount of harmony to your relationship. Remember, you’re on this journey together – make it a true joint effort.

How do you solve money problems with your partner?

 

Category: Home & Family, Uncategorized

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