If you’ve noticed that you and your partner don’t quite share the same spending habits, join the club. Finances are one of the top sources of contention among married couples. It probably didn’t take long for you to figure out who was the “spender” and who was the “saver” in the relationship, and it’s a good thing you have each other to balance one another out.
However, when it comes to combining incomes, bank accounts, taking out loans together, etc. it’s very important that you and your partner have open communication and are on the same page about finances. If push comes to shove, your or your partner’s poor spending habits could damage your credit and substantially increase the risk of bankruptcy.
Here are some important topics to discuss together to keep a healthy balance with your money and your relationship.
1. Be honest about your personal financial history
As you discover each other’s flaws and realize that gasp! you’re not both perfect, be honest and also empathetic with your partner as you analyze your current financial situations. Your partner will likely want to know the good and the bad and work through it together. Finances definitely fall under the “for better or worse” category, so put it all out there and help make each other better.
2. Budget together
Have a budgeting meeting at least monthly to make sure you’re both on the same page about how much is coming in and how much is going out. The cell phone bill or car payment should not be a surprise to either one of you. When you’re both responsible for making sure the bills are paid and you hold each other accountable, you can avoid a lot of unnecessary contention from finances going into disarray. If you need a refresher on some basic budgeting tips, here’s a helpful guide.
3. Set Realistic Goals
As you and your partner make plans and dream about the future, include financial goals for achieving those plans. Whether it’s saving for retirement, paying off a house, taking a dream vacation, or paying off all credit card debt, set reasonable goals and encourage each other to keep working toward them. This will not improve your financial situation but also strengthen your relationship, as well.
4. Maintain open communication
The odds are pretty good that one or both of you will make an impulsive purchase at some point. Buyer’s remorse is one thing, but having to confess to your partner can bring on a whole new world of guilt. Having an attitude of empathy can help ease these conversations and keep you both moving forward and working toward your goals when the inevitable happens. You will both make mistakes, but as long as you keep the lines of communication open and clear without harsh judgement or criticism, the occasional splurge won’t break the bank or your relationship.
Your relationship with your partner is more important than finances. At the end of the day, unconditional love and open communication will ensure that you have satisfaction and success in both your relationship and your finances.
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