Financial issues are usually the greatest reasons for cracks and squabbles in marriages. When conflict brews within a marriage about different issues, spouses can genially settle them within a couple of hours or days. However, with regard to money related issues, it may be hard to comprehend and resolve if not dealt with earnestly.
You have to confront money related issues before they escalate and heighten tensions within your marriage and relationship. Here are three common money related issues that can cause fractures in your relationship.
#1 Being a control freak when it comes to money
If you tend to have the need to demand complete control over the financial dealings in your relationship, you may have a difficult relationship with your partner. Nobody is attracted to a person who’s controlling and possessive in a relationship, especially with regards to monetary issues. This may cause consistent friction in a relationship. As couples in a relationship, you should both be equally involved in money related decisions.
#2 Splurging without your spouse’s consent
When you have joint accounts, never go on a spending spree of any type without telling your significant other. Always inform your partner before you go spend a significant amount of money on something. On the off chance that your partner isn’t reachable during the time you need to make the purchase, make sure you inform him or her soon after.
#3 Concealing your monetary status
Keeping your companion in obscurity about your monetary status may lead to conflict between you and him/her. You have to be open with your significant other about your individual financial position. In case you’re dealing with money related problems, such as debt, let your spouse know rather than keeping them in the dark for this leads to erosion of trust, which will have a negative influence on your relationship.
[Related: How to manage finances as a married couple]
How can you be financially compatible with your spouse?
Here are a few tips couples can try to adopt to prevent finance-related issues from cropping up in their relationship over time:
Talk it out – Couples must have regular discussions about their money related objectives, concerns, and spending habits.
Have clear goals – Setting objectives together gives both of you a joint target to focus on.
Make a strong budget – It’s great to work on and build a financial plan together, so you and your spouse are on the same page when it comes to handling income and expenses.
Cooperate – By sharing your financial dealings, the two of you are vested in all decisions, diminishing chances for friction to creep up.
Refresh and revise – For newlywed couples, you may need to refresh the records, rethink your financial dealings and regularly update your budgetary requirements.
Be honest and trust each other – Approach these combative subjects with consideration, be honest about your monetary choices, and trust your life partner to be dependable about dealing with your funds.
[Related: My money is your money?]