Rachel Langlois from Cyprus Credit Union says that financial issues can put a lot of stress on a relationship and is one of the major causes of arguments. Below are some of the top reasons couples fight about money.
- 46% frivolous purchases
- 33% household budget
- 26% credit card debt
- 25% insufficient emergency savings
- 22% insufficient retirement savings
But Rachel says there are some easy ways to not let poor financial health ruin your relationship.
Stop Secret Spending
- Almost 25% hide purchases and/or lie about cost. Most do this to avoid a fight or 35% to avoid lecture from spouse
- Solve: allow for some money autonomy. Give each other amount to be used at each’s discretion
Agree on Roles & Goals
- “If you’re not on the same starting line, it’s impossible to cross the finish line together.” Decide on who takes responsibility for financial actions
- Divide tasks, share decisions, set goals as a couple.
- Get 3rdparty help: financial advisor, workshop, read a book together
- Play to each other’s strengths
Work from Facts not Feelings
- Especially when there is a spender/saver dynamic
- You may not understand, but see if it’s actually having an impact on your goals.
- Agree on a wish list, and negotiate the differences
Create a Big Picture
- Many misunderstandings come from not having a full financial picture. Take the time to walk through things with your spouse and engage them. This will lead to greater cooperation if you both have the full perspective.
- Also provides protection should the spouse who manages finances is no longer able to.