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Funding Your Future: 4 Ways to Stop Fighting About Money

Posted at 5:17 PM, Feb 28, 2018

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.

  1. 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
  1. 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
  1. 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
  1. 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.