Top Money Arguments Couples Have and How to Stop

Facing money problems for couples is not unknown territory. Chances are, if you and your partner are like most couples, money can often be a touchy subject. Unfortunately, studies have proven that fights about finances are able to predict divorce rates. The scary thing is, these arguments can begin even before you and your partner get hitched. Today, we’ve got a few tips to help you avoid and/or resolve these challenges.

Problem #1: Differences in Spending Habits

One of the most common financial issues that a couple may face is how they are going to manage spending. More often than not, one partner gets labeled the “spender” and the other one the “saver,” but labels are never beneficial for a relationship and can lead to tension. When one person takes care of the grocery shopping, bills, and ensuring that the family and home needs are met, and the other spends their money on frivolities, one can see how frustration can easily boil over into arguments. The key to avoiding an argument is to side-step any surprises. A budget will assist in planning out monthly spending so that both parties know how much money is necessary for bills and other living expenses. This will help “the spender” to understand that they are possibly spending too much money on unnecessary things. Creating a budget together is a great way to improve communication and get closer as a couple, as well.

Problem #2: Past Debts

Most people come to the altar with some kind of financial baggage, whether it’s school loans, credit card debt, car loans, or even alimony and child support if this is a second marriage. If you are entering into a relationship and you have a lot of financial strife, it can sometimes feel like you’re dragging your partner down, but it’s important to remember that no one is perfect. Dealing with debt as a couple can actually strengthen a relationship, and in fact, by working together, you can reduce the debt more quickly. Again, working out a plan to pay down your past debt together (even if the debt is one-sided) will increase feelings of being on the same team.

Problem #3: Separate or Joint Accounts?

Should you have separate account for personal expenses and a joint account for household expenses or two totally separate accounts? From which account will you draw money to take care of your children? These are just two examples of the many questions couples frequently find themselves asking when determining how to best merge finances. Many times, this argument can leave one person feeling hurt because they feel that their partner doesn’t trust them enough to share a bank account together. The desire for separate accounts does not indicate that your partner doesn’t want to be close to you. In fact, it can be a good idea to keep separate accounts for many couples. Finding what works for you and your spouse will take time and some “from the heart” conversations. Whether you create a joint account or continue to maintain your own bank accounts, approach this subject with love and care, so as to avoid unintentionally hurting your loved one.

Solution: Good Communication

As we all know, good communication is the key to any successful relationship – romantic or otherwise. In order to navigate the maze of marital finances (spending habits, debt, bank accounts and more) – you need to come together as one. Approach financial conversations with an open mind, while being cognizant and respectful of your partner’s personality and opinions. If at all possible, discuss your ideas about finances when you are still dating. It never hurts to get the ball rolling as soon as possible on a topic as loaded as this one. The sooner you begin to get comfortable talking about money, the better off you’ll be – long after you say “I do.”

 

 

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