Are money problems causing more problems with your relationship? This is normal because money is the leading cause of stress in a relationship.* While we aren’t love experts here at Lift Credit, we have come up with some ideas to help resolve and prevent money problems in relationships and help you build a great financial relationship.
Communicate: Open communication creates trust, which is crucial for a relationship. Make sure that you are honest with your significant other about all things finances! You have to be able to answer questions like how much money is coming in and how much is coming out. What bills are you paying for? Who is in charge or making sure they are paid for? What debts do you have? Being transparent is significant when it comes to avoiding future conflicts. Remember that these conversations should be safe places to talk without judgment. If you and your partner aren’t able to openly communicate and resolve issues, it could lead to worse problems down the road.
Joint or separate accounts: What type of accounts do you and your significant other have? Having open communication again is key when deciding if you should join accounts or keep them separated. Establish rules, boundaries, and expectations, including allowances beforehand. Allowances allow for there to be a kind of freedom when it comes to sharing finances. Set aside a certain amount of money that each person gets to spend a month & it can be spent on anything! No questions asked. This will also help build trust and allow for fun and make your stressful financial situations, lighter.
Be Transparent: Hiding your problems will only make them worse. Make your financial statements available to your significant other and go over them frequently. Review who is paying for what and go over your rules and expectations. This is especially needed when budgeting and trying to save money.
We know that these tips won’t fix all of your financial relationship problems, but we hope that they can help! Remember to always keep open communication with your significant other and you can resolve problems more easily.