In any successful marriage or partnership, there is often one point of contention that can arise, no matter how communicative and transparent you are with one another – finances. Whether you’re financially stable and secure or carefully budgeting month to month, it can be easy to reach points of disagreement or outright argument when money issues arise.
So, how do you navigate this tricky point of partnership without causing rifts or arguments? How do you maintain a sense of harmony in your relationship when it comes to disagreements about money? We’re happy to help any couple navigate these disputes and maintain peace in their marriage or partnership. Keep reading to discover some of our top tips for handling financial disputes effectively as a couple.
Be Communicative and Transparent
As with any other aspect of your relationship, when it comes to finances, it’s important to be as transparent and communicative as possible with your partner. Keep them in the loop when a potential hurdle or hardship arises so that you can work together to overcome it. By hiding or avoiding mentioning financial issues, you can effectively damage your relationship through undermining trust and cause further tensions down the line once the issue comes to light for your partner.
If you’re unsure of how you’ll react under pressure, you can always also practice having open and honest conversations with your significant other about potential issues that may arise, such as an unexpected costly medical bill or the sudden loss of a job. It’s also important to have up-front conversations about key considerations in your finances, such as planning savings accounts for the future and discussing any outstanding debts.
Remember, You’re In This Together
If you are a couple that decides to merge finances, it’s important to remember the ‘what’s mine is ours’ philosophy. Unfortunately, this also applies to poor credit scores and high levels of debt in any marriage. If you find that your partner’s debt and / or credit score are causing tension and arguments in your relationship, try taking a step back and reframing the problem.
Rather than focusing on your spouse as the issue in the situation, realize that the debt is the problem at hand and that you must work together to overcome it. This may involve having a heart-to-heart conversation with your partner about their spending habits or sitting down to rework your budget to accommodate paying down the debt more quickly. Together, you can work to overcome this hurdle and strengthen your marriage in the process.
Work Together to Set a Budget
Even if you are living comfortably from a financial perspective, it’s always important to plan for the future. Work with your partner to set a couples’ budget for your ongoing expenses as well as a budget for personal hobbies and fun couples experiences. By taking the time to plan ahead together, you can set yourself up for long-term financial success and effectively build more trust and understanding in your relationship at the same time.
Make Sure Your Estate is in Order
Often overlooked in financial planning, ensuring that you have an up-to-date will or plan for your estate should be something that you and your partner work on together. Discuss how you would like to divide up your assets following your passing, your partner’s passing or the passing of both of you. This way, you can ensure that the surviving partner or those who survive both of you will be financially set up for success and stability. This can also help a grieving partner navigate the overwhelming time following the death of a significant other, as they will not have to worry about finances in the midst of their grief.
Set Milestones to Check-In on Your Goals
After setting a budget and financial goals together, it’s important to regularly check in on them with your partner. Finances are always in flux, changing as we adjust our spending habits, get different employment opportunities or move to new locations. What worked last year for your budget may not be feasible at this point in time. It’s important to take the time to discuss your goals and finances with your partner regularly in order to ensure that you are up-to-date on your plans and are still working effectively towards your goals as a couple. This will also help you identify any issues early on, giving you the ability to prepare or adjust your budget as needed.
Seek Out Help If You Need It
When considering finances and planning for the future, it’s easy for couples to become overwhelmed by the process. If you and your partner are feeling stuck or are already hitting a point of contention in discussing finances, it’s important to reach out for professional assistance to keep things moving forward. Whether this is seeking out a financial planner to assist in estate planning and investments or finding the perfect licensed marriage counselor to help you navigate points of contention, having a professional on your side can help alleviate a lot of the stress that can come from financial disputes in any relationship.
Building Financial and Romantic Success as a Team
No matter how healthy the relationship or marriage, financial disputes can always cause tension and disharmony. By being open and communicative, remembering that you’re in it together, setting a budget, planning for the future and checking in on your goals continually, you can set yourself up for financial and romantic success in any relationship. And if you’re struggling or in need of assistance, don’t be afraid to ask for help from an experienced professional.
