Money management is a top cause of relationship failures. The reason is that people have vastly different expectations of how money should be managed depending on their background and economic status. The main thing with money, just as with everything else in relationships, is to have open and honest communication. That’s easy to say! Here are some expert tips for managing money within a relationship that can benefit any couple.
- Set guidelines and either stick to them or renegotiate, don’t let resentment build.
- Allow for some financial freedom for everyone. It can be $10 or $500, but that ability to make decisions separately is an important part of maintaining healthy relationships. It contributes to the feeling that everyone has a separate worth.
- Don’t hide spending habits. Ever. This is non-negotiable. Make it clear that any mistakes can be worked through and that you can make it work as partners, so that everyone is comfortable being honest.
- Get real about your money. Set boundaries and live within them, so that excess spending doesn’t leave you regretting something. Never make big purchases without consulting your partner.
- Money is not a weapon, don’t use it like one in your relationship or you’ll just skewer yourself.
- If you find that you and your partner are arguing about money, take a step back and ask yourself – is this fight really over money or something else? It’s easy to use finances as a scapegoat.
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