Chris O'Shea
Money can be a sensitive issue, which is why it’s no surprise that it can impact personal relationships. Here are some ways that money can affect your relationship and what to do about each one.
Communication is Key
If one partner controls the finances and never speaks to the other partner, that can be cause for concern. This can create mistrust issues within the relationship.
Tips to Improve Communication
- Create a joint account
- Have monthly budget discussions.
- Each partner takes on different financial tasks, like paying specific credit cards or managing savings accounts.
Different Spending Habits
Maybe you like to spend a lot and your partner does not. That can lead to issues. You might consider some expenses as a need, while your partner views the expense as unnecessary spending.
How to Overcome Different Habits
- Communicate with your partner about the difference in spending habits.
- Consider setting up different roles so that each of you is doing what you are good at.
- If you’re a conscientious spender, maybe you can handle monthly expenses.
- If your partner is more of a saver, their role may be to take care of your savings accounts and investments.
Different View of Long-term Goals
Having different long-term financial goals can be a problem. If your partner wants to retire early, but you want to keep working well into retirement age, there can be friction.
How to Overcome Goal Differences
- Discuss what you want your life to look like in 20, 30, and 50 years.
- Try to find a middle ground so that you can both be satisfied.
- Plan accordingly for the agreed-upon long-term goal.
While finances is one of the top disagreements for couples, it’s more about differing views on earning, spending, and saving. Open and clear communication can go a long way in overcoming the taboo topic of money in relationships.
Jean Chatzky
