Money stress isn’t fun. Having financial issues in a relationship can not only cause stress. It’s also one of the leading causes of divorce in the world. Having two people with different spending habits, or who are not on the same page when it comes to financial matters can lead to numerous arguments and disagreements that end up on repeat. If you have money stress in your relationship, here are 5 ways to remove it:
While this might seem obvious, start talking about it. In a relationship, problems arise because one or both people are having a hard time communicating regarding the issues. Make it a point to sit down at a planned time and discuss finances with your partner and keep each other accountable to making this time to talk about it.
Agree on a spending plan. If you and your spouse or partner spend completely different, it can lead to major problems. For example, if one person never likes to spend money, but the other person has no issue spending money on whatever they want to, eventually it’s going to cause stress. To help with this issue, come up with a spending plan that you both feel comfortable with. Budgeting can also greatly help with this issue.
If you and your partner are on different income levels it can cause arguments. One or both of you might feel possessive about the income you bring to the relationship. One person may feel like the money they earn should be all theirs to do with as they please. While the other person feels like financial decisions regarding all of the money should be made together. It’s important to come to an agreement on how the bills are going to be split and who is paying for what. It’s perfectly fine to have separate money, but two people need to agree on the distribution of the funds in order to not let the stress slide in.
As a couple, you may feel like you want, or should have to have joint accounts. Again, having a joint account is fine, just like having separate accounts, but it’s still important to be cautious. For example, if you take out credit in both of your names and then one person can no longer contribute any or as much money towards the debt, it’s going to create stress. If you split with your partner, both parties are still going to be liable for the debt.
You or your partner may feel more comfortable handling the finances than the other person. This is typical in relationships, but where it can become a stress is when one person is in control of all of the money and the other person takes a hands off approach. This can create resentment on how the money is being handled, and it can cause the other person to feel left out. Even if one person is more comfortable handling the finances, it’s still important to communicate and share the responsibility equally.
Money is inevitably going to lead to stress from time to time. The key is to communicate with your partner and decide on a spending plan that you can both agree. This way money stress won’t negatively affecting your relationship.