Money tops the list of the reasons why couples fight or divorce. Not being aligned on priorities and not having established common goals is a key pitfall. Talking about money with a partner can be awkward and difficult, but it's vital.
How do We Lay the Groundwork?
Communicate, communicate, communicate. As with many relationship problems, financial challenges occur due to lack of communication and not having a united front. Drawing up a family budget is a key cornerstone to achieving your short-term and long-term financial goals. If you want to stop fighting about money in your relationship and have successful conversations instead, sit down with your partner prior to receiving your incomes every month to draw up a budget that works for your relationship. Have regular meetings with your partner to keep your spending in check. When dealing with debt, the right approach is to understand both your debts and then decide how to pay it off together.
You need talk about what money means to both of you and what you wish for yourself and your children to accomplish. Share your hopes and dreams, your feelings about money, and your past experiences with money. This conversation can serve as an empowering first step to forming a healthy relationship with money and strengthening your marriage.
Remember that being married means that you're a team and that you need to combine your finances. Like it or not, your spouse's money problems are your money problems, especially if you get married in Community of Property. Keeping money secrets ruins relationships and marriages.
The Bottom Line
Like many marriage problems, lack of communication is often the underlying issue. Talk about it, plan, implement, stick to your budget, invest wisely, and be open and honest with each other. A financial advisor can help you make the best decision for your money, from budgeting to investing to saving for retirement. If you are already in debt and cannot keep up with your monthly repayments, our debt counsellors can help you get back on track. Reach out to Debt Sage today if you need help or want to explore your options.