Money can change everything, even relationships. Experts agree that financial issues are one of the most common relationship problems and are near the top of the list for causing marriage breakups on average. As we proceed towards a new age of recession all across the world, money has become the chief importance for everyone. Here we have composed Top 10 ways to avoid financial issues in relationships.
1. Transparency is Key:
Many marital conflicts can be avoided by simply being open with your spouse about money dealings. Having a secret bank account or keeping secrets on financial affairs may lead to loss of trust between partners and sabotage the relationship irrevocably. It’s highly important that both the partners know about each other’s financial commitments and assets. The key to a financially secure union are knowledge and participation, not control and abdication.
2. Participative Financial Management:
The optimal way to avoid money conflicts is by making decisions together as a couple. Whether it is a monthly budget or considerations pertaining to long-term planning, the couple should do well as a team effort. Financial challenges can be met more effectively when neither of the partners is under stress.
3. Debt Control:
Debts are the first things to be eliminated in a relationship. If the debts outweigh earnings it creates a very stressful environment for both parties. So it is important that the couple work on paying back all the debts mutually and have a clear-cut view on incoming money.
4. Time is Treasure:
Financial problems are inevitable and can be sorted out, if we take the time to plan and live a heedful life. Talking honestly about the financial affairs to your partner is a good practice and this could avoid unnecessary issues in the relationship. So consider time as treasure and ensure to discuss issues on the financial matters before it escalates.
5. Honesty is the Best Policy:
When it comes to a relationship, even small lies in money matters can backfire and cause a feeling of hurt and betrayal. Keeping the spouse in the dark about financial woes can possibly sabotage your marriage. No matter how good or bad the financial situation is, one should make sure that the spouse is fully aware of the situation.
6. Setting expectation upright:
The best way to prevent financial issues impacts on your relationship is to thrash out your views and practices of finance frankly with your partner. Knowing each other’s lifestyle and monetary needs in advance before you get into wedlock will help provide better understanding and management of money after marriage. This will ensure that the money related issues will not interfere with your marriage.
7. Stop the Blame Game:
Nobody is perfect! Especially when it happens to be money matters, people tend to make mistakes. If you discover that your partner have spent some money needlessly, avoid placing blame, rather notify him or her about the present situation and ensure that money is not spent unreasonably.
8. No put downs or sarcasm:
Often it has been observed in relationships that a small disagreement over money issues quickly fuels a huge squabble, mainly partners showing sarcasm over each other and letting down themselves by putting their partner down. In such a scenario, it is important that the couple look into the issue more seriously and not awkwardly. Remember you want your partner to work with you as a team, not against you. Putting them down and causing pain with words will not achieve that goal.
9. Liberty is Good Time and Again:
In order to have a balanced relationship over financial hurdles, it is necessary to give a little bit of liberty to your spouse. This bargain is vital for you to prevent unnecessary arguments and doubts on small money issues from ruining the entire relationship. This way you can have a conflict free marriage that is based on perfect understanding and respecting of each other’s spending habits.
10. Plan it and Stick to it:
Preparing monthly financial plan as a couple is crucial and commitment is the core. It is highly imperative that you plan it decisively and stick to your plans, no matter what! You may be itching to spend money on something that you might love or “just got to have”. Nevertheless, it is important to obey the vows shared with your spouse and respect the commitment.