Did you know that fighting over money is one of the main reasons couples split up? Money can be a highly contentious issue, especially when it comes to who earns, who controls the household budget and, more importantly, the attitude of the different parties towards wealth creation.
Whatever the reason, fighting over money does your relationship no good and it won’t help your money to grow or work for you. When it comes to financial matters, honest and open communication is the best way to move towards a space of financial security and growth in your relationship. And getting help from an experienced professional can also go a long way to making sure you get the most out of your earnings and savings, and that you are both on the same page when it comes to your financial goals.
Do you and your partner argue about money? Talk to a professional and set up a plan for your financial future that will not only secure your wealth but strengthen, rather than break down, your bond. For now, here are three ways to ease money arguments on the home front.
Three simple, smart ways to stop the money fight
1. Commit to an attitude adjustment
One of the smartest ways to stop fighting over and start nurturing your wealth is to understand your individual attitudes towards money and, if possible, get on the same page. Are you a spender while your partner is a saver? Do you feel that money is there to be enjoyed while your partner worries about not having enough? Your thoughts about money and the value system you attach to it can result in you seeing your partner’s attitude as destructive or wholly negative. Learn to recognise your partner’s financial strengths, work on those habits that are not good for your partnership, and compromise. This way, you will make better financial decision as a team, rather than as individuals.
2. Deal with your debt
Debt is a drain on your finances and your emotional wellbeing. Plus, it can lead to conflict and upset within your relationship, especially if you are at odds with your partner over how much debt is acceptable, whether you should pay it off straight away, or whether you should be using your money for something else. The solution? Tackle the debt together – discuss it openly and honestly, and then craft a plan to get rid of it as soon and as cost-effectively as possible. If it’s no longer there, it’s no longer something to fight about. Then, if you do decide to take on debt in the future, be sure to discuss it (and your financial priorities) with your partner and your financial adviser before you commit.
3. Divide and conquer
It’s often the case that one person in a relationship is responsible for paying all the bills and handling all the budgeting. When they don’t do it all perfectly on time and in full, this can lead to arguments and conflict. The one ‘in charge’ might feel resentful and stressed about all that has to be done while the other person might feel frustrated and excluded from financial decisions. Rather than placing your household’s financial commitments all on one person’s shoulders, start with a discussion about what needs to be done on a monthly basis for your financial commitments to be met. Then divide financial tasks and responsibilities so that you are each taking on a certain amount of the monthly load. Talk often and check in with each other to make sure you’re both on the same financial page and feel comfortable with your designated roles.
Need help managing your finances so that you can get to the bigger financial goals of saving and investment? Enlist the help of a certified financial adviser like the ones at TRG. From insurance to investment management solutions, we can help you and your family put in place a financial plan focused on wealth protection and growth.