According to a study, money happens to be the third most common cause of separations around the globe.
Apparently, The Beatles were correct; money can’t buy you love.
But being broke with your partner isn’t going to guarantee a lifetime full of happiness, either.
Which is why we at Merrchant have some useful tips for you to avoid a complete meltdown and destroy your relationship.
Here’s how you can save your relationship from money woes.
Another study shows that married couples who disagree over finance once a month rather than once a week have a fifty per cent lower probability of divorce.
Altercations between couples happen because they have more than money at stake.
Money is a complex term because it also represents power, freedom, self-esteem, love, and control.
Being a part of a relationship is nothing like being alone when it comes to spending the money.
Instead of splurging recklessly on clothes and movie tickets, you now spend on buying groceries.
Soon you find yourself reserving funds for retirement instead of making swanky purchases. Get the drift?
Making decisions was so simple when you were single! Because you made your own decisions.
Nobody else’s opinion or needs mattered but your own.
And for some couples making such a drastic change where someone is constantly keeping an eye on your expenditure, can be hard.
The most common mistake couples make while making financial decisions is that they tend to think their individual opinion is the best.
They refuse to believe that their partner’s perspective can be better than theirs leading to a massive fight.
It’s even worse for couples where one of them is a bread-winner or saver while the other is the spender.
If your partner believes in saving for the future then he/she will never understand your belief of in living the moment and spending lavishly.
Experts recommend that couples should understand each other’s financial habits by communicating how they feel about it.
This will help in stopping the problem before it becomes uncontrollable by your mutual understanding and agreement.
Following are the strategies that will help you and your spouse to be on the same page:
Fathom their Mindset
It is crucial to fathom your partner’s attitude and mindset when it comes to money.
More than often fights about money are just a clash of attitudes.
Get to know your partner as this will reveal how they view money.
Were his/her parents’ big spenders? Or were they frugal?
These questions will make it easier you understand the behaviour and pattern towards financial decisions.
Be well-equipped to handle your doubts.
Your partner will get upset when your spending habits don’t match with theirs. Just talk it out.
We understand that the two of you need to have separate spending budgets and allowances as there are going to be times when you buy things that your partner will think are a total waste of money.
Set limits before you set your heart on a Louis Vuitton.
Make sure both of you get what you want and not upset the other one and drive away any guilt or grudges.
The best solution is to save a particular amount of money that you can both spend in the way you see fit- no interference from your partner and absolutely no questions that need to be answered.
Also, since this spending will be planned and budgeted, you will resist the urge to buy things on an impulse or overshoot the budget for that matter.
Learn to Build Trust
Be honest with your partner and include them in everything from investments, incomes, savings, financial obligations, expenditure, pending loans, bad debts and future financial goals.
Don’t leave room for any secrets here.
If you feel that it’s too difficult and you can’t do this on your own then you should hire a professional guide or a mentor or a financial planner.
Your partner will appreciate you for your honesty.
Before you get all excited about reducing your expenses and putting away money, set future goals with your partner.
Decide on how you two desire your future to be like.
Make separate short and long-term goals and include everything from vacations to your dream house.
Your partner will have a stronger sense of belongingness when you will have common or joint goals and investment plans.
Don’t let a stressful incident like losing a job or an accident ruin your relationship.
Keep aside a certain amount of money so that you and your partner are prepared to face any uncertainty.
Investing in a mutual fund is liquid, safe and will earn you interest too.
A mutual fund also provides you with a debit card that lets you withdraw up to 50% of your invested capital or Rs.50,000/- per day from an ATM.
Moreover, both of you will know where to take out the money and how to handle the entire situation.
Agree on a Common Household Budget
Make a common household budget by keeping in mind your future plans.
Ensure that it has real and not fictional numbers.
Add all your contributions and expenses so that when you two squabble like kids, you can refer to the same source and sort it out like adults.
Make a budget that isn’t very restrictive otherwise you two will have a hard time sticking to it.
We hope this article helps you save your relationship from money woes!