Letting money come between you and your honey is never a good thing. There are too many good things in life to enjoy, so why bother fighting over money? These 7 tips on dealing with money issues in a relationship might give you some ideas on how to go about handling finances as a couple. It can be difficult to learn to share the task of taking care of your finances when you were previously the only one in charge. Learning to deal with money in a civilized manner doesn’t have to be as difficult as you might think.
7. Keep Financial Discussions Business-like
If you can keep emotions from getting in the way of talking about finances, then it will make your discussions go a lot smoother. Conduct weekly finance meetings about where you both stand as a couple. Go over bank books, receipts, or anything else necessary to make sure you are both on the same page. These meeting should be handled in a business-like manner to avoid any rise in emotions. Present the facts to one another, jot down any changes or adjustments that need to be made, and get on with life.
6. Agree to Not Make Large Purchases without Consulting Each Other First
I’ve seen too many friends erupt into some pretty hairy fights over spur of the moment purchases. I’m not talking about a pair of socks or something small like that. I’ve had friends who fought over the purchase of a television that one of them made while the other was unable to be reached for discussion. If you know you are both tight on funds or have planned out a strict budget, then you should stick to the rule of not making a large purchase on your own.
5. Discuss Financial Investment Plans as a Couple
Investing in stocks, bonds, or playing the market in any way is best done as a couple, since usually investments are made with money that comes from both individuals. The only exception to this might be if you have already made an investment before getting into your current relationship. Even opening and additional savings account should be discussed, just to avoid any surprises later and possible anger that could arise from this lone investment decision.
4. Have Separate Bank Accounts for Each of You, plus One Joint Account
There’s nothing wrong with having separate bank accounts, especially if you both already had your own before becoming a couple. It’s also helpful if you have a third that is opened for joint expenses, such as food, household items, bills, rent, or anything you both share. This account could be funded by you each taking a portion of your paycheck and submitting an equal percentage.
3. Decide Who Will Be the Main ‘accountant’ between the Two of You
In most relationships, there is usually one individual more willing than the other when it comes to taking over the task of managing money. It’s actually easier if only one person is handling the finances. I know my parents have a difficult time when my dad gets a hold of the checkbook to write a check for groceries or if he heads to the hardware store on his own. He doesn’t always remember to write down the check amount and this throws off the book balance very quickly. Bouncing back and forth between who will be in charge might work for some couples, but it could also create problems if you each have your own way of keeping track of funds. Make the decision early on for who will handle finances and stick to it.
2. Plan for the Future as a Team, Not as Individuals
If you have future plans to buy a home together, a new vehicle, or any other type of large investment, then take time to sit down and plan for this particular goal. This will put you both on the same page and allow you to each have a say in how much should be set aside each month in order to reach said goal. Trying to attain one of these expansive goals on your own can only cause extreme frustration on your part because you are trying to save money and your partner doesn’t know that he/she should be helping too.
1. Remain Honest with One Another about Finances
Don’t hide purchase in the trunk of the car until your partner goes to bed and then pretend like you’ve always had the item in question. Another big no-no is when you say there’s more money in the bank then there really is or less than there truly is. Be honest about how much you both have in your joint account and where you stand on bills. Once you start being dishonest about your financial situation, it seems a domino effect is created and everything begins to spiral downhill quickly.
Relationships involve so many joint decisions as it is; don’t let money become a source of fighting because you both can’t agree on how to handle it. These 7 tips on dealing with money issues in a relationship could prove useful if you find you and your partner needed a little guidance in this matter. How do you two currently deal with handling the finances in your relationship?
Top Photo Credit: Cryodigital - Sadly deceased