Why Some Couples Have Money Problems
March 2, 2015 / Sara Davis / Personal Finance Mistakes and Bad Habits to Avoid
Couples have a lot on their plate when it comes to keeping the air clear and the friction minimal. For some couples, this is easier than for others. However, no matter how many disagreements and settlements arise, or how many times a bad habit needs to be addressed, it seems no couple can shake arguments about money.
Money is important, there is no denying that. However, relationships are important too, and money shouldn't be the main focus, especially if it is harming the relationship along the way. When it comes to you and your loved one, and the finances you two share, make sure you are on the same page.
Here are a few things to avoid when it comes to your loved one and your finances.
Not Talking About It
Money is not something that couples often want to talk about. Either because one person is spending too much or because they both have different ideas of where the money should go and so neither one brings it up at all. According to MoneyTalksNews, not conversing with your loved one about financial matters is a serious no-no. There is no one way to talk about money, you just need to find what works for you. But you and your loved one need to commit to these discussions. Being on the same page about finances is a great way to mutually implement good spending habits as well.
Trying to Keep Up
There are many couples who are well off, and they are going to let everyone know. Some advice from Carmel Lobello at The Week: let them. Trying to keep up with the Joneses is a dangerous slope and one that could get you into trouble. Don't be flashy with your money or feel the need to compete with friends' purchases. Make money at your own pace, spend it at a speed you are both comfortable with and make sure you are saving. If you are too worried about getting what others have, you are going to forget about saving. Your first focus as a couple should be you, so spend your money how it is smartest and most appropriate for you, not for the rest of the neighborhood.
Not Planning for Emergencies
You may think since there are two of you it'll be easier to address an emergency that arises because maybe you each have an income. Well, according to KeyBank, that is not the way to handle it. As a couple, you should have an emergency fund in case something goes wrong. What that something will be is hard to say, and will probably be unique to your situation. But if you aren't ready for it, it'll be a disaster. If you are ready for it, it'll just be a fixable side step.
Have a conversation about finances with your loved one, and then have many more. It is important to keep the line of communication open with regard to finances because two people operating on the same page is better than each of you individually, otherwise you wouldn't have gotten together in the first place.