How To Avoid Money Mistakes In Your Relationship

Money can be a very touchy subject in relationships.

People work hard for the money they earn and as such like to have control over how they spend it.

When debt enters the equation, many couples feel a host of other emotions too, such as shame and guilt, which only add to their stresses and increase the chances of an argument forming.

Here are some tips to help you avoid arguments about money in your relationship.

Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation

Call 877-879-4770


Tips to avoid money mistakes in your relationship

The key to avoiding money mistakes in your relationship is transparency, but being honest and open about money in a relationship is often easier said than done.

Here are some things that you should try to help you open up about money.

Remember that you are a partnership

Relationships are partnerships and so it’s important that both people are involved in money discussions.

Traditionally, one person (usually the main breadwinner) would have control over the family finances, but this is now widely seen as an antiquated view and most couples now try to take a shared approach to their income and expenses.

You don’t have to split everything straight down the middle 50:50 but do try to keep each other informed and remember that your finances affect both of you as a couple.

Don’t hide debt

Many people feel ashamed of their debts, but hiding the problem doesn’t make it go away.

Hiding debt in a relationship usually only causes further problems, not to mention it abuses the trust of your partner.

If you have debts or have found yourself in debt, then be open about it with your partner, they may be upset about it at first but will be grateful that you have not hidden it from them.

Break down financial barriers

Many couples still find it hard to talk about money, but it’s important that you work towards breaking down these barriers if you want to gain true transparency.

Talking about your salary, expenses, debts, and savings may feel awkward at first, but over time you will get used to speaking about your finances.

Remain honest and fair

Because money is such an emotive topic, it can be easy to allow your emotions to get out of hand.

Try to remain honest and fair when discussing money with your partner, even if their viewpoint doesn’t match your own, and if you find that the conversation is getting a little heated, then take a step back so that your emotions don’t take over.

Seek help when you need it

Finding yourself in financial difficulty as a couple can put significant strain on your relationship and so it’s important to seek help when you need it.

Here at Bankruptcy Canada, we specialize in helping people to get out of debt by putting them in contact with Licensed Trustees who can offer them a range of debt-relief services.

We have a network of more than 430 local Licensed Trustees ready and waiting to provide you with the help you need, so if you’ve found yourself in financial difficulty and don’t want to risk the stability of your relationship, then contact us today on (877) 879-4770 or fill out our online form for a free, no-obligation consultation.

Information on Consumer Proposals

Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

Need a Licensed Insolvency Trustee?

Licensed Insolvency Trustees Near Me

Leave a comment

Your email address will not be published. Required fields are marked *