Being able to communicate about money in a partnership is so important, as a big percentage of arguments that happen between couples are about this, according to studies.
Family counselors agree that 40% of the time, money issues are a big contributing factor in why marriages and relationships fail.
Every couple is unique, so being able to manage money in a way that suits you is key to your long term happiness and relationship health.
Ideally, both of you will be responsible for the management of the budget.
Many couples have one partner that takes control of all of the finances while the other remains uninvolved, but this can lead to resentment and arguments if not handled properly.
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Building a strong financial life together is best when you are both involved.
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Have Separate Accounts For Different Things
Instead of having all of your money in one account, try having separate accounts.
Have your account, your partners account, and an account for your home and see if that helps you to budget better.
This way there can be no dispute when you want to buy a new outfit and your partner wants a new gadget.
Do Your Banking Online
You can easily check that the bills have been paid with online banking and quickly resolve any disputes.
This makes it so much easier to save, transfer money, and see whether you are meeting your financial goals in real time.
Sit Down And Create A Budget
Sit down with your partner and come up with a budget together.
How much will you spend on food for the house?
What is your entertainment budget?
Being on a budget doesn’t mean missing out; it simply means making sure you have plenty of money for the important things in your life first.
You can then save, invest, and do what you like with any money left over.
Some people find spending physical cash more effective, as it’s easy to spend a large amount of money using a card without giving it a second thought.
Taking the cash out of the bank can stop overspending when you’re determined to stick to your budget.
Learn How To Communicate Properly
Healthy communication skills are something many people lack.
Healthy communication and boundaries isn’t something we’re all taught, and many people show toxic traits when they attempt to communicate.
For example, shutting down when a conversation becomes uncomfortable, or calling names.
You don’t have to share everything with one another (a relationship could lose its spark that way), but when it comes to money there should be no secrets.
Make sure you get comfortable talking about it if you’re not already.
Ensure Your Needs And Wants Are In Alignment
Set goals together and ensure your wants and needs are in alignment.
Remember, you need to respect what the other half of your partnership wants if you want the relationship to work.
This doesn’t mean completely giving up on your own desires – it simply means you both need to learn to compromise effectively and prioritize what is truly important.
Compromise is key in a healthy relationship.
You should be able to find a way to work towards both of your goals as a team.
Discuss All Major Purchases
Don’t make a big purchase without speaking to your partner about it first.
Making a big purchase without talking about it is a surefire way to get into an argument over financial responsibility and priorities.
Impulse purchases should be a no-go for all households.
Think about something carefully before you decide to buy and make sure everybody is on board with the decision.
Have A Plan In The Event You Are Given A Large Sum Of Money
You never know what might happen – you could win the lottery (not that likely) or get a large inheritance sum.
Make sure you plan for this in advance by talking about what you would do with it.
If you are given an inheritance and don’t bother discussing it with your partner before you buy whatever you want you can expect them to be annoyed.
A large sum of money could be used on something you really need, or something life changing.
It could pay off your mortgage, pay for a new car, and even clear any debts.
It can be tempting to book a fancy vacation, but that’s probably not the most sensible option in the long run.
Discussing it first is key as this will stop temptation and you’ll know exactly what to do when that money lands in your account.
The reason so much money is squandered when people receive large sums is usually because they don’t know what to do with it!
Involve Your Kids In Financial Discussions
If you have kids, involving them in financial discussions can help the entire family to become confident and comfortable with money.
Teaching your kids valuable financial lessons early on will do them the world of good, and they’ll be far more likely to grow up into responsible adults.
Do this by having money meetings on a semi-regular basis.
Here, you can discuss anything that might be coming up, such as birthdays and trips, and you can figure out whether you’re where you need to be in terms of your goals.
Seek Help If You Need It
Handling money can become difficult if you have mounting debts and other worries.
Most people get into financial trouble because they seek help too late.
If you are struggling to create a budget and get things in order, then it could be a good time to seek help from a reputable source.
Bankruptcy Canada has helped people from all walks of life with their money issues over the last 20 years.
Whether you’re looking at bankruptcy, a consumer proposal, or another solution, we can help you.
Get in touch today if you feel you might need a solution to end your money troubles once and for all.
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?
