Handling Money in Relationships

Handling Money in Relationships
 

5 Ways to Manage Finances as a Couple

Handling money in relationships is hard. It’s often the number one reason couples argue, and it’s often one of the top reasons people get divorced. 

 

The good news is there are ways you can avoid arguments or divorce when you know how to handle money in relationships. It comes down to achieving financial wellness together, even if you don’t have the same goals or see eye-to-eye.

 

Talk About Money Before you Get Married

Coming to a marriage with financial secrets never ends well. Before you get married or move in together, talk honestly about your finances. Discuss what you have, what you think about money, and even how you handle it.

 

This is a great time to disclose that student debt or credit card debt you carry. It’s also time to talk about your financial habits, whether or not you budget, and how you decide if and when you’ll spend money.

 

Listen to Each Other

Each of you will come to the relationship with your own money story and habits – listen to one another. Don’t assume you’re right and your partner is wrong or vice versa. Try to meet one another in the middle.

 

Listen to what each partner does, and what they want, and together decide how you can make both partners feel empowered when it comes to your finances.

 

Share the Budget

It’s not a bad idea to have one partner in charge of paying the bills or balancing the checkbook, but both partners should always be in the loop. For example, you can’t blame someone for spending money if they don’t know the financial situation.

 

Use a budgeting program that syncs in real-time and allows multiple people to log in and see the budget. The budgeting program eliminates any guesswork and ensures you’re both on the same page.

 

Have Individual and Shared Goals

It’s okay if you have your own goals, but you should also have some shared financial goals. Be open and honest about these goals and create a plan together to reach them. Cheer one another, support each other’s dreams while ensuring that you reach financial wellness together.

 

Have Regular Financial Meetings

Dates don’t have to be wild nights out on the town all the time. Set up a regular ‘money date night’ where you talk about money together. You’ll be better prepared to speak to one another calmly and hopefully reach your goals together when you have the date set. 

 

Have your date in a neutral place where both feel relaxed and can be honest with one another. Don’t point fingers if anything went wrong, either. Instead, problem-solve together.

 

Final Thoughts

Handling money in relationships can feel challenging, but it’s one of the cornerstones of a healthy relationship. If you need help managing money with your partner, consider hiring a financial coach to help you understand what you both need to do to get on the same page and achieve your financial goals.

Connect with a Financial Coach

Financial Wellness Coach is here to help you find the right financial coach.

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