Money is one of the main triggers for arguments in a relationship. If finances are tight, each expense can cause disagreement and resentment between both parties. Maybe one of you is prone to excessive spending, while the other is more reserved with their earnings. In some cases, trouble can start when one half of a relationship earns significantly more than the other, perhaps as a doctor, lawyer, or forex broker. The higher earner may not like their partner spending huge amounts of their money on luxuries, while the lower earner may feel that the two should share everything equally.
It’s important to be upfront and open about your finances in order to maintain a healthy relationship. Otherwise, resentment and frustration can build over time, causing the rift between you to widen. To help you manage your money in the right way, here are a few finance tips for a healthy relationship.
Come to an agreement
There is no right or wrong way for a couple to manage their money. Some partners split everything equally, no matter how much each person earns. Other couples, on the other hand, prefer to keep their finances separate, both contributing equally to household expenses while having their own personal bank accounts. Both options have their individual pros and cons, but whatever route you go down, it’s important the two of you are on the same page. Make a plan early in your relationship for how you will manage your money. This way both of you know what money is yours to spend, and there will be less margin for error or serious arguments.
Take all work into account
Although it’s becoming less common, many relationships still follow a traditional form in which one party is the breadwinner, while the other takes care of the house and children. If this is the case, it’s crucial you take into account the importance of the latter role. The stay-at-home party may not be earning the big bucks but they are doing the enormous job of keeping the household together. They ensure the children are looked after, the fridge is stocked, and the bills are paid. Although their contribution often goes under the radar and does not result in an income, their role holds equal status to that of the working professional.
Have separate accounts
Just because everything in your life is shared, that doesn;t mean you can’t each have your own money. Let’s say you want to splash out on an expensive sports car for yourself, or your partner wants to take an all-inclusive luxury holiday with their friends. If you can afford these things, you don’t want to feel bad about treating yourself, or feel that you have to ask permission from your spouse. You can still have a joint bank account into which you deposit a pre-agreed amount of money each month for mortgage payments, childcare, and groceries. But you can also have your own private money which you can spend in any way you like.
Hopefully these tips will help you to keep your money problems at bay, and ensure a happy relationship for many years to come.