Disagreements on Finances in your Relationship
If you and your partner have ever bickered over finances, you're not alone. Money is one of the most common sources of disagreement in relationships. Whether it's spending too much, not saving enough, or just wanting different things - financial disagreements can cause a lot of stress. But don't worry, there are ways to overcome them. Keep reading to find out what some relationship experts have to say about financial disagreements and how to handle them.
1. Have an open and honest conversation about your financial goals. Whether it's saving for a specific goal, budgeting more carefully, or wanting to focus on paying off debt, discuss your goals and then come up with a plan to reach them as a couple.
2. Set clear boundaries when it comes to spending. Establishing a budget and sticking to it is important. Make sure both you and your partner are on the same page about what you can and cannot afford.
3. Have regular check-ins to discuss your finances. It's important to stay up-to-date on your finances, so make sure you both check in with each other regularly to discuss any changes or concerns.
4. Remember that you are a team. When conflict arises, remind yourselves that you are in this together as a team and look for solutions together instead of pointing fingers.
5. Seek help from a professional if needed. If you and your partner are having difficulty coming up with solutions to overcome your financial disagreements, don't be afraid to reach out for professional help. A financial planner or counselor can provide valuable insight and help you come up with a plan to move forward.
Talk about your money goals with your partner early on in the relationship
Starting out a relationship on solid financial ground can be incredibly beneficial for both persons involved. There’s no reason to wait until financial problems pop up, so it’s best to start talking about money goals early on. Make sure you discuss earnings, savings, spending habits, and financial goals. Don’t shy away from asking questions — if there are any topics that you don’t feel comfortable discussing yet, consider getting financial counseling together as a team or go alone if needed – either way, take the time to be upfront about your position and financial status in the relationship. Talking about money isn’t always comfortable but being honest with yourself and your partner at the beginning of the relationship will save more drama in the long run!
Set up a budget that you both can agree on and stick to it
Setting up a budget with your partner to agree on can be a tricky endeavor. But it is worth it for the financial peace of mind you will both have in the future. Taking serious conversations about money into account, compromise is key and knowing what matters to both of you is essential. Spend time discussing individual needs and learning from one another. Explore options together, keep honest communication alive and be persistent - that way both sides can get something out of the deal. Establish rules off the bat to prevent surprises as life changes, never be afraid to adjust as you go but above all else make sure you stay true to your goals and compromise when need be!
Have regular financial check-ins to make sure you're both on track
Being on the same page financially can be a challenge in any family. A great way to stay connected and make sure your family is meeting its financial goals is by having regular family council or family meetings. It's important to create a space where everyone can express their thoughts and opinions, so that everyone feels heard and respected. During these family planning sessions, everyone should be checking in about questions like: are we saving enough each month? Are there potential savings opportunities that we aren't taking advantage of? Being honest about where everyone stands with their finances is key for family financial success, so be sure to have these check-ins on a regular basis.
Be open and honest about your spending habits
We all have had times when our expenses are stressful and we feel like its impossible to get back on track. But its okay! It's completely normal, and its a great idea to be open and honest about it with yourself. Don't deny it or try to hide it away - instead, take some time to come up with realistic strategies about how to save money and make smarter decisions for the future. Even if its not an easy thing to do, it will always pay off in the long-run. Remember, its okay to admit you’re struggling financially - don’t be ashamed!
If you do have disagreements, try to come to a compromise that works for both of you
Disagreements are something we all deal with, whether it’s about discussing who does the dishes tonight, or a more serious topic such as finance. It can be difficult to keep talking when tempers start to rise, but keep trying to calmly find common ground. Each person has different values and interests, so instead of continuing arguing try to find something that works for both of you. That way you keep an open dialogue, even when there is disagreement. Compromise isn't always easy but if practiced regularly it can help keep relationships strong and strong communication thriving.
If you and your partner can have regular, honest conversations about money from the beginning of your relationship, it will set you both up for success down the road. Money is often one of the leading causes of stress in a relationship, so doing everything you can to avoid that stress is crucial. By setting up a budget that works for both of you and sticking to it, having financial check-ins, and being open about your spending habits, you can keep your money worries at bay. However, if money is already causing problems in your relationship, don't hesitate to seek out professional help. A mediator or therapist could be exactly what you need to get things back on track. Here at Fortis Counseling, our therapists would be happy to work with you and your partner on your money matters. Even if you have more questions, reach out to us.