At the start of a relationship, the honeymoon phase makes everything feel fresh and exciting. You’re falling in love with someone new, and it’s incredible!
But eventually, you get comfortable. You start to face issues that you never even thought of before. One common and major issue relates to finances.
For many, managing money in relationships is a struggle. It can even lead to break-ups and divorces down the line.
Your relationship doesn’t have to fall prey to this problem though. Read on for 5 healthy ways to make love and money coexist in harmony.
Take a Look at Your Spending Habits
It’s not always easy, but a great start is to look at your unique spending habits. You and your partner need to learn how the other spends their money. It’s better to know ahead of time instead of finding out later!
Look at what habits you share or how they differ. Does one of you spend a lot more than the other? What do you both need to work on?
Make Financial Decisions as a Team
A lot of money issues in dating relationships are caused by not working together. When you became a serious couple, you two joined together as one whole unit. Treat your finances this way.
Talk about significant financial decisions together. For example, you probably wouldn’t want to take out a 5000 dollar loan without telling the other! You’re a team, so remember to act like it.
Think of Your Incomes as One
Do you have separate banking accounts? As a dating couple, this is fine. But when you’re married, you should seriously consider a joint-account.
A joint bank account transforms your income streams into one. As partners, keeping money separate will only lead to problems down the line.
Don’t Hide Purchases from Each Other
If your bank accounts are separate, then at the very least, you shouldn’t hide purchases. Gifts are one thing, but otherwise, couples should be open about what they are buying.
Communicate with your partner about your spending. Be honest about your bank accounts and credit cards too. For love and money to work together, some honesty goes a long way.
Make a Plan for Your Money Goals
Have you and your partner discussed your money goals? Take time to settle down and discuss your desires together. What do you both hope to achieve, and how can you get there?
Schedule regular check-ins to meet your financial goals. Whether it’s once a week or once a month, it’ll keep you both on track. Be open and honest for effective communication.
Manage Money in Relationships the Right Way
Managing money in relationships doesn’t have to be stressful! By following this guide, you and your partner will develop healthy methods for navigating your finances.
The biggest thing to remember is that you two are a team. When you came together as a couple, you swapped “my” for “our”.
Are you looking for more ways to improve your relationship? Check out other articles on our site for the help you need.