Tips like thesehelped us pay off $127K in debt. You can read our story inSlaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After.
Want to really wow your Valentine this February? Have a budget meeting.
I can almost hear the groans through the internet. But you can do more to bring financial stability to your relationship by talking about your finances than any grand romantic gesture will ever accomplish. Money fights and money problems top the list of reasons for divorce.
Here are 5 Financial tips for couples to keep the love alive!
The King of Free often quips that “the death of communication is the birth of resentment.” You cannot over communicate when it comes to your finances. That being said, you need to choose conversations wisely. It’s not a good idea to begin a conversation about money or finances in the middle of a fight. Instead, choose a tip when you can both quietly and calmly discuss things. Eliminate distractions by powering down your iPad, phone, and even the television. Be sure that the kids are tucked into bed and even your friendly pets are well occupied. And come to the table with an open and honest dialogue, not a long list of wrongs you’re wanting fixed. Realize you’re on the same team, that you love each other, and you both want financial success for your household.
If you’ve never set a budget for your household before, it’s a great idea to spend naturally &collect every receipt for 30-60 days. Put them in a big envelope and then at the end of the time period, review the receipts together. Put your judgey pants aside, and get an honest gauge of home much you both spend and on what. It’s important not to spend like Ebeneezer Scrooge or a Real Housewife during this time period. They’ll be time for savings strategies later on but this exercise is a good beginning to handling your money well as a couple.
We have a dollar figure agreed upon together that we don’t spend unless we consult one another. I’m not talking about every single grocery item on the checkout belt. I’m talking about non-budgeted, irregular expenses. So if we find a great deal or realize a need, we run those decisions by each other to agree upon the purchase mutually. It eliminates the passive aggressive “Well why did you buy that?!” feelings we once had with each other. And more times than not, we both are on the same page for the purchase.
If you can, take at least 1 or 2 grocery shopping trips together before setting the budget for grocery shopping. It can be a fun date but more importantly it helps you both realize that exactly how much the food you are eating costs. That way you can set a realistic dollar figure you can both own for food expenses. People get off track financially more frequently in feeding their face than any other area. You need a team effort to make things work.
What would happen if your spouse suddenly passed away? Would you know what bills are paid when? Would you know the passwords for online banking? What about life insurance? Where is your will kept? This is one of the many reasons why you need to communicate often about your finances. You both need to know how much money is coming, how much is going out, and where specifically it’s going. Creating a folder or box either virtually or physically where all of this information is kept, is key in marital financial success. If you’re not a numbers person, you CANNOT run, hide, or cover your eyes. You must be an active part of the process. On the flipside, you do your spouse no favors by doing all of the financial heavy lifting by yourself. If you were gone tomorrow, would they even know the essential information to keep your household running?
We might think that hearts and flowers mean true love, but I’d like to think that a black bottom line is much sexier than a red one. This Valentine’s Day, begin a journey of showing your sweetheart how much you care by talking dollars and cents.
My book is now available:Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After.You can also check outInspiration to Pay Off Debt: 30 Days of Encouragement from the Queen of Free
on Kindle.
This post contains an affiliate link. That means when you get a great deal or maybe even something for free, you also help our family pay off our mortgage early. And for that, we royally thank you!
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FAQs
By Lawrence Robinson, Melinda Smith, M.A. and Jeanne Segal, Ph.D.
- Building a healthy relationship.
- Falling in love vs. ...
- Tip 1: Spend quality time face to face.
- Tip 2: Stay connected through communication.
- Tip 3: Keep physical intimacy alive.
- Tip 4: Learn to give and take in your relationship.
Relationship are important because it brings emotional stability in life, whereas money brings the power to make things happen in order to have a good, healthy relationship. Money isn't everything, but it does affect everything that's important.
What does money do to relationships? ›
And it can create a host of tricky situations: the partner who earns more versus the partner who has to do more domestically (or the partner who does both); a welcomed feeling of financial independence after divorce; family members at odds over an inheritance; friendships or romantic relationships that feel out of ...
Why is it important to have a good relationship with money? ›
Building a healthy relationship with money can be essential to financial well-being. Money is often seen as a source of stress or worry, but if you approach it with the right mindset, you can build strong and positive relationships that will help you manage your finances in the best way possible in the long run.
What does it mean for a relationship to flourish? ›
The flourishing of a relationship consists of more than simply being satisfied or even happy. By focusing on six key areas, you and your partner can look at how your relationship measures up. Committing to self-change can be just as important as thinking about what you expect from your partner.
What makes a relationship grow stronger? ›
Routine and rituals can help hold a relationship together. A goodbye kiss before work, breakfast in bed with the crossword puzzle on weekends, weekly date nights or a walk after dinner are little things that, over time, become the glue in a healthy relationship. Plan dates and surprises for each other.
Can money break up a relationship? ›
About one third of respondents in a new Credit Karma study said they had ended a relationship over disagreements about money. And more than 40% say they fight about finances on a monthly basis.
Who makes more money in relationships? ›
It's a widely known fact that women earn less than their husbands or male partners on average. However, a lesser-known statistic would indicate a disproportionately small number of relationships in which women make more. When a woman makes more money, it can be a source of contention for couples.
How many relationships end because of money? ›
Money is widely known as one of the leading causes of divorce in America. It's estimated that financial problems contribute to 20-40% of all divorces. That means that for every 10 marriages that end in divorce, four of them are because of money.
Why does money cause relationship problems? ›
Couples often divide duties, and financial duties are no exception. One partner might handle day-to-day household spending, while the other focuses on long-term savings and investing. But those roles are naturally at odds with one another. Such a division of labor is often a source of conflict, experts say.
The research indicates that while income can influence happiness and relationships, the correlations are nuanced. Greater wealth alone does not guarantee happier or more fulfilling lives and loves.
Is money important in love? ›
Remember that money can't buy love
Whether you're curious to know how to marry rich or are looking for someone rich, keep in mind that money isn't something that can truly comfort you when you're feeling down. Humans are social creatures by nature, and we often inherently desire love.
How to repair your relationship with money? ›
Here are 6 ways you can repair your relationship with money and fall back in love with your finances:
- Show up for yourself and your money.
- Don't be afraid of the hard stuff.
- Be open to change.
- Celebrate your wins―and forgive your losses.
- Make it a priority.
- Create open communication.
It is no secret that financial matters can be a significant source of stress in relationships. Disagreements over spending habits, debt, and financial goals often lead to conflict. Money-related tensions can escalate quickly, causing resentment and even the breakup of an otherwise decent relationship.
What is better between love and money? ›
Key points. Money cannot buy love, but money increases the chances of finding love, and love decreases the need for money. A higher income is associated with less daily sadness but not more daily happiness. A partner should not be a means for your success, but one with whom you share joint flourishing.
What are 5 qualities of a good relationship? ›
Healthy Relationships
- Mutual respect. Respect means that each person values who the other is and understands the other person's boundaries.
- Trust. Partners should place trust in each other and give each other the benefit of the doubt.
- Honesty. ...
- Compromise. ...
- Individuality. ...
- Good communication. ...
- Anger control. ...
- Fighting fair.
All healthy relationships share the following three core components: Mutual respect. Mutual trust. Mutual affection.
How do you keep a relationship progressing? ›
Especially during difficult times, it's easier to avoid facing your stalling relationship or eroded intimacy issues. There are a few tried-and-true methods that work to improve relationships: be a good listener, carve out time together, enjoy a quality sex life, and divvy up those pesky chores.
How do you make a relationship more fulfilling? ›
These strategies support effective communication:
- Listen closely. Pay attention to what your spouse has to say. ...
- Resolve conflicts. Conflicts are natural in any close relationship. ...
- Express gratitude. Let your partner know how much you appreciate them. ...
- Share meaningful discussions.
on Kindle.