Whether you celebrate it or not, today is Valentine’s Day. A day where some couples do a little extra to let their loved one know they care. While we all devote ourselves to our significant others, doing so doesn’t come without its challenges. In fact, there are daily headaches that can drive us apart at times. one of the big ones is money problems hurting relationships. Find out what common money issues cause strife and how to fix them.
Money Problems Hurting Relationships
- Hiding your financial history – secret credit cards, debts or credit score problems can be bad news. Not only could it impact your significant other, but they may feel you were dishonest. Always be upfront with your partner about money issues. Even issues you faced before getting together can have a negative impact. Put your pride aside and don’t feel embarrassed. Come together to develop a solution.
- Not being flexible – your financial goals should have a plan, but one that allows for detours. Remember the bigger picture when pursuing financial goals. Things may not always go as planned. It is important to stay focused while accepting small changes. Of course, for any major change you want to discuss together how to resolve it. It is important you both agree on your short and long term goals.
- Forgetting the future – retirement funds are important for both of your future’s. Don’t forget to prioritize saving for retirement in your goals. There are a variety of ways to save. Discuss the benefits and risks of all options and make a decision together. It is important that this fit your budget as well.
- Splitting costs or separate accounts – dividing up your expenses and income can cause stress on a relationship. From a purely Psychological perspective, splitting costs is nearly a metaphor for your relationship. Who makes more? Who is responsible more for the debt payment? It is unnecessary work that only complicates your monthly cash flow. If you need some hands off for ease, try splitting up a set amount “fun money” or “allowance” for each.
Money management is a team effort. Always come together to decide your goals. If you are dealing with debt, meet with a Dayton OH bankruptcy lawyer to discuss your options. Even if you don’t file together, the decision should still be a mutual decision.