Money is one of the biggest causes of divorce and breakups among committed couples, especially those living under one roof with shared expenses. Even the most patient and relaxed people can get tense when matters involving finances are involved. That’s why your money habits can end up making or breaking your relationship.
If you want to ensure that your relationship is smart about finances, you must know how to be mindful of how you use money together. Here are four healthy money habits for committed couples.
1 – Couples Need Open Communication Regarding Money Habits
One of the places where couples tend to fall short when it comes to their finances is in communication and honesty. Many money-related issues recur, often becoming a significant factor in breakups and divorces. As with all relationship-related things, communication is always a solution. Here are some money habits related to open communication:
Discuss Lifestyle Choices As A Team
Each partner in a relationship will likely have ideas about their ideal lifestyle. In a perfect situation, partners can achieve their lifestyle goals, but for that to happen, you have to talk about those goals. For example, what type of life do you want to live? How often do you want to spend on big purchases? Are you interested in investing? What sacrifices are you willing to make to your lifestyle for better financial health?
Be Honest About Your Money Habits
If you’re a newly committed couple, you’ll have to discuss each person’s current financial situation. Equity can be brutal in relationships, so understanding each other’s current financial health is crucial. You have to be on the same page about what that equity will look like. For accurate equity, you’ll need to be completely honest about how much you make and spend on necessities.
Create Joint Budget And Spending Sheets
To track, monitor, and stay on top of your spending, it’s a good idea to create joint spreadsheets that catalog everything. This documentation ensures you have a quick reference to reflect on and facilitates smoother indirect communication. Creating and maintaining the sheets is a fair team effort, and this is one of the best money habits you’ll develop!
Avoid Financial Infidelity
Financial infidelity is the act of engaging in economic behavior and money habits that you know will not be approved of by a partner. This action also includes intentionally hiding this behavior from them, whether by outright lying or simply not disclosing it.
Many couples think hiding this unwanted behavior will avoid a fight, but studies show that it leads to more long-term conflict and can even ruin relationships. So while it’s not the usual, more typical explanation of infidelity, it still erodes trust and communication, which ultimately harms committed couples.
Be honest with your partner about your spending, even if you think your partner won’t like it. Couples who trust each other stay together and avoid the pitfalls of resentment, accusations, and disrespect.
2 – Mindfully Merged Finances Mean Better Money Habits
Merging finances is often an essential step in a committed couple’s life. This milestone allows for easier accountability and creates a togetherness that lessens the risk of breakups. Research also shows that consistent, healthy shared pools of finances contribute to better relationship satisfaction.
But it’s not as simple as dumping all your money in one place. It must happen mindfully. Different couples will have other preferences for …
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