Is Money Harming or Helping Your Relationships?
Money evokes strong emotions we are all familiar with: happiness on payday; the joy of a bonus; the stress of unpaid bills and the anxiety of financial pressure. It is not surprising then that money has a big impact on our relationships – particularly with our spouses, but also with our children and other family members. Money is the most common cause of relationship stress and, sadly, money issues are among the top causes of divorce. Money matters can be a particularly contentious issue when spouses have different money personalities, for example, where one partner is a big spender and the other is a cautious saver. Problems are also intensified where, for example there is financial infidelity, or money unfaithfulness, for example where one partner keeps a secret saving account or is getting deeper into debt and not being honest about it. Whether you and your partner have different money personalities, and even when there has been financial infidelity, you can work together using the tips below to ensure that money is helping build your relationship, instead of harming it.
Top Tips for Managing Money in Relationships
1. Have an honest money conversation with your partner, children and family members about their beliefs concerning money and what each of you would like to change.
2. Compromise – we all have different approaches to money matters, but instead of allowing this to cause conflict, use it as an opportunity to accommodate each other’s values and beliefs and to work together.
3. Team up to draw up a budget, set financial goals, have regular money meetings; make decisions and face challenges together; and consider attending a couples financial coaching session.
Communicating honestly and respectfully, being willing to compromise and working together to achieve common financial goals will ensure money matters are not harming but rather helping to make your relationships stronger, better and more resilient. Remember, your financial coach is ready to help with confidential and professional financial coaching and support – over the phone, electronically or face-to-face.