Do you and your significant other tend to fight a lot about money? You’re not alone. Finances can be a source of significant stress in a relationship of any age. Have your disagreements reached the point where they are causing serious damage? More than one couple have called it quits when they reach an impasse over disagreements like bills and savings. This is the type of problem that should not be allowed to grow.
If you find yourself in this unfortunate situation, here are some suggestions on how you can smooth things out:
Bring in a Third Party
It’s traditional when two opposing sides reach an impasse for a third party to come in and smooth things out. For this type of conflict, you can enlist a professional financial counselor or even just a friend or relative that you both agree upon. A new perspective from someone who has nothing to gain or lose from the situation can make a huge difference.
If the problem is that one or both of your are spending too much money, establish monthly limits. Also, come up with a way to enforce them. If it means terminating a credit card or line of credit, then take that step.
Create Realistic Goals
If the two of you barely make your bills each month, then owning your own home in five years is not a realistic goal. Draw up a list of goals and your financial ability to meet them. Ones that are not realistically attainable should be crossed off for now.
Keep No Secrets
Trust is a key aspect of any relationship and while white lies are occasionally fine (and even necessary), not being honest about money is a recipe for disaster. You both need to be transparent about your spending habits and debt levels.