LOVE AND FINANCES
Love and finances can be hard to mix. Each person has different past experiences when dealing with money. If a financial plan is not communicated at the beginning of a relationship it can cause problems in the future.
Love and Finance: 12 Financial Habits that can cause a Breakup
- Keeping money secrets
- Hiding financial information or debt from your partner can erode trust and cause tension.
- Remember you are in this together so what the two of you do affects the entire family.
- Spending too much money
- Over-spending, especially without discussing it with your partner, can lead to financial stress.
- Ask yourself if the debt or the dwindling savings account is worth it.
- Not having a budget
- Not having a clear understanding of your income and expenses can cause disagreements and overspending.
- If you don’t know how much you have, need, or spend then who is controlling your finances?
- Failing to communicate
- Not discussing financial matters and making decisions without considering your partner’s feelings can lead to fights.
- Ask yourself why are you hiding it from your partner and where did this behavior originate.
- Ignoring debts
- Neglecting to pay bills or other outstanding debts can cause financial stress and lead to arguments.
- Sticking your head in the sand will not make the debts disappear.
- Not saving for the future:
- Failing to save for retirement or other long-term goals can cause tension and conflict.
- Supporting financial dependents
- Supporting family members or friends who are struggling can strain your resources and cause problems.
- Competing over money
- Competing over who earns more or who spends more can cause jealousy and hurt feelings.
- Making impulsive financial decisions
- Making impulsive purchases or investments without considering the consequences can cause financial stress.
- This can also add to your debt load which will hurt your family’s stability.
- Having different spending habits
- Having vastly different spending habits and values can make it difficult to agree on financial matters.
- Habits are hard to break but are necessary when you are mixing love and finances.
- Participating in the blame game
- Blaming each other for financial problems, instead of working together to find solutions, can cause friction.
- Not planning for the future
- Not planning for future expenses, such as emergencies or retirement, can cause stress and disagreements.
- Or living paycheck to paycheck will keep you up at night worrying about money and will strain your relationship.
Below are 12 ways to build a strong healthy financial future together.