Fixing Your Finances Could Help Fix Your Relationship
Imagine you’ve fallen for the siren song of that expensive designer bag or those 50-yard line football tickets. Would you confess your splurge to your partner or tell a little white lie? What may seem like a harmless lie, or maybe just an omission of the truth about money can do real damage to your relationship. In relationships, arguments over money happen all too often. Work with your partner and be honest to avoid conflicts over money.
Your financial health can have a positive impact on your overall health and relationships. When you aren’t worried about money, you have more energy and attention for other people and pursuits. To get your finances in order, develop a spending plan with your partner. Talk about your goals and money values. Discuss spending and saving priorities and try to make them align with your partner’s as best you can. When you disagree about your spending plan, each partner should explain his or her position. Do your best to come to a compromise that everyone can live with.
Talking about money can be very emotionally charged. Try to take the negative emotion out of your discussions with your partner. Stay calm and objective and remember that making a financial plan is a team effort. Try not to use accusatory, negative or inflammatory language when you discuss finances. When your partner discusses your spending habits, don’t take it personally. Be honest, positive and support each other while focusing on solutions instead of blame. Removing negative emotion from the conversation can help you avoid arguments and strengthen your relationship.
Once your spending plan is in place, meet with your partner routinely to make sure you’re both on track. Review your actual spending versus your plan and make adjustments to your spending habits if you need to. You can discuss short-term savings goals, what expenses are coming up soon and where you are with your long-term savings goals.
Good financial health can positively impact your relationship, set a good example for your children and improve your overall stress level, resulting in better health. For more information on financial planning, visit the Money Management page on Military OneSource. Visit the Relationship Health & Family Wellness page on Military OneSource for helpful articles on improving your relationship. Contact your installation family support center to learn more about financial management workshops, free credit checks or to make an appointment with a personal financial counselor.