What’s your relationship status when it comes to money? Is it “it’s complicated”? That can be the answer for both older and newlywed couples alike. Sometimes you can be the perfect match when it comes to everything and then money can throw a curve ball into your relationship.
Talking about money is the best way to stay on the same page, but there are also those little quirks that can have your sweetheart seconding guessing your relationship when it comes to money. Don’t let that happen.
Whoever said being a relationship takes work was right. The easiest thing you can do is eliminate all the outside noise so you can your spouse can just focus on being a couple.
Here are some money mistakes that can ruin your relationship:
Trying to manage the household expenses alone
When it comes to money and relationships, it’s always better to do it together. When the burden of being the only breadwinner or being the sole money manager in the family gets to be too much it can lead to big trouble in the relationship.
Even if one spouse brings in an income and the other doesn’t sit down and make money decisions as a couple. A relationship is stronger when both contribute to major decisions.
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Lack of saving for the future
If you live for today your spouse can mistake your lack of seeing into the future as not wanting to plan a future together. Although the two aren’t necessarily related, you can see how it may be misconstrued. Talk about your individual and couples goals and set at least one joint goal in the future that you can both work and save towards.
Don’t take on your spouse’s debt
According to popular finance site Go Banking Rates co-signing for your spouse’s loan is a big no-no when it comes to relationships and money.
“It may seem romantic to buy a car or home together, but it can really mess up your relationship and finances. Most loans last for quite a long time. You don’t want your loved one’s loan lasting longer than your relationship. Your significant other might seem financially secure and responsible, but you will be held accountable for repaying back any debt if they decide to stop paying back the loan.”
Micro managing your spouse’s money
If you are very responsible with your money and your spouse is not quite on the ball don’t put them under a microscope. You can definitely talk about money, but don’t treat your spouse like your child when it comes to saving and spending.
A better way to go about it is to talk about your goals and plans for the future. When you set a savings plan in place to work towards those goals your spouse will need to change their habits in order to help achieve them as a couple.
Using a goal tracking system or app can help you track the progress together and in time your spouse’s habits will change…hopefully.
Do you think there’s one mistake couples make when it comes to money?