According to SunTrust survey, money is a number one reason for stress and misunderstanding in couples pushing back on the annoying habits that occupy the second place. Making money is good but what if they become a cause of disagreement?
The Institute for Divorce Financial Analysis stated that money issues are the reason for 22% of divorces. These substantial figures show that finances can become a major problem (ridiculously, isn’t it?). Still, there is a problem and it must be a solution.
Here are top reasons for finances related argues in couples and the ways to prevent it. Installment Credits blog is here to help you save your marriage from bankruptcy.
“This is Mine and This is Yours”
There are two ways to deal with bills and common expenses in couples: split them or create a total budget and cover them with it. Both of the approaches might cause problems in the result. They both can raise the issue of personal purchases. Furthermore, the first option divides a spending power. If the man earns more, he will more likely to have more money after paying bills and spend more.
The most reasonable solution is to talk sincerely and decide which variant is more profitable. A good idea would be to create a well-developed budget and stick to it. So many apps might help you in it such as apps for shopping, apps to check the credit score, apps to plan the regular expenses, etc.
Everyone comes to the altar with certain baggage. Some people have a collection of wines while others – a collection of debts. The worse situation is when one of the partners is debt-free and has a high credit score.
The best idea would be to deal with debts of each other independently, especially when one of the partners has no debts. If you have a total budget then define the monthly payment, make it regular, and don’t make it a reason for arguing until the debt is paid off. You should understand that debt became an irreplaceable part of reality. All you have to do is to get rid of it. As soon as possible.
Character and Spending Habits
There is a contact between passionate spenders and hard-core savers. The situation when the husband has a substantial saving fund and his wife is a crazy shopaholic is a common one. Personality plays a huge role in the relationship and in attitude to money too.
Find the compromise. Don’t argue about your spending habits. Accept new reality.
You shouldn’t be selfish when you build a relationship, especially if you build a family. Define the sum of money that you can spend on shopping, entertainment, self-development, car tuning, etc. and don’t exceed it.
The next problem comes when one of the partners spends more than another or one of the partners works while another one is unemployed. The problems appear when one of the partners comes from the wealthier family than another one. In this case, the person, who makes more money, starts defining spending limits and writing the budget rules while another one starts rebelling.
A person, who earns less or doesn’t work, should accept the state of things or change them. Don’t have a well-paid job? Start looking for a better one but don’t leave a current job. Don’t work because stay home with a child? Find a job and earn a babysitter or take it to the kindergarten.
Speaking of the role distributing or personality, it’s important to understand what are the spending habits and outlook of the person at the very first stages – when you are dating. If your views are so different that you start arguing, maybe it’s better to look for someone with similar reference points?
Raising children is costly. On average, it costs $300,000 to raise one child before it turns 18. Some partners are afraid not of the responsibility but of the financial side of the parenthood, as in order to satisfy the kid’s need parents have to apply for a student loan.
If you are the one, who is dreaming of the children and is financially ready for them, you can make a sort of business plan – a convincing and visual guide to the financial side. If you are a parent, who is afraid of becoming a parent, try to understand your loved one.
And remember: it’s possible to come to an agreement with a conversation. Learn to be flexible and value the interests of your spouse.