Finances are one of the most common areas for disagreement among couples. Here are some ideas to help you keep the peace:
- Understand each other’s financial background. Are you a penny pincher because your family has always been frugal? Maybe your partner is hyper-focused on saving for retirement because their parents weren’t well prepared. Sharing each other’s experiences with money will give you an appreciation for each other’s perspective.
- If your partner is better at managing money, then consider having them be responsible for overseeing the finances for your family. That said, it’s still important for you to be involved – make sure you’re also aware of how the budget was set and how to pay bills.
- Agree to check in with each other before making high dollar purchases. For example, you may decide that all purchases above $200 need to be discussed with each other first. No one likes unexpected large expenses, so work together to figure out a dollar threshold that makes sense for your relationship.
There may be bumps in the road, but if you have strong communications with your loved one, you’ll be well on your way to a long-lasting relationship.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.