Marriage is an agreement between duos. You both will have to be on the same page to make your relationship survive, even if your personalities are poles apart when it comes to money management. It is no wonder that financial problems are largely responsible for breakups. Although duos can earn more money and manage their finances more effectively than singles, clashes, egoism, and the domineering nature of controlling your spouse are largely responsible factors that result in heated arguments.
It is natural to have money problems, but you should not let them mess with your relationship. A lot of financial problems can be dealt with calmly if you get to the bottom of your financial troubles. The key to preventing financial problems from piling up is to act like one unit. If your opinions, methods and styles clash against each other, you will not be able to get to the solution.
Money issues that can ruin your marriage if not addressed
Here are the money issues that can result in a breakup of your marriage if you do not try to address them.
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Failing to split the bills and financial infidelity
When you both are earning, you may decide to split your bills the way you think is fair and equitable. This leaves the scope for argument on trivial matters, but do not forget that there are other long-term goals, like buying a house. Not taking into account them will raise concerns down the line. The worst part is that you hide your money from your spouse. Showing your little income to spend less money on bills so you can spend on your personal needs can take a toll on your relationship. Financial infidelity is a serious concern that everyone must address.
Splitting your expenses seems to be the best way to cancel out the likelihood of an argument between both of you, but what about when one of you loses a job, leaves the work to raise children, etc? Careful planning is a must before you get to a decision. Whatever strategy you will follow, you will still face financial complications every now and then. You both will have to address them before they wreak havoc on your life.
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Debt baggage
Many people have financial baggage while walking down the aisle, whether it is student debt, credit card debt or any other debt. If one of you has more debt than they can actually repay, there will be chances of heated arguments. You should take up the responsibility of clearing your debts as soon as possible because otherwise, your contribution towards household expenses will be restricted, which means your spouse is spending more than they should.
Owing to too much debt means you will have difficulty taking out a new loan, and if you manage to get the nod, you will get high interest rates. Do not forget that you will have to think about your retirement. You will also need to take out a joint loan to own a house. This will affect your credit rating and borrowing power as well in the future.
These problems may seem tinier, but they are not, in fact. The consequences can be dire if you do not settle your dues as quickly as possible. You should be careful of even those debts that you incur after your marriage. Discuss together so you do not get setbacks later on. When you both are on the same page, there will be lower chances of clashes and arguments.
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Ignoring personality differences
Personalities play a vital role in deciding your perspective towards spending money. It is likely that you are frugal and your partner is spendthrift and vice-versa. It is necessary to acknowledge each other’s spending behaviour. You cannot become like your partner, so do not expect your partner to start managing money like you. In this situation, you should try to ensure that neither of your spending habits is getting in the way of reaching your financial goals.
However, you both should understand that you cannot keep spending money on things you do not need. Impulsive purchases are too bad for your budget, and this will force you to take out a loan again and again, and then you can fall into a debt spiral. Of course, this kind of spending behaviour will lead to the end of your marriage.
Tips to handle money issues to save your marriage
Here are the tips to handle money problems to save your marriage:
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Communicate
Communication can sort most of your financial problems. If you have any financial problems or you are having difficulty with debt management, you should discuss it with your spouse rather than lying about your financial situation.
When you discuss things, you will be able to come to grips with your financial problems sooner. At the same time, you should also ensure that you do not shout at your partner when they are at fault or seek some assistance from you.
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Set financial goals
In order to be on the same page, you both should set financial goals together and keep tracking your progress. Fine-tune your approach so you are on track to achieving your goals. Set your priorities, and do not be too ambitious about your financial goals.
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Deal with debt
Dealing with debt is one of the significant causes of ruining a marriage relationship. Both partners should be honest about their financial situation, so they can come up with a strategy that helps them get rid of debt. You will have to get rid of your bad habits so you do not get into those problems again.
The final word
Poor financial management can result in the breakup of your marriage if you do not address the concern in time. Instead of causing financial infidelity and imposing your thoughts and perspectives about money, you should try to be on the same page with your partner and work out on your bad habits. You can prevent your relationship from being collapsed if you learn good financial behaviour.
