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Don’t Let Your Finances Torpedo Your Personal Relationships

Don’t Let Your Finances Torpedo Your Personal Relationships

Hiding your credit card account from your spouse, spending an extra amount of money on your tablet will not only bust your family budget but will also spoil your personal relationship. Not remembering to mail the car payment on the right time and then hiding the entire fact from your spouse is nothing but a fiscal misstep which could possibly ruin the relationship. Research suggests that money problems are among the foremost cause of stress among majority of couples. It is when both partners don’t discuss their finances in an honest way and hide their financial issues that they start putting their relationship at stake.

However, there’s good news for such couples as they can now avert all the strain by holding regular discussions on their finances and together create a budget to follow throughout the month. They may even take a vow never to hide their money secrets from each other.

It’s important to sit down and discuss

Couples never tell each other to sit down and discuss what they want. Someone may just love to travel and the other one can think of himself as the sole financial provider. If you wish to take on a holiday, how can you cut back on other expenses so as to enjoy a lavish holiday? Couples should always sit with each other and discuss about money. It is also seen that couples find it easier to talk about sex than about money. 95% of Canadians believe that the ability of a person to handle his finances is more vital in a relationship.

Financial conflicts last longer and can reach up to a divorce

When there’s some money talk in the family, there are many who feel wounded enough. Have you ever wondered the reason behind money being the highly charged area? It is because it involves a power struggle. Money issues usually work as relationship assassins. Conflict which rises out of finance is stronger, long-lasting and can soon lead to a divorce in a better way as compared to other marital issues. Dollars and cents appear to be the main reason behind arguments but they are more about ego, commitment, power, fairness and respect.

Women nowadays out-earn their spouses

This new generation couple faces another challenge where 40% of women out-earn their spouses and as per eminent researches, couples who don’t agree on financial matters at least once in a week are more likely to split up than couples who argue about finances few times in a month. There was also a co-relation forming between consumer debt and the likelihood of the couple to opt for a divorce. According to experts, a 10-fold increase in consumer debt is usually associated with a 7% increase in the possibility of a split or divorce.

Among a couple where the woman out earns the man, the husband feels less happy and constantly suffers from a greater strife in marriage which ultimately leads to divorce. If a spendthrift woman earning a heavy amount marries a tightwad who earns less than his wife, such relationships are definitely going to lead to a split.

Money is needed for survival as without money it is almost impossible to lead our lives. But why let money bust your personal relationship? The more you give importance to the small things that matter within your relation, the better you can stick to the same.

Next article Reasons to Tap the Financial Strength of Your Home
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