4 Steps to Avoid Money Issues as a Couple

Couple budgetting together on laptop while drinking coffee smiling

January 5, 2020

The wedding day is over in a blur; your thoughts now go to the future. Managing your assets together can be a constant argument if goals and plans are not part of an open discussion. Arguments and stress about money are one of the most significant reasons marriages break down. If not discussed, money can create resentment and ill-feelings towards your partner. So how do we avoid these major issues?

I believe there are at least four things that you must do to give yourselves the best chance of avoiding these common issues. The three-way relationship between you, your spouse and money can be complicated. Creating a mutual understanding can go a long way to having a better money relationship and removing money as a taboo topic in your home. Mastering money management while you’re a couple can also give you a foundation for raising financially responsible children.

1. Get on the same page.

Easier said than done, but honest, open communication is essential here. Too many people go into relationships without a good understanding of the other person’s views regarding money. It may not be your view, but if both of you agree on the fundamentals, then that can avoid much stress down the line. ?

2. Decide together on how you are going to combine your finances.?

This is an essential step and really should be done before you move in together, but if you still haven’t finalized this, then there is no time like the present.

3. Regularly visit your relationship with money together.?

As we go through life, our views and decision making processes change. Before you may have valued money over time and now, it’s the other way around. Making sure money isn’t a taboo topic in your household can ensure you stay on the same page with personal finances. Talking about your finances shouldn’t come with any strong negative emotions; But if it does, you are not alone; maybe now is the time to consider the services of a qualified professional.

4. Create financial goals together.?

Imagine a puppet controlled by two different people, one for the left side and one for the right. If both people aren’t synchronized, then even basic movements will fail. It’s difficult within a relationship if you work against each other and even more so with finances. Any financial goals that you have should be as a couple; this way, any decisions you make together have a common goal at heart.?

It is not easy for a couple who may have opposing views about money to come together and agree on how to use it. But it must happen if you want the relationship to last. If you are having issues here, seek the help of a professional who can help guide the conversation to a more constructive outcome.

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The information contained in this report was obtained from sources believed to be reliable; however, we cannot represent that it is accurate or complete. This report is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell any securities. The views expressed are those of the author and not necessarily those of Credential Qtrade Securities Inc. Mutual funds, other securities and securities related financial planning services are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc.

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