For many couples—especially those just moving in together or looking to purchase their first home—money can be a stressful topic. You might have concerns about how to combine your finances, who should pay for what and how to manage savings as a couple. Here are some tips for keeping your relationship financially healthy.
Be transparent. When couples are dishonest with each other about spending habits, it’s sometimes referred to as financial infidelity. This usually happens when couples have fundamental differences about how money should be spent or are embarrassed about spending money on something. When working out your monthly costs, be honest about how you spend money so you don’t feel like you have to spend it behind your partner’s back down the road.
Communicate. There are a lot of feelings tied to finances, so it’s not surprising that it can be an area of some distress. Emotions that are associated with earning your own money include power and accomplishment, while those associated with not having money include anxiety and unhappiness or unworthiness. Being open with your partner about how you feel when it comes to sharing finances (or not sharing finances) can help you understand each other’s perspectives.
See a financial advisor. If you and your partner just can’t agree on a savings strategy or how to fairly divide your bills, it might be time to involve a neutral third party. Many financial advisors are experienced when it comes to working with couples and can help you achieve your goals while maintaining the independence you both need.