Let’s face the honest truth: maintaining a strong, healthy, satisfying relationship takes a lot of hard work from both partners.
So, when financial issues arise, coping with the additional stress is often the breaking point for many couples.
Especially given our current economic climate, how can you and your partner successfully deal with the money issues in your relationship?
Remember, even though you two are a couple, you each bring different views about money to the table due to your differing backgrounds. For example, you may feel that saving for the future should be top priority. However, your partner may believe that life is short and you need to enjoy your money in the present moment.
Now more than ever before, couples are feeling financially stretched to the breaking point. The reasons for this are numerous. Some of the most common financial challenges are:
One partner is laid off
A business venture fails that both partners were involved in
The increased financial burden of caring for an aging parent
The rising cost of childcare
Conflicting personal attitudes toward saving, spending, debt management, etc.
So, what strategies are available that can be used to cope with these potentially detrimental money issues? The following are several tips that many financial and relationship experts recommend to help you obtain the greatest chances for success:
Communicate with each other This step may seem obvious, but many couples will often go through the most extreme lengths to avoid having a deep, meaningful discussion about their finances. However, this step is crucial. If you don’t communicate with your spouse about the current state of your fiscal affairs, it will be next to impossible to create a common goal for your financial future.
Compromise One very common trait among successful couples is that compromising with each other has become second nature. Compromise allows for more win-win situations than any other trait. In your money matters, it will become a necessary skill you and partner must both master in order to keep your finances on solid ground. For example your husband may want to purchase the latest, top-of- the-line, high-definition television. Instead, you prefer to place those funds in savings. One possible solution would be to suggest that your husband set aside funds on a monthly basis until the television can be purchased. Your husband will still get the television he desires, while you will be satisfied that a large, impulsive expenditure was avoided.
Get Professional Help If you and your partner can not discuss your money issues without conflict, seek the professional help of a financial counselor or marriage counselor.
Maintain Separate Credit Cards Keep a completely separate credit card in each of your respective names. This is done so that you both will maintain separate credit histories. It is unpleasant to think about, but the reality remains that if you have joint credit card accounts it will be next to impossible to get a loan, mortgage or credit card if you separate or one of you dies.
Create A Household Account A household account needs to be created. Next, designate who will be the bill payer. Often one partner is more skilled at managing money than the other. It would make sense for that partner to handle paying the bills. However, the other partner should be consulted on all financial matters as well as being able to handle all of the household’s finances.
Keep Separate Spending Accounts The honest truth is that often the best way to handle arguments about money is to agree to disagree. I highly recommend keeping your own personal spending account (this is separate from the household account) so that you each can spend your money as you see fit.
Finally, it is important to remember that you and your spouse more than likely come from different backgrounds, cultures, economic status, etc. These differences do inform your present attitudes about money. Be strong and make the decision to discuss your finances with each other openly and honestly. Keep in mind that you two are in this together.
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Let’s face the honest truth: maintaining a strong, healthy, satisfying relationship takes a lot of hard work from both partners.
So, when financial issues arise, coping with the additional stress is often the breaking point for many couples.
Especially given our current economic climate, how can you and your partner successfully deal with the money issues in your relationship?
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Relationships are not easy; whether it’s with your parents, siblings, friends, spouse, or girl/boy friend. There are many key principles to maintaining a successful relationship with your significant other. Setting aside for the purposes of this article that no one can make you happy, as it must come from within, if you implement the following concepts, your chances of a successful relationship with your partner will significantly increase. 
