Published by Taylor Financial Group (for women)
If my husband and I each had $100 to spend right now, we would probably spend it very differently. I guarantee you that he would purchase some type of golf gear or some new technology “toy.” I, on the other hand, would likely take a friend out for some drinks and a nice dinner (girl time is the best time!). Either way, we both like splurging every now and then. But we also have established budgets and agreed on ways to manage our money so that the occasional splurge doesn’t result in a bigger problem. It is true that money is a common issue for couples. However, here are some tips to help you manage your money and your relationship.
First, you must be honest about your spending habits. Financial infidelity is a common “killer” in relationships. Your spending should be out in the open and shared with each other. For example, if you commonly spend $400 on new clothes every month, there’s no reason your partner shouldn’t know that! This opens the door for discussion about the expense, if necessary, and helps avoid trust issues down the road.
At the same time, you and your partner should maintain some form of financial independence. Let’s be honest with ourselves, we all like to celebrate life’s little moments at times (like getting through another week alive!). Maybe you like to get a regular manicure/pedicure and your husband likes to purchase an expensive bottle of bourbon for when he watches Sunday football with his friends. That’s totally okay! It’s important that you each allocate that money to yourselves and allow yourselves to indulge. Giving each other financial independence and setting spending limits will help you both feel free to spend (within your limits), while preventing you from keeping secrets and losing control of your finances.
Lastly, always invest in your relationship! Studies show that spending money on experiences brings more happiness than spending money on things. So, when you have that extra money, buy two tickets to a show on Broadway, or reserve a couple’s massage, or do anything else you both would enjoy together. Sharing those experiences and spending that time (and money) together will no doubt be positive for your relationship.
Managing your money doesn’t have to be complicated. If you’re feeling overwhelmed with your finances (in a relationship or not), contact us today to find out how we can help you regain your confidence and take control of your financial life!
NY Times, Here to Help, January 2018