Even the closest couples can have a problem when it comes to talking about money. For some reason, finances remain a somewhat taboo subject, and many couples actively avoid talking about their credit scores, savings, or debts. The problem is that talking about money is absolutely vital for a long-term, healthy relationship. You might not need to discuss your life insurance plan with a one-night stand, but if you are in anything like a serious relationship, then there are plenty of real reasons why you should take the time to discuss money issues. Here are the three main reasons why discussing money is so essential for a stronger relationship.
Financial Compatibility
People have very different relationships with money. Some are frivolous, while others hoard. That can lead to arguments, and even couples who have what seems like the perfect relationship could still be arguing constantly over their finances. When we’re in a relationship, much of what keeps it secure is a compromise. Unfortunately, too few couples sit and discuss their finances so that they can come to a compromise as to how it should be treated. Wherever you are in your relationship, having the “big talk” about money could be one of the best things you can do to ensure that you’re still together long into the future.
Sharing Your Life
Whether you’re married or you’ve been together for a while, your lives have become inevitably intertwined. That includes your bank accounts. They say that when you marry someone, you’re also marrying their financial situation. If you haven’t been honest about your credit score and your partner wants to pay for a new home renovation, then that’s going to lead to heated discussions about that lack of trust. Of course, it’s good to know that even in those situations, you’re not completely out of luck because you can still get bad credit loans if needed. Of course, by not being honest about money in the first place, you open the door to arguments that could devastate your relationship.
Financial Infidelity
If your partner is working hard to save up to create a stunning high-end kitchen or a new car, but you keep on spending with your credit card, then your relationship is going to be seriously jeopardized. Financial infidelity isn’t just about spending money frivolously while your partner lives a more frugal life. It also refers to undisclosed debts that will affect your future, overdrafts, or even secret credit cards. Learning how to work together, or as Lifehack suggests, learning how to stop spending money unnecessarily, can be one of the best things you ever do for your relationship. Part of the problem is that financial missteps can have long term consequences that can take years to recover from. In worst-case scenarios, the relationship or marriage could be doomed to fall apart, and the financial aftermath of a divorce can be devastating at even the best of times.
If you want a relationship that’s a partnership based on trust, then you need to get over that discomfort of talking about money. It can be tough to admit that you’ve made financial blunders, but the more open and honest you are about your money situation, the stronger your relationship will be.
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