How to avoid money arguments in your relationship

Many relationships have collapsed as a result of couples not being able to agree on money matters. Although your and your partner’s views on money might not be so plain and simple, the first step is to see what money truly symbolizes to each of you. Do you spend money as a sign of affection or to increase your happiness? Does having it make you feel successful or respected? Do you relate money with safety and security?

If you and your partner don’t always disagree about your finances, then try out these strategies that could help end the conflict once and for all.

• Create a joint financial plan

According to Yahoo! what couples fight about the most where money is concerned are debt, spending habits and saving money for the rainy days. So instead of arguing about the same things repeatedly, go over your financial goals and priorities together, and then have a plan that both of you agree on to tackle debt, maintain your budget, and invest for the future.

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• Have a plan for setbacks

You will have good financial times (bonus pay at work) and you will also have setbacks (e.g your car breaks down unexpectedly). Save yourselves the trouble of arguing about what you’re going to do during those unplanned moments by discussing ahead on what you’ll do in such scenarios. For example, you could agree that if one of you gets a bonus, half of it will go towards debt, a quarter towards savings, and the other amount split into your fun accounts. If not, when the time comes, you may get into a debate about using the funds for a vacation versus buying stocks.

• Give yourselves allowances

Most times, these arguments are all about control and freedom. It feels unfair that you’re not ‘allowed’ to buy that new gadget while your partner buys new clothes on a whim. The simple solution to this is set aside some ‘fun money:’ an amount each of you are free to spend (or save) every month, no questions asked. Or, you could set up a shared bank account, which you both deposit part of your income into, and then save a percentage for yourselves in separate accounts.