Money issues are so troublesome that people who say they’re experiencing stress in their marriage or relationship cite finances as the number one reason that may ruin thier affair.
According to the Institute for Divorce Financial Analysis, issues pertaining to money account for 22 percent of divorces in marriages all over the globe.
The good news is that the following tips can help prevent money from destroying your relationship.
Don’t set yourself up for disaster
The number one mistake most couples make is spending too much for their wedding. While this doesn’t mean couples need to forgoing wedding festivities, those with limited budgets should do something smaller.
Discuss your financial position
Fully disclosing your financial situation with your partner before tying should be a must, regardless of how uncomfortable it may be. This is the time to mention outstanding debts, loans, income sources, investments or other financial assets or obligations to avoid money becoming a ruin to your marriage.
Stop keeping secrets
Keeping secrets from your spouse especially in the area of money can put you on the fast-track to marital mayhem. So many couples are hiding money or debt or charges and then the spouse finds out and its war in their marriage.
Hiding accounts or lying about big purchases can be toxic to the relationship and can lead to bigger emotional issues.
Give some breathing space
Conferring with your spouse about all of your purchases can feel very restricting, especially when you find yourself having to defend a purchase that your partner doesn’t endorse. It may be one of the reasons experts suggest a separate budget for each spouse on discretionary items.
Don’t forget the golden rule
Treat your spouse as you would want him or her to treat you. This may seem simple and obvious, but it’s something that a lot of couples forget to do, especially the longer they’re married. One of the biggest problems couples face when it comes to money is how they argue about it.