When you’re in a couple, you share everything. You often share a home where you sleep in the same bed, cook in the same kitchen and stand in front of the same bathroom mirror to brush your teeth. You share friends and family and pets. You share all the good things in your life.
And naturally, you share the bad things, too. This includes your money problems.
Read about three money problems that could hurt a relationship and how you can resolve them.
1. Overspending
You have a habit of spending your entire paycheck before your next payday. When you’re single, your overspending can lead to a lot of problems. The situation is much more complicated when you’re in a relationship because your money mistakes can affect your partner’s life, too. Will they have to pay for bills, groceries or emergency expenses when you run out of funds?
They may be willing to rescue you from your financial missteps once or twice, but if they need to bail you out every month, they could get tired of this stressful pattern.
What can you do? Start by downloading one of the best budgeting apps on your smartphone. Then, set up a reasonable budget for yourself. Following those guidelines should prevent you from spending everything you have before your next payday.
Better yet, take a look at your new budget and determine how much you can afford to set aside in a savings account every month. This will be your emergency fund.
You can turn to your emergency fund whenever you get an unplanned, urgent expense that’s outside of your budget. If you don’t have enough savings, you can look into fast emergency borrowing options like an easy online loan. As long as you meet the qualifications, you can apply for an online loan. If you’re approved for it, you can use borrowed funds to deal with the emergency expense in a short amount of time.
Essentially, you want to set up backup plans that you can depend on when something goes wrong. Your partner shouldn’t be your number one backup plan in this scenario.
2. Not Spending Anything
You don’t overspend — you barely spend at all. You’ve tipped over from “frugal” into “cheap.” This can also pose trouble in a relationship, especially when you never spend money on your partner.
What can you do? See your relationship as an investment. You sometimes need to spend money to help that investment grow, whether it’s spending money on nice dates or buying thoughtful gifts for special occasions. You don’t have to spend everything you have, but you shouldn’t keep your wallet clamped shut either.
3. Lying about Money
Are you lying about your finances? Have you kept your debts a secret? Do you hide purchases? This is the most serious problem on the list, and it could put a huge strain on your relationship if you’re not careful. Lying about your finances to your partner is called financial infidelity — and some people consider it to be just as hurtful as a romantic affair.
What can you do about it? If you’ve been lying about your finances, you should try to come clean as soon as possible. It may be awkward or uncomfortable, but it’s better to open up to your partner sooner rather than later — and it’s certainly better than them finding out on their own.
If you’re having a hard time broaching the subject, you could do it through a couples’ counseling session with a professional.
Don’t let your money problems put a strain on your relationship. Deal with them before it’s too late!
