7 Financial Mistakes You Should Avoid in a Romantic Relationship
Mistake 4 — Being unfaithful financially
When we are in a dating relationship, everything is honey in flakes, and it is almost a sin to talk about money more than the basics, for example: who pays for dinner? Who pays for the movies?
In the US, for example, money issues are one of the top three causes of divorce. Although keeping good personal control and management of our finances can be a bit tricky, when we reach the stage where we want to share our life with another person or are already in it, the issue of finances becomes crucial for our relationship to be truly functional and lasting.
This is exactly where we have to pay a lot of attention because when it comes to living as a couple, there is also the issue of combining income, expenses, projects, and individual projects. And if we do not have a balance and good control of these aspects, it can happen to us what the saying goes:
“When money goes out the door, love goes out the window.”
It is essential that you talk to your love about your debts, loans, credit history, spending habits, and financial goals.
Having a relationship where you really feel free to speak your mind and comment on your worries, challenges, insecurities, emotions, etc., is the key piece that solves the puzzle.
So one of the main problems couples face today is over money!
7 Financial Mistakes You Should Avoid in a Relationship
In the world of relationships, finding the right method of managing finances with another person requires you and your girlfriend to be on the same page.
Mistake 1 — Not Talking About Money, Finance, Savings, and Investments
Lack of communication and money are the leading causes of divorces nowadays. So, the best thing to do is to talk and tell each other everything.
You need to talk with your partner about issues, such as expenses for a house (renting or financing), having a baby fund, emergency funds, investments, entrepreneurship, or even about a pet.
Mistake 2 — Letting Only One Person Manage the Couple’s Finances
By this, I don’t mean that it is wrong for one to work and the other not to, but I do mean that you need to make certain things clear, such as: Who will be responsible for managing the family budget, who will take care of the bank accounts, service payments, who should be in charge of managing the investments, etc. Will there be a designated person for each task, or will you do it together?
But you should also be involved in every step of the management and financial decision-making with your partner to avoid possible problems or financial mistakes.
Mistake 3 — Having Different Opinions About Money
It is common that in a couple, both of you have different opinions about money and this is totally normal, because this depends on our past, our parents and their relationship with money and our financial education.
That is why it is important to identify your ideas, thoughts, and beliefs about money, share them, and talk about them.
For example, who has a hard time spending money on themselves? Who spends a lot more? Who saves better? Who manages their finances poorly? Who… Identify yourself and assign yourself the best roles in managing your money.
Mistake 4 — Being Unfaithful Financially
Lying about your income, expenses or debts is the worst thing you can do in your relationship because the truth always comes out, and at the end of the day, it ends the couple’s trust.
From the time you are dating (or at least before you get married) it is important to talk about your income, expenses, debts, and goals for the future together that translate into financial goals.
The first big challenge is to see if your goals are really the same, for example, marriage. Because it is usually the first big expense you will have in your life as a couple and it triggers a whole series of stronger expenses: honeymoon, house, baby fund, etc.
Mistake 5 — Not Having An Emergency Fund
Not being prepared for the problems you will have in your married life is a time bomb about to go off.
Having an emergency fund of at least 3–6 months of your expenses is something that will save you a lot of stress and a lot of fights. Remember that the only thing certain is unforeseen!
Mistake 6 — Not Balancing Expenses
If both of you work, but one of you earns less than the other, it is important that you come to an agreement that each of you will put up your proportional share of the household expenses.
There is always the struggle of why? If he or she lived alone, they would spend the same, that’s fair. No, it’s not fair. Earning more money leads you to increase your lifestyle, and conversely, if you earn less, you have lower expenses.
Don’t force your partner to spend the same as you if you earn more, that’s not fair.
Mistake 7 — Not Educating Yourself Financially
This is basic! The goal of a life together is for both of you to support and grow individually and as a couple. And that includes money too.
Reading books, taking courses, managing your finances, and staying informed when taking out a credit card, debt, or investment will help you take your relationship and money to the next level.
Final Thoughts
“One gives what one gets and then one gets what one gives.”
It can be very expensive if you don’t speak your mind.
It can If very expensive if you:
Don’t learn to listen to the other person’s needs
If you don’t support your partner to achieve his or her goals individually
If you don’t set goals together
If you only discuss financial issues
If you expect your partner to do everything for you
If each of you doesn’t accept your financial mistakes
So talk, make agreements, and love each other very much.