Financial issues are something that many couples argue about. While these can often be minor disagreements, sometimes these arguments can have devastating effects. Recent studies have found that arguments about money are more likely to cause the breakdown of a relationship than anything else. To prevent these arguments from occurring, you need to get these issues sorted as soon as possible and as a team. Burying your head in the sand and pretending everything is fine will only make the situation worse. Every couple will face varying types of financial issues throughout their relationship. Here are some of the most common examples and how you can deal with them today.
Damaging your partner’s credit score
If you and your partner share a home or car, it’s likely you have monthly repayments. If your partner fails to pay regularly or doesn’t pay in full, this could affect your credit score, as well as their own. Once you have a poor credit score, it can be difficult to get approved for loans, from mortgages to phone contracts. This can be frustrating for you both as you could be limited in multiple ways. To rectify this issue, you need to start improving your score and preventing this happening again in future. For instance, you might need to establish a more efficient budget that allows you to pay on time regularly. You could also visit AAACreditGuide.com or talk to a financial advisor for help and advice.
Spending money without permission
Many couples open up joint accounts as a convenient way of combining their money to pay for a multitude of things. But if you spend more than you put in, you are effectively spending your partner’s money. If you don’t ask permission to do this, this can cause a lot of tension within your relationship. Especially if you spend it on extravagant items, you have discussed buying previously. This also applies to taking money from their wallet without asking first. Many people will consider this as stealing. Always discuss what you spent your money on and always ensure it’s a decision you both agree with. For more advice on opening a couple’s joint account visit BusinessInsider.com.
Hiding your bank statements
If you have issues with debt or overspending, it can be tempting to hide your bank statements from your partner. You might also hide your purchases to keep them in the dark about just how much you have spent. A healthy relationship is based on trust. By not telling your partner about your spending habit or debts that you owe, you are not allowing them to help you. This can be seen as being dishonest and may cause them to think you are lying about other things too. This issue can be easily dealt with by being honest and open. Especially if you are planning on buying a house or want to get married in the future. So as difficult as it might be, tell your partner about everything and stop hiding.
If you and your partner are currently going through any of these issues, get the sorted before they become worse. That way there will be no reason for you to argue and your relationship can continue being healthy and strong.