Financial issues might be the only relationship problem that exists before, during and after the existence of a relationship. They might even be a deal breaker or a cause of ugly fights during the courtship stage- way before the actual relationship.
Especially if your significant other falls under the category of 'high maintenance' or a partner who is not financially savvy. Couples who find themselves having money woes are advised to take a step back and have a serious discussion about their financial deficiencies.
Here are some of the problem-solving strategies that every couple can undertake in their relationship:
1. Honesty is the best policy
Both partners should be honest about their current financial status both before they decide to move in together and well after they do so. If the combined finance cannot uphold the lifestyle then the couple should undercut their expenses.
2. Approach the discussion with a cool head
Trying to address your financial woes on the heels of a heated argument won't help in finding a lasting solution for your problems. It's advisable to set aside a convenient time for the couple to go over their financial assets and liabilities.
3. Find balance in your spending tendencies
Acknowledge that one partner may be a saver and one a spender, understand there are benefits to both and agree to learn from each other's tendencies.
4. Play fair and be genuine
Hiding sources of income or understating your cash inflow is not advisable in the face of financial adversity. Tell it as it is.
5. Divide financial responsibilities
To avoid disputes construct a joint budget that includes savings and liabilities. Then decide which partner will be responsible for various bills as and when they accrue in accordance with their financial muscle.
6. Allow for financial independence
To avoid feeling trapped and dependent, it would be wise to allow each person to have independence by setting aside money to be spent at his or her discretion.
7. Plan for both the short-term and long-term
Decide upon short-term and long-term goals. It's completely acceptable to have individual goals, but you should have family goals, too. Talking about caring for your parents as they age and how to appropriately plan for their financial needs if needed could also be part of the discussion.