In today’s world finances are a common reason for couples arguing as money is a finite commodity. It is important that couples agree on how it will be managed and distributed. Conflict over finances can be emotionally and mentally draining and it is important to learn how to resolve such matters in a peaceful manner. The following are some tips that couples can employ to productively and peacefully resolve financial issues.
The first and most important step to take is to have open and honest communication on the issue. The key to successful resolution is to have both partners on the same page, and able to express all concerns, ideas, worries, and expectations. Be sure not to berate your partner or make them feel guilty due to the financial issue. This can create further resentment and anger which is counter productive.
Another way to come to a peaceful resolution over finances is for couples to create a budget together and stick to it. Establishing a plan for how money is going to come in and how it’s going to be spent can alleviate any conflict or disagreement on how money is prioritized. Utilizing a spread sheet or computer program to record spending can help keep both partners honest and transparent about their financial activities. Couples should also think of creative ways to save money. Learnto find new and innovative ways to save such as; No spend weeks.
Create a budget and stick to it. This will help people identify their financial priorities and determine how much money to allocate towards necessary items/activities and how much to save.
Take advantage of rewards programs. Many banks, stores and credit card companies offer rewards programs that can help the couple save money through discounts of points that can be redeemed for valuable items or services.
Make use of coupons. Coupons are a great way to save money on necessary items.
Consider cheaper alternatives. Consider options for services such as investing in a shared streaming service like Netflix. Ask friends for advice on less expensive options for furniture and appliances. Research large purchases in advance and search for the best price.
Cook at home instead of eating out. Huge savings can be had by meal prepping lunches for work and always having your coffee at home as opposed to buying from a shop.
Shop around for the best deals. Compare prices online and in stores to get the best deal possible.
Use cash instead of credit cards. Paying with cash eliminates the temptation to overspend and can help the couple stick to their budget.
Travel during off peak periods. Rates are less expensive during off peak times and couples can save a great deal of money.
Take advantage of free entertainment. Visit local parks or museums with free admission days or watch a movie at a friend's house.
Save on utility bills. Make sure to turn off the lights.
Make saving money a priority. Couples should save 10-15% of their income for retirement and other major life expenses. The money should be allocated in a variety of savings vehicles such as 401K or IRA accounts, bank accounts or any number of investment vehicles, like real estate.
Spending wisely means setting realistic budgets that include expenses for both present and long-term needs, this will help to avoid debt accumulation over time. Increasing income creatively with side hustles can boost future financial security. Seeking new sources of additional income will help the ability to save each month.
Couples should also ensure that they have adequate insurance policies such as life, health and disability to protect their financial wellbeing.
Always reassess the budget when one or the other starts making more or less money. It is important to reassess and adapt to any changes in income. This helps to provide financial clarity on financial decisions and expectations in the relationship. Reevaluate the situation on a regular basis to determine if an adjustment could be made to alleviate stress, like finding a more affordable living situation.
It is important to recognize each party's contribution to the relationship regardless of income disparity. Taking time to feel appreciation is essential for both parties to continue to do their best.
Reach out to family and friends for help like babysitting, transportation or emotional support. Finding creative solutions if one partner is unable to work such as part time employment, a work from home job or freelancing.
Sharing responsibilities like household chores and parenting is an important part of the function of the relationship and stress management. Nurture the relationship in spite of the stress and remember to nurture yourself. Spend quality time together and create healthy ways to cope with additional demands.
Seek professional guidance. If stress in the relationship is becoming unmanageable, a financial advisor or couples counselor can help.
