Strategies to help couples avoid financial friction | Bradenton Herald

It’s nearly impossible to ignore the statistics that surround the topics of love and money. Money is the primary reason for arguments between couples, with many averaging three fights per month revolving around financial issues. Furthermore, three in 10 married adults admit to potentially deceitful behavior about money, and disagreements about finances are the most common predictors of a future divorce.

Why is it so difficult for money and love to peacefully coexist? Finances tend to be an emotional topic for most people and cause plenty of stress in everyday life, so many couples attempt to avoid these conversations at all costs. But no matter what the statistics tell us, money doesn’t have to be a stress point in a relationship.

Here are a few simple strategies that may help couples avoid financial friction:

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Honesty is the best policy

It’s important for both partners to offer full disclosure of their finances and be open about expenses, regardless of whether you’re married or live together, have joint accounts or separate bank accounts. You and your significant other should be aware of how you spend money, especially when it comes to expenses, loans or ongoing fees. Studies show that around 49 percent of financial arguments are about unexpected expenses. By maintaining an open line of communication regarding spending habits and upcoming bills, you may be able to avoid such confrontations.

Set healthy boundaries

It’s important for a couple to be on the same page regarding finances. Sit down and discuss how much can be spent per month on non-essentials. Establish and agree upon a few basic guidelines and create a structure for how you will spend and save money. If one of you is more disciplined than the other, consider having the disciplined spouse manage the monthly budget and spending.

Collaborate

Most often, one spouse acts as the household’s chief financial officer, managing all bills, budgets, savings, investments and insurance policies. However, it can be helpful for both partners to understand their spending versus their saving. If time allows, sit down together once a month to review credit card statements, account transactions and other bills and check for possible errors. Ongoing input from both partners will strengthen the relationship and create a true partnership.

Reward yourself

Set aside a portion of pocket money that you and your spouse can spend every month on something you love, whether it’s a massage, a round of golf or a steak dinner. Along with saving for long-term goals, set small objectives that can reasonably be accomplished each month and celebrate your success.

Enlist help of unbiased third party

Sometimes the best way to ease money tensions is to work with an objective third party, such as a financial adviser. An adviser can review your financial landscape and assist in establishing short- and long-term goals, help you stay on track as well as provide professional and knowledgeable advice.

Although the topic of finance can occasionally cause tension, money doesn’t have to become a constant source of concern in a relationship. Invest the time to address spending habits and savings goals, uphold transparency regarding purchases and communicate effectively.