According to a recent survey, money is one of the most common reasons for both sleep loss and divorce. Financial stress not only leads to anxiety for many, but is also one of the key factors that can lead to conflicts in a relationship. Finding alignment on money matters should be a top priority in any serious relationship (and may help you sleep better at night as well!), but many struggle with finding ways to have these important conversations. Here are five money-related issues that anyone in a long-term relationship should avoid:
1. Financial Infidelity – Dishonesty about money issues is a very common problem and is a key factor in ending a relationship. Whether lying about purchases or hiding massive credit card debt, holding back on financial information is lead to massive trust issues in any relationship. Partners should find a way to talk openly about their financial situation before it leads to problems in the future.
2. Being too controlling or judgmental – Feeling like your significant other is stopping you from buying things you want can often lead to serious problems in a relationship. It is helpful to decide on an amount of money that each partner can spend with no questions asked and don’t judge the things your partner might want to purchase. Make this amount something that works within the budget of your relationship so it doesn’t lead to further issues down the line.
3. Not talking about your finances regularly – Talking money might often lead to arguments, but it’s imperative not to avoid these conversations. These discussions should be about budgeting, setting joint financial goals and finding ways to agree on what to spend and save.
4. Refusing to Compromise – Both partners in a relationship need to realize they might not always get their way when it comes to money. You should continue to discuss financial matters until you can come to an agreement on something that works for BOTH.
5. Failing to Set Joint Financial Goals – It is extremely important for couples to set financial goals that they both agree on. If you are both in agreement on what your needs/wants are, then there is less likely to be an issue when it comes to deciding what to spend money on.
The keys to successful relationships regarding financial issues are transparency, setting clear goals and compromise. Keeping the conversations flowing regarding money matters is integral to a healthy relationship. As relationships continue to change and evolve, it’s important to continue to have these discussions in an ongoing fashion. Keep experimenting with different methods until you find one that works best for you and your significant other and remember to always try to keep an open mind. These discussions might just be the key to a better night’s sleep AND a more successful and happier relationship.