Problems Can Arise When Couples Are Not On The Same Page Financially
Marriage is a 50/50 arrangement, but when it comes to success, each person has to give 100%. In no area of marriage is this statement more important than when it comes to finances. When each partner is not fully committed to their financial goals, problems will ensue. Learn about some of the problems that arise when couples are not fully committed to their finances.
Financial Infidelity
A large problem that couples face is financial infidelity. In the same manner that infidelity commonly involves cheating on a partner, financial infidelity is no different. Whether one spouse is taking money out of a shared account without asking or is making large purchases without discussing it with their spouse, these actions are a form of financial infidelity. Not only does it hurt in terms of achieving your financial goals, but it is also a form of deception that can hurt a marriage significantly.
Not Budgeting
When each person is not committed financially, the idea of a budget often goes out the window. Instead, each partner will spend what they want, when they want, without any regard for what needs to be done around the house. In these instances, bills often end up being paid late, fees increase, and a couple finds themselves in an even more devastating financial state. Couples must be on the same page to create a budget and, most importantly, to stick to it.
Unbalanced Finances
Another issue that can arise when couples are not on the same page financially is unbalanced finances. In marriage, this type of scenario usually shows up in the form of one spouse being in good financial health and the other struggling. For example, one spouse may not have enough to meet their financial obligations monthly, while the other spouse has excess but refuses to help out. Yes, couples are allowed to keep their own financial identity, but when one partner in the marriage is struggling, the couple is struggling.
Get on the Same Page
Sometimes, fixing your financial issues within your marriage will require more than a conversation with your spouse. It may also require professional intervention in the form of a money management coach for couples. A money management coach will examine your marriage's financial woes and your goals to help you and your spouse get on the same page and work more aggressively toward greater financial health.
Take action so that you and your partner do not end up facing these challenges. Contact a couple's money management coach to learn more.