Finances and Fiances: Why is it so Difficult to Manage Money as a Couple?
I’ve heard many times that money is one of the most common causes of conflict among couples. It is true, that differing views on finances cause many arguments, break ups and even divorces.
They also say that "money is the root of all evil." Whether this is complete truth or partial exaggeration, this statement has been proven many times throughout history. But when it comes to matters of love, why does money have such a detrimental and significant impact on our significant others?
Managing money, like love, is a very personal thing. It relates to our core values and upbringing. While opposites may attract and make for a great couple, opposite views of how to manage money do not make for a good combination. When spenders mix with savers conflict is bound to arise – unless you can find a happy medium.
Here are a few tips to help find that happy medium:
- Communicate about your spending and saving priorities so that you and your partner can make sure you’re on the same page. Investing in some personal finance software for Mac, would not be a bad idea either.
- Make a plan together and stick to it so that you can work toward a common goal as a couple.
- Be honest about your financial situation including debt, income, and upcoming expenses so that you and your significant other can build trust.
- Find the best CD Rates and invest accordingly.
Finally, if you and your significant other simply can’t agree about how to manage money, it may be best to keep your finances separate so that while you can enjoy each other’s company, you each maintain your financial independence.