Are You Financially Compatible?
When it comes to money, most people fall into one of two camps – ‘spenders’ or ‘savers’. Spenders generally spend their money as soon as they get it and believe that money is there to be enjoyed. They don’t mind borrowing to buy the things they want. Savers, on the other hand take a much more restrained view. They consider all the options carefully before parting with their cash and generally won’t buy something that they can’t afford.
If you and your partner have differences of opinion when it comes to spending and saving your money, then it can lead to serious arguments. In a survey of 2,000 adults, the counselling organisation Relate found that money is the most common cause of arguments and is responsible for 44 per cent of rows within relationships.
Our attitude to money is often deep-seated and is usually a result of our upbringing, so whether we are a spender or a saver it can be difficult to see things from another person’s point of view. If rows about money are causing stresses and strains in your relationship, then it’s important to take control of the situation as quickly as possible.
Find the time to discuss your attitude to finance. Don’t let it become an argument; just give each other the time to explain what your financial goals are. It might be useful to sit down once a month to review your finances and plan for the forthcoming months. If you do have different approaches to money, you may be able to find a compromise by deciding how much to save each month and how much to spend on treats.
If one or both of you is in debt then it’s important to be honest. Once you’ve brought the problem out into the open, you can begin to form a plan to deal with any debts.
Consider having a separate bank account for household expenses. This way you can both pay what you can afford into this account and arrange for your bills to be paid directly from it. This should help alleviate monthly arguments about who should pay for what.
For further advice on how to manage your money within a relationship, visit: http://www.moneyadviceservice.org.uk