Tips for Avoiding Money Fights with Your Significant Other

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Money is sometimes a sensitive topic, and because everyone has different wants and habits, money fights are common in relationships. If you don't do anything about them, your relationship can suffer. But there are some steps you can take to reduce these fights and ensure you and your significant other are on the same page. That way, you'll work as a team, not against each other.

Start Getting Out of Debt

Think about the amount of freedom you would have if you were not in debt. You might add up the amount of money you and your significant other spend on debt repayments each month. You might be surprised at the number, and it will likely motivate you to pay off the balances. Many couples find that paying off the debt can also strain their relationship since they have more financial freedom. 

You could start by researching a way to cut costs on your existing student loans. A student loan consolidation is a good place to start. When you combine your outstanding education bills, you'll be taking out a new loan, eliminate multiple balances, and have one low monthly payment to manage going forward.

Getting Things Out in the Open 

Make sure that you have everything out in the open with your significant other. Try not to go into the conversation ready to argue. Instead, the discussion should be about owning up to your actions and being prepared to forgive each other for past mistakes. It's sometimes hard, but you can choose how you react, so try to honor the other person. This conversation is the time to commit to changing your habits. For instance, if you constantly spend money, this is the time to stop doing so.

Set a Tight Budget

Learning how to budget is an excellent way of helping to strengthen your relationship. It's often life-changing, and you will find it helps you manage your finances much better. Each cent should have a purpose, whether that's going toward retirement, a trip, or a new car. When you stick to a budget, you and your significant other will be accountable to each other, helping you make money-related decisions while working together, not against each other.

The hardest part might be creating a budget you can each agree on, but once you have one and stick to it, you'll eliminate financial fights. When you create a budget together, you'll each be responsible for upholding it. And if you want to purchase something that's a want instead of a need, you'll have to see if there is room in your budget. 

Consider working room into the budget for fun things, like dining out or wants, and agree on how much each person can spend every month from that category. When you allow yourselves to spend something on fun experiences, you're less likely to deviate from the budget and splurge. Giving yourself some fun money makes the budgeting process more doable and helps you develop the habit of setting something aside each month.