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Is your significant other making money mistakes that are affecting you?
Staying on a budget can be challenging, especially if not every member of the family understands what needs to be done.
If your significant other is making a money mistake that’s affecting you, then you’ll want to take a look at these tips.
“Couples fight over money more than other things like chores, what’s for dinner and togetherness,” said money savings expert Andrea Woroch. “But a lot of people overlook that aligning financial views can lead to a better relationship, more romance.
Money can be a big source of strife with your significant other, especially if you don’t do this:
“The first common mistake I see a lot of couples make when it comes to money is postponing the ‘money talk,’” said Woroch.
The expert says that talk should come any time a relationship goes from casual to committed. You should understand how you view spending and saving and what financial goals you have.
Another mistake: Hiding purchases from one another.
“Maybe they don’t want to hear the other person nagging, ‘Why did you spend this money? You already have something like this. We don’t need this. It’s not in the budget,’ right? These are the types of fights that a lot of couples run into.
That leads to resentment and broken trust.
Woroch says to work on a household budget together. Pick your financial goals like paying down debt and saving for your children’s college fund. And set aside free money in your budget so each of you have a spending account.
“Talk about your credit scores,” Woroch added.
Credit health is important and you should be checking it. Get your free credit reports and look for fraud, and if credit is a problem, rebuild it together.
“Talking about tough topics like potential job loss or potential death isn’t romantic. But a backup plan, having life insurance and a will can help you get through any tough times, and it ensures your family, your spouse, your partner, is financially protected no matter what. What happens if you pass away and you split the household bills? How will you pay the mortgage and for child care? These are things that you have to talk about.” she said.
Experts recommend having 3-6 months of emergency savings and to put together a will. That can even be done online with websites like TrustandWill.com.
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February 25, 2021 at 07:53PM
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