In my years of advising couples on their finances, I’ve identified key red flags that can harm your bank account and your relationship.
Here are the top 3:
- You hide money and debt:
The first major no-no is hiding money and debt from your partner. This move screams mistrust and fear. When you’re in a committed relationship, transparency about finances is non-negotiable.
Hiding your financial reality doesn’t protect your partner; it undermines the foundation of trust in your relationship. If you’re struggling with debt or financial issues, the best approach is honesty. Facing these challenges together not only builds trust but also allows for collaborative solutions.
- You have different financial goals:
The second big mistake is having divergent financial goals. It’s like trying to travel to two different destinations at the same time – it simply won’t work. It’s crucial for couples to sit down and align their financial objectives.
Whether it’s saving for a house, planning for retirement, or budgeting for vacations, being on the same financial page is key to a harmonious relationship. Differing goals lead to conflicting paths, and this dissonance can be a significant strain on any marriage.
- Not understanding each other’s Money Personality
We all have a money personality based on our money memories and experiences as a child and into adulthood. These are deep experiences that made us who we are today. If you ignore this golden piece of information about yourself and your partner, you are missing a big opportunity for connection in your relationship.
In a marriage, money matters need as much care and attention as other aspects of your relationship.
The key to avoiding these pitfalls is communication. Regular, open, and honest discussions about money can help prevent these issues from taking root. Remember, it’s not just about managing your money; it’s about managing your relationship with money and with each other.
If you’re finding it challenging to navigate these waters, remember, you’re not alone. I’m here to help couples find common ground in their financial journey, seeking to ensure both their bank accounts and their relationships remain healthy.
* The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Investing includes risks, including fluctuating prices and loss of principal. No strategy assures success or protects against loss.