Financial stress is one of the many hurdles in a relationship, and there could be several reasons for it. Failure to manage finances efficiently, rising market prices of goods and services due to inflation, unlivable income, and many more. Amidst all these, how do you and your partner work as a team to not let the relationship break under pressure?
In what situations can couples find themselves in a financial pinch?
Money is a prominent cause of stress in a relationship. However, it’s only a constant variable in a multitude of situations that can prompt financial stress.
What are some of the possible scenarios that can cause financial struggles between couples?
- One person in the relationship is unemployed.
An obvious impact of not having a job is not having a source of income. This can lead to several problems like not having the means to pay rent, buy necessities, or settle pending debts. This, in turn, can spark arguments and tension and strain the relationship. This can also take an emotional toll when one feels like they’re not contributing or doing their part in their commitment to the relationship.
- One person in the relationship is going to jail.
Aside from the fact that imprisonment will take away a person from their loved ones, it also means that they won’t be able to work and contribute to the finances any longer. Instead, The financial burden often falls on the person who is left behind. Furthermore, there are the added expenses of traveling to and from prison for visiting schedules, paying for calls, and other communication.
It can be difficult, but it’s important to talk about your finances when one of you is going to prison. It will help you make the best decisions for the future and may provide comfort and support through this painful time.
- One person in the relationship is sick, injured, or has a disability.
When one partner is sick, injured, or has a disability, they need a lot of care and attention. Not to mention that they’re most probably unable to work, and the couple may have to rely on the other partner’s income. This can cause financial hardships, adding to the need to pay for medical bills and further expenses related to the illness or injury. The burden only gets heavier when the couple doesn’t have health insurance.
- There are existing debts that need to be paid.
When couples have separate debts, it can be difficult to track who owes what. This can lead to missed payments and late fees, which can add up quickly. Additionally, couples may have different spending habits – possibly leading to one partner accumulating more debt than the other. If one partner has poor credit, this can also affect the couple’s inability to obtain loans or lines of credit.
- One person in the relationship has vices.
Vices are never a good thing. Whether it’s gambling, smoking, or drinking, these habits can drain a bank account and lead to financial ruin. Worse, the partner will most likely be on the hook for half of the debt. Couples should be honest with each other regarding these things and come up with a plan to overcome the habit.
Money Management Tips
Financial difficulties in relationships are inevitable (unless you’re part of the ultra-rich, and every day is a perfect day filled with sunshine and rainbows). The good news, though, is that there are ways to handle and manage your money better.
- Talk about your finances early and often.
Constant communication is essential to any commitment. This also proves true when it comes to the subject of money. Discuss your finances as a team, and always be honest with your partner. Doing so can help you identify potential money problems and work on finding solutions together.
- Make a budget, and stick to it.
One of the best ways to effectively handle finances is by creating a budget. This enables you to track your income and where it goes. Consider everything that requires spending, and make careful decisions on how you’d divide your finances to cover all your expenses efficiently. Note that once you’ve made a budget, it’s best to stick to it.
- Talk about your financial goals.
Take the time to sit down and confer on what you want to achieve financially. Staying on the same page as your partner will push you to work together towards a common goal. Whether you’re saving for a house, preparing for retirement, or trying to get out of debts, setting and working towards financial goals can help you stay focused and motivated.
- Make a plan for tough times and unexpected situations.
No one knows when tough times will hit. But when it does, it’s always in your best interest to be prepared. Talk about what you would do in case one of you lost your job or in the event of a medical emergency. Make contingency plans. You’re no secret agent or badass spy, but always have a Plan B!
- Take a break from spending – work together to find ways to save money.
Examine your expenses, and identify where you can make cuts on your spending, even if it’s just for a while. This can free up some extra cash you can utilize during challenging times.
- Be willing to compromise.
Flexibility is key. During difficult times, if one person wants to save while the other wants to spend, you’ll need to find a middle ground that works for both of you. You should come to terms with each other’s attitude towards money and work your way through making decisions that would deliver the best results.
- Seek professional help.
If you’re struggling to manage your finances and the stress is becoming too much to handle, do not hesitate to seek professional help – may it be a financial advisor or therapist. There are many organizations and other available resources that help couples worm their way out of tough financial situations.
Wrapping Up
There’s no easy way to overcome financial difficulties. It’s not something you can sleep on, and expect to disappear in the morning. But by supporting and motivating each other, you and your partner will eventually weather the storm, and come out of it stronger and wiser.
