Money can wreck a relationship. In fact, how they spend, save, and account for money is one of the leading sources of friction between couples. In virtually every study, money ranks as the first or second most argued-about topic for twosomes of all types.
Try to avoid these four common mistakes:
- Extremism. Work on changing your ways if you’re on either end of the spectrum from shopaholic to cheapskate. It’s a lot easier to have a meeting of the minds when both partners practice moderation.
- Secrecy. Don’t hide your spending from your partner. Once you lose your partner’s trust, it’ll be an uphill battle to win it back.
- Assigning blame. If both partners stay involved, one can’t blame the other for the household’s money troubles.
- Using money as a weapon. Spending to get back at your partner won’t solve your relationship issues, it will just make you unhappy and broke.
Ultimately, experts note that peaceful coexistence is possible if couples agree on three things: to live within their means, to take care of the future, and to still be willing to have fun with their money.
Priority First Federal Credit Union offers several savings and investment products like Share Draft (Checking), Regular Savings, Holiday Club, Vacation Club, Individual Retirement Accounts (IRAs), and Share Certificates that can help couples and families save more and avoid any financial pitfalls. Learn about Priority First Federal Credit Union savings and investment products