Couple using their laptop and going through bills and other financial decisions at home.
Working through conflict and disagreements is a huge part of financial planning for couples. Financial conflicts between you and your partner other can go one of a few ways:
· One person admit and is happy with going with the other’s perspective.
· You come together and decide on a compromise that makes both parties happy and comfortable.
· You end up in a complete gridlock and can’t move forward on the issue.
· One person admits and is resentful of going with the other’s piont of view.
From a professional standpoint, I’d love if the first descriptions was always what I saw. However, from personal experience, I know the last three are all too common. I enjoy seeing every decision-maker in a household involved with their financial plan. This is not only from an empowerment perspective but also from seeing a fair amount of death and divorce where the parties left behind are devastated and overwhelmed by their financial situations. This is a discussion of three steps that couples can take to work through financial disagreement.
Example Of A Financial Disagreement
They say opposites attract, right? This can apply to everything from taste in ice cream to how you keep a budget. I am a very regimented person who tracks everything I spend and am careful about big purchases. I tend to attract people who have a relaxed budget concept and like the finer things in life.
Both parties need to start by understanding each other’s money beliefs and why they have the priorities they do. Maybe the regimented budgeter grew up in a family worried about money and has fears about not having enough to support themselves now or in the future.
Next, both partners need to come together and find a budget they can agree on. However, speaking from experience, some items can add a lot of living.
If the spender totally bends to the budgeter, they may hold bad or detached feelings toward things in their life. It could be the smaller house in the worse neighborhood or skipping the vacation needed for a reset. It can have a negative impact on the individual as well as the relationship.
If the budgeter completely bends to the spender, they can end up with the scenario of getting buried in credit card debt, living beyond their means, If the budgeter and the spender end up in a complete gridlock, it can lead to living entirely separate financial lives and never coming together on your ultimate shared financial goals.
This can include one person being entirely responsible for funding, home purchase goals, educational bills retirement funding and more. I’ve seen many scenarios where this leads to resentment and totally failed relationships.
You can apply this exercise to many of your own financial disagreements.
Conclusion
Because everyone is unique, the ability for financial disagreements can arise when you join your life with someone else. Implementing strategies to resolve financial conflicts, such as encouraging open communication, providing empathy about ingrained money beliefs, and compromising on a solution that works for both parties can ultimately lead to financial security and long and healthy relationship.
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Couple using their laptop and going through bills and other financial decisions at home.
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