Can you speak in a financial language that your partner understands?

It is often noticed that a couple strikes a very emotional and lovely chord between each other. But their feelings do not remain so cordial when they share their thoughts about finance. A difference arouses between them about their perspective on finance. If you too suffer from the same kind of problem with your partner do not worry you are not alone.

Recently a survey conducted by The Cashlorette which says nearly half of the American couples who are either married or in a live-in relationship, quarrel over money. The survey goes deeper intending to examine the core of the problem. The result is more shocking.

A major part of 60% of fights occurs due to the spending habit of the other partner. If the husband loves to spend money the wife expresses a strong objection to it or vice versa.

How to divide the billing amount or who will take what type of bill-paying responsibility also creates a ruckus in the house.

Even if the situation gets bitter, the result may end up in divorce. The Cashlorette report says 1 in every 5 divorce cases occur in America due to financial reasons.

That is why it is very important to make each financial decision after exploring everything in detail with your partner.

First of all, pinpoint the places, from where the war of words usually start

• How much to spend versus how much money to be saved- creating a balanced budget often causes problems for a couple.
• Dealing with debt- neither the husband nor the wife accepts the debt repaying responsibility willingly.
• Where you should invest and where you should not- individual personality has an individual choice and liking. A husband may not like the investment proposal given by his wife.

These 3 are the primary reasons that work beyond creating a mental distance between a couple.

Take an elaborate look on how to mend these problems between a couple

1.   Communication with your partner is the key regarding how to make a balance between spending & saving

Communication is the only key between you and your partner when there is a misunderstanding regarding how much to spend and what amount of money should be saved.

Truly speaking, it is very difficult to make a correct calculation between the spending and saving amount. You may think that it is the ultimate limit of spending and the rest of the amount will go for savings but your partner may have a different opinion about it.

So, how can you solve the difference of opinion between you and your partner regarding spending and saving?

As it is said earlier, you have to communicate properly with your partner. Convey to him/her about your concern regarding excessive spending.

You may take help from the online professional budgeting worksheets every month that will stipulate how much amount you can spend and why the rest of the amount should be saved. It is the core theme of creating a good family budget.

So, if you can communicate well to your spouse on the importance of making a balance between spending and saving, your financial goal is achieved.

2.   Convince your partner regarding the amount of money need to be saved for getting a secured future

In the US household, it is a pretty common picture that one life partner leans towards saving to get a financially secured post-retirement life in the future and the other half wants to enjoy the life fullest in the present.

It is usually another point, from where the dispute starts.

So, how to solve this dispute?

When you have good and informative financial planning in place it will be easier for you to systemize your spending and saving by cooperating with your partner.

Discuss with your partner first which is the ideal place for saving both of your money. Evaluate before him/her the importance of saving money in the 401(k) or 403(b).

Whenever you or your partner will get a hike, convince him or her about setting aside a major portion of money for saving purposes only.

Currently, online banks are giving more interest rates than brick-and-mortar banks. You can easily save your money in online banks.

But the point is to do everything after taking consent from your spouse. If he/she does not agree with your logic, you can take him/her to an experienced financial consultant who can clarify your saving-for-the-future logic more clearly before your partner.

3.   Think alike your partner when the family is dealing with debts

Debt often creates an ego between 2 life partners. The Federal Reserve report says that consumer debt has increased up to $4 Trillion at the end of 2019. It is not an insignificant debt amount.

The more serious matter is the high amount of debt and lack of communication between the partners on how to pay off the debt causes stress and anxiety in the family. Stress and anxiety may even lead to separation.

Is there any way to get out of debt and save the family from having unnecessary stress and anxiety?

You may go to a non-profit credit counseling agency and ask for debt consolidation to get out of debt.

Consult with your partner first then you can ask for expert help regarding how to utilize the debt consolidation process for paying off the debt. 

If somehow you are entangled in a payday loan then opting for legitimate payday loan consolidation companies may be the ideal solution for you.

4.   Turn to an investment partner of your spouse from the life partner

Investment is another crucial financial decision where consultation with your spouse is very much required.

·        Consult with your partner first then invest in stocks & mutual funds:

Though the latest fear of coronavirus has made the stock market pessimistic. Investors too are showing uneasiness to invest in the market or buying a mutual fund. But the situation is going to change soon for the better. You should start preparing for the future and start making plans for investment in the stock market & mutual fund after taking your spouse into confidence.

·   If your partner suggests you to invest in the REITs he/she may be taking a correct decision:

The REITs are obliged to return 90% of their profit to the investors and the profit must be given quarterly to the investors, as per the REIT law. It has made REITs a lucrative earning way for the investors.  You can invest in a publicly-traded REIT which is listed on a major stock exchange. So, if your partner has suggested you to invest in REITs there is no reason to snub his/her proposal.

The recipe for being a good family member is to understand from depth what your other half is trying to say or what his/her point of view is. So it is very necessary to understand the financial language of your partner as well as trying to speak in the same language. It is the only way of leading a happy and healthy financially secure family life.

Author Bio: Catherine Burke is a financial writer for online payday loan consolidation. She provides information on successful cash loans and payday loan consolidation to help people get over a difficult patch. She lives in Kansas and has earned a frame in the matter of payday loans.