Balancing Love and Money: Tips for Financial Success in Your Relationship

Nonprofit credit counseling agency Take Charge America offers eight
tips for peace in finances – and relationships

PHOENIX–(BUSINESS WIRE)–Money problems can wreak havoc on relationships, especially for couples
with vastly different upbringings or clashing spending habits. A
Citibank survey recently revealed 57 percent of divorced couples cited
financial issues as the reason for ending the relationship. The good
news is that a few simple strategies can help resolve money conflicts.

“Many people enter relationships without discussing their attitudes
toward money,” said Mike Sullivan, a personal finance consultant with
Take Charge America, a national
nonprofit credit counseling and debt management agency
. “It’s not
particularly fun or romantic, but open and honest communication about
finances will go a long way in fostering a happy, healthy relationship.”

Sullivan offers eight tips for couples seeking financial bliss:

  1. Honesty. Before committing to a relationship, commit to being
    honest about your finances, even if it requires a difficult
    conversation with your significant other. Don’t hide purchases, keep
    secret credit cards or cover up your debt.
  2. Financial philosophies. One of you may have dined with a silver
    spoon, while the other always scrimped and saved. Talk through your
    attitudes toward money, and establish mutual ground rules for areas
    that could present problems.
  3. Combining finances. Decide together if it’s best to combine
    your finances or keep your money separate. There is no one right way –
    it completely depends on individual preferences and life circumstances.
  4. Roles and responsibilities. From doctor’s bills and mortgage
    payments to cell phones and car insurance, there are lots of financial
    responsibilities to juggle. Determine who will be responsible for
    what, at which times. Post a schedule if necessary.
  5. Monthly budgets. The heart of any financial plan, creating a
    budget and sticking to it will strengthen your finances and your
    relationship.
  6. Spending limits. Agree to consult one another before making a
    purchase that exceeds predetermined limits.
  7. Debt repayment. A 2015 study by Pew Charitable Trusts found
    eight out of 10 Americans carry some form of debt. Work with your
    partner to create a debt repayment strategy, and celebrate milestones
    together.
  8. Financial goals. Saving money isn’t exciting without a goal in
    mind. Set goals that inspire you both, like having children, buying a
    house, saving up for a dream vacation or getting out of debt. Lean on
    one another for accountability.

For more financial tips, visit Take
Charge America
.

About Take Charge America, Inc.

Founded in 1987, Take Charge America, Inc. is a nonprofit agency
offering financial education and counseling services including credit
counseling, debt management, student loan counseling, housing counseling
and bankruptcy counseling. It has helped more than 1.6 million consumers
nationwide manage their personal finances and debts. To learn more,
visit www.takechargeamerica.org
or call (888) 822-9193.

Contacts

Aker Ink
Andrea Aker, 602-339-7339
andrea.aker@akerink.com