Stop Fighting About Money and Start Working Together
Real Relationship Advice
Thank you to Samantha Peters for this guest post.
Couples fighting about money isn’t the solution to debt problems. As long as both of them are occupied with bad spending habits, it will be difficult to gain control over finances. In the following article we look into a few bad spending habits that couples cultivate and see how they can work together to overcome them…
Bad Spending Habit #1: Spending More than You Can Afford
If you think logically, you cannot spend more than you make. It’s not possible. If your pay is $2,000 a month, you can’t have $2,500 worth of expenses. But the fact is that couples often tend to indulge in spending money that they don’t own.
Right from borrowing from friends to using credit, there’s always some way or the other to go on a spending spree without any sort of calculation or preparation. However, this can only go on for so long. A time will come when your credit cards are maxed out and nobody is left to lend you money.
Solution: As a couple, work out your expenses and help each other keep your spending within your monthly income. This way, you create peace of mind for each other and not debt. Also try and reduce your spending (at work and outside) so that you can use the extra money to pay off your debts.
Bad Spending Habit #2: Spending What You Don’t Have
Every couple knows that spending money that they don’t have will get them in debts. But they still do ahead and do it. Money that you still have to earn does not exist yet. So depending on it and using credit cards or taking loans is not the way to go.
When you use credit card money or loan money to buy new things or pay your bills, you’re only increasing your own debt. And if even with both of you working you’re unable to repay this amount, the debt will only grow.
Solution: The best way for you, as couple, to break this bad habit is to bring down your expenses and rely only on your existing income to fulfill your wants/needs. Also, you should find the best savings plan to help constructively save more money.
Bad Spending Habit #3: Using Credit When You Have Cash
Being a couple you need to learn how to manage your money. The bad habit of choosing credit over cash when you have cash can be damaging. If you don’t want to pay the cash today, chances are you won’t want to part from it tomorrow as well.
Solution: Finding the best credit offer and using it smartly is good, but you also need to understand that relying solely on credit is not right. You should cultivate the habit of paying the money you’ve earned, so that you don’t have to pay more in the future.
Every single step that you take as a couple to stop fighting over money will help you work together on bringing your finances under control – always remember that.