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Resolving Money Issues

August 9, 2012

When a relationship begins, one might be very casual and free about money. In the initial phases, both partners are extremely understanding and generous in money matters. The excitement of the new relationship makes one forget everything, and people divert money earmarked for other things in order to spend it on their partner. Expensive gifts and dates become very common at the beginning of a relationship. Initially, people make a lot of financial sacrifices. For example, one might just divert the money one saved to buy a new pair of jeans, in order to spend it on a date.

As the relationship progresses, the excitement slowly dies down and people realize that they can no longer spend as much. Money regains its value in our life and we start thinking in a more balanced way. Money issues usually crop us between partners who are married or are in some sort of a live-in relationship. In such issues, there are a number of daily expenses – food, water and all sorts of living expenses. Along with that you have monthly rent, monthly electricity bill and also other expenses such as clothes, etc. In such a relationship, it is only fair that the partners share the expenses, since both of them are living in the same house and consuming the resources. These matters sometimes lead to disaccord and subsequent problems. It is important to sort out the issues so as to ensure a healthy relationship and tension free life.

One should do a number of things to sort out these issues. The first step is in being honest. One should be absolutely honest about their financial resources. Then only can an honest assessment be made regarding the expenses they can manage. Secondly, the partners should divide up expenses. They should sit down and have a conversation about the entire finances. They could make a list and then divide the expenses between them. Dividing the expenses should be made in such a way that the common expenses be divided between them, and each one should be responsible for their personal expenses. For example, one of the partners could pay the house rent while the other can pay the electricity or water bill. But personal expenses such as alcohol expenses, for example, should be borne by the partners individually. It would be really unfair if one of the partners has a particularly bad drinking habit and the other is made to pay for it, unwillingly. The expenses must also be divided in the ratio of their finances. For example, a partner earns much more money than the other. Then they could lead a decent lifestyle, with the high earning partner paying more than the low earning partner. In an emotional relationship, such compromises and adjustments should be made, and both partners should be okay with it. One should not complain about paying more than the other, because that will lead to problems. Another thing that should be respected is personal savings. One of the partners might be saving money for their sibling’s higher education. This must be respected by both partners.

Hence, when it comes to finances, talking about finances and planning things go a long way in preventing any type of disharmony. There should be understanding and compromises, and that will ensure that both partners lead a happy life.

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