It is well known that couples often fight over money. Research indicates that many divorced couples report disagreements on finances and economic stressors as a leading cause on why they believe their marriages failed. Being a united front on finances can be crucial in making both partners feel safe and equal within the marriage. Cohesion on financial matters can also be a reminder that you are working toward long-term goals, together.
Here are some guidelines on how couples can arrive at financial cohesion and unity:
Set a dollar amount
Studies show that happily married couples often report that creating ground-rules can help build levels of trust when tackling important life issues. Creating ground-rules around money can help both parties feel safe and trusting of each other’s spending habits. Agreeing to let each other spend freely only up to a certain dollar amount can be an example of a ground-rule around money. A couple can agree and promise to consult each other anytime spending exceeds a certain number—a number that the couples agrees on and determines together. Negotiating and determining the ground-rule together can also help to create feelings of solidarity and teamwork.
Get a joint credit card
Studies show that couples with joint finances often report feeling support, trust, and unity with their partners. A joint credit card can be a great way not only to foster a feeling of sharing within the relationship, but it is also a way to build credit together. Building credit together can be a great way for the couple to feel as though they are working toward long-term financial goals and building a life together that has a future.
Save for a rainy day
Studies show that perceived rewards can not only improve mood but can also increase motivation. Couples who save together can enjoy the opportunity of rewarding each other for working together toward a financial goal. Couples can set savings goals together and then reward each other with gifts or a night out together once they have arrived at their set savings amount. Additionally, the act of saving together can also help to make a couple feel closer. Joint savings can, therefore, be a great goal for any couple–and rewarding each other for a job well-done can be a great motivator to help you both keep up the good work.
Follow these steps, set financial goals together and come close together as a couple.