How to Avoid Common Money Fights

Written by , July 21, 2011

How to Avoid Common Money FightsFor married and cohabitating couples, money is one of the most common things to fight about. There are just so many different aspects to our finances, and so many different ways of looking at them, that there’s bound to be some friction at some point. This often leads to arguments that put a strain on the relationship, and the anger and hurt feelings are often acted out in ways that lead to even more financial difficulties.

While it’s rare for any two people to see completely eye-to-eye when it comes to money, you don’t always have to fight it out. By taking a proactive approach and communicating regularly about your finances, you can achieve harmony in both your marriage and your bank account.

Here is advice on some of the most common money fights and how to avoid them.

  • Overspending. The husband sees a great deal on a set of power tools, and he snaps it up while it’s still good. When the wife finds out about it, the yelling begins. Avoiding this is quite simple: always discuss large purchases with your significant other before making them. What constitutes a large purchase could be a matter of debate, but if you get together and set a limit, there won’t be any doubts.
  • Too much debt. The wife does all of the bill paying, and everything is going fine until the husband picks up the mail one day and opens the credit card statement. “How on earth did we end up in so much debt?!?!” he exclaims. Even if you’re the one who’s taken responsibility for making sure the bills are paid, it’s important to keep your partner in the loop about your debt level. That way you’ll avoid unpleasant surprises.
  • Collection calls. You pick up the phone one day to be greeted by a bill collector, when you thought all the bills were being paid. You have no idea what to say to the bill collector, but you’re already thinking up some choice words for your spouse. In order to avoid this, the spouse who is responsible for the bill should talk to the other spouse as soon as there is a sign of trouble. There might be some tossing around of blame, but at least you’re both aware of it before it becomes a serious issue.
  • Overdraft fees. Overdraft notices are a major source of contention for couples with a joint bank account. It’s so easy to point the finger at the other partner, but in the end you’re both responsible. You can avoid overdraft fights by setting daily spending limits and deducting each party’s purchases from your balance every day. Don’t rely on checking your balance online, because some charges don’t show up right away and you could end up overdrawn when they finally go through.
  • There are tons of different money issues that couples fight about. But in the end, avoiding them boils down to communicating with each other. If you’re completely honest with one another about your spending and all other aspects of your finances, there probably won’t be much of anything to fight about.

    Tags: , , ,

    • Twitter
    • Facebook
    • Digg
    • Delicious
    • Reddit
    • Stumble
    • Design Float
    • LinkedIn
    • MySpace
    Subscribe   Share/Bookmark