Love might not cost a thing but there are other things that might cost you your relationship. Like these money mistakes that people make in the name of love, which could end up doing more harm than good to their romantic life. “You might not agree 100 percent on everything,” says Nicolle Osequeda, a marriage and family therapist in Chicago. “but by being able to listen and honor each other’s individual needs, you can work through your money differences.”
Curious to know if you’re involuntarily ruining your relationship? Read on to find out what common money mistakes you should avoid if you want your relationship to work.
Keeping money a secret
Money secrets in a relationship are never a good idea, no matter if you at the beginning of a relationship or married for several years. It’s important to be honest and open right from the start. “Couples are more comfortable discussing sex than money,” said Neale Godfrey, chairman and president of Children’s Financial Network. “They need to be comfortable with both. They should come clean with each other about assets, debt, income, and expenses. They also need to set their goals together.”
Leaving financial responsibilities to one partner
A relationship involves two people, not only one doing the heavy lifting. This is also valid when it comes to financial responsibilities like paying the bills, going grocery shopping and the like. To prevent any of the partners from feeling frustrated and unhappy, “both partners need to have a clear handle on the inflows and outflows of money,” Godfrey said. “Even if you hate paying bills, do it.”
“It’s OK to support your partner through school, or be the main support while your partner is child-rearing or temporarily out of a job, but [they] should be doing something to compensate,” says Dr. Tessina licensed marriage and family therapist.