February 14 is Valentine’s Day. A day when gifts are exchange and declarations of passion are, well, declared. It’s a day when people propose to each other. But 24 hours do not a relationship make.
Here at Money Fight Club we can get as amorous as the next person. However, when it comes to long lasting relationships – where stress and rows don’t exact the ultimate toll – you need to get on top of the money.
Money stress marriage issues
This is not about how much, but how well you manage. And sharing also means coming clean about an unpaid credit card bill (as well as the fact that you fancy the culottes off a work colleague). Here are some facts:
- Brits are twice as likely to end a relationship because of money rows than any other reason
- 32% say they disagreed with their partner about how to spend money
- 28% blame relationship breakdown on overspending by one person
- 31% of adults with partners say money is a major source of conflict in relationships
- 76% cite money and work as leading causes of stress
- 39% say finances are the leading cause of conflict in marriage (54% say it is a secondary issue).
Sources: MyVoucherCodes, Forum for Family and Consumer Issues, American Psychological Association
But money doesn’t have to bust up an otherwise great relationship so when you’re trading flowers and chocolates this weekend, think:
1. Be honest
Whether you’re worried about your own money management skills or those of a partner, you need to get this out on the table. But choose a good time and try to approach the matter positively. Just going off at the deep end won’t help.
2. Make a plan
Agree mutual priorities about what money is spent on and how much. Plan budgets for everything from holidays to the weekly food shop and stick to them.
3. Seek help as soon as you can if you are failing to make payments
Relate, Citizens Advice Bureau, Money Advice Service… The sooner you seek help and advice the better.