5 ways to keep couples from arguing about money

According to a 2021 survey by global financial and investment advisory firm Fidelity, 44% of respondents said they occasionally argue with their partner about money, with one-fifth saying it is the biggest challenge in their relationship. 24% of respondents said they are often frustrated with their partner's financial habits but keep quiet to keep the peace.

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According to financial experts, there are 5 effective solutions to help couples avoid arguing about money.

Open conversation

Don't be afraid of talking about money. Whether you've been together for a few weeks or a few years, talking about finances can deepen your relationship.

According to therapist Catherine Dukes, couples should spend time together talking openly about finances, such as spending habits from childhood, and current financial management attitudes. Couples can benefit from talking about their strengths and weaknesses with money management and what their goals are for improvement. Only then can you move on to bigger topics like budgeting, saving, and spending in the future.

Budgeting together

Once you have a basic understanding of your partner's views on money, you can work together to create a budget for the future.

According to financial expert Lillian Rishty, couples should come up with a mutually agreeable plan for managing their family’s finances. This includes creating a budget, deciding who will pay which bills, and setting aside money for shared expenses and personal discretionary spending. It’s important that both parties find common ground on the plan.

There is a monthly review.

Maintaining financial health isn't something that happens overnight. Therapists recommend having a monthly financial review with your partner.

According to expert Steve Carleton, couples should review their current financial situation, discuss any major purchases or investments that have been made or are about to be made, bills that need to be paid, and plan ahead for future expenses. Couples should also review their budget to make sure they are staying within their limits and update their goals to reflect their current situation.

Be honest with your partners

Carleton says you shouldn't hide financial secrets from your partner, no matter how small. "Being honest about money can help couples avoid arguments because it helps them understand each other's financial goals, attitudes, and habits," he says.

When both are transparent and open about finances, they can create a budget that works best for both of them, compromise, or make changes to reduce potential conflicts that may arise in the family.

Remember: You are husband and wife.

Addressing financial issues is an essential part of a positive, healthy relationship. “My best tip for avoiding financial arguments is to not only talk about it regularly, but also to remind yourself, ‘We are a family,’” says psychotherapist Katherine Chan. “Try not to make your partner an enemy by making accusations. Instead, work together to tackle financial challenges and commit to working together.”

According to VnExpress