Financial Mistakes that Can Ruin a Relationship

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Financial Mistakes that Can Ruin a Relationship

Cheesy slogans such as “love is blind” or “love can provide” may be true and sweet for a lot of couples, but adhering to them shouldn’t be a reason for a relationship to cause a person to go broke. Financial problems within a relationship must be assessed. 

Go Banking Rates, a website that provides articles about financial management, mentioned in an article that money issues can affect relationships, such as the following.

 

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Keeping secret finances

Being in a relationship doesn’t mean one should allow their partner to meddle in their finances. Instead, it is advisable to be open about money as it is with the most intimate aspects of the relationship. Couples should learn how to be more comfortable discussing their financial status with their partners in order to come clean with their assets, debts, income, and expenses. This practice will also help the couple to set their financial goals together. 

 

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Leaving financial responsibilities to one partner

Romantic relationships are also a partnership. Couples must learn how to work together in different aspects of their lives, especially when it comes to their finances. In order to make a partnership work, both parties must lift the burden together and prevent one from being totally dependent on the other. 

They should start taking an initiative in budgeting the bills to pay and the investments to be made in the future. In this way, no one will feel like they are only one who handles the inflow and outflow of money. 

 

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Concealing your spending habits

For relationships that are still on the “honeymoon phase,” it is normal that a person will try to impress their partners by showing off their best qualities. They also have the tendency to hide their bad habits including their spending. But in order for a relationship to work smoothly, a person must learn how to be real about who they really are and, at the same time, accept their partner’s financial shortcomings as well.

There might be a lot of arguments along the way, but that’s just how relationships work. Both parties should come together and talk so that they can smooth things out as much as they can. 

 

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Fearing Prenup Talk

A lot of romantic movies and TV shows that depict prenup as a bad thing. Some people might find this conversation as an intimidating or insulting one, but the fact is it is a very fail-safe plan that can be helpful for both parties in the future. Go Banking Rates said that these agreements are painfully uncomfortable, but discussing prenuptial agreements can set the stage for estate planning and protection of each others’ properties.

So whether if it's about your latest house or a mint-condition Luke Skywalker action figure, having a prenuptial agreement can help both parties keep their precious belongings. 

 

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Income shaming

There is no reason that a person would shame the other because of income. It is normal that one partner makes more money than the other, but it is not okay to berate someone because of their financial status. According to financial author Dave Ramsey, the breadwinner should avoid holding the wage gap over the head of the lower earner. Instead, always keep in mind that you’re in a relationship where you have to work with one another toward the same goal.

 

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Avoid Cheating Financially

Being a financial cheater means that a person is keeping a hidden credit card or bank account on the side. For some, this might be a petty thing, but this can still rise to the same level of deceit, which is a red flag in most relationships.

 

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Spending too much for the wedding

The perfect wedding is what most couples dream to have in the future. There are people who wish that their wedding will be extravagant that will wow their families and friends. But this dream can also set the married life on the wrong foot if the couple won’t have anything substantial to go from there. 

Make sure that the amount that you’re willing to spend on the grandest event in your life will not cause any problem in the future. The last thing you need to start your married life is to be deeply in debt.

 

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