Debt not only impacts our bank accounts, it can also be devastating for our romantic relationships. Experts like Dr. Terri Orbuch states that money causes tension in 7 out of 10 couples. In fact, debt is becoming a major deal breaker for many relationships. This is unfortunate considering that the average American has $47,000 worth of debt. Debt can be particularly devastating for lovers because they usually avoid the topic in the early stages of their relationship. They may even turn a blind eye to various financial warning signs their mate may exhibit like poor financial planning and their “money is no object” life philosophy. By the time a couple gets around to discussing finances, Dr. Orbuch says that the conversation can quickly escalate into a conflict without a resolution in sight. Listed below are five Mindful tips to protect your relationship from debt and financial woes.
5 Finance Tips for Relationships
- Know your financial values. Before talking together, reflect privately on your personal financial values. Would you rather save money in a bank account or invest it? Do you believe in strict budgets or do you like to splurges?
- Schedule a money talk. Have a money meeting with your partner. It’s important to be prepared, honest, and open to your mate’s point of view. If the conversation starts to escalate consider taking a break, but come back to the subject later.
- Practice solving problems together. Are you and your partner truly on the same page? Put it to the test. Come up with financial scenarios and see how you would each solve the problem. For instance, what would you do if you were to lose your job? If you suddenly came into some money what would you do with it?
- Look to the future. You have grand plans for your future, but how are you going to finance those dreams? Will you be using most of your savings or will you be taking out a loan? Talk to your partner about your future plans and what it will mean financially. Learn about their plans as well.
- Professional advice. If your committed relationship is in serious financial trouble consider seeking professional help from a therapist or a financial adviser.