How Compromise Can Help Save Your Finances in a Relationship

Being in relationship can be great but it can also be crazy on your finances. It means double the costs on a lot of things like utility bills, insurance, and gas just to say the least. Although some of the bills can be shared such as the rent, it can still be very expensive. It can also be very expensive when you are not in sync with the finances. My boyfriend and I used to be very out of sync with a lot of things regarding money.

It wasn’t too long ago that we were very much apart on finances. We spent money on frivolous things like eating out several times a week among other things. We didn’t have very much money as we both had jobs that didn’t pay a lot. We were also charging things on our credit cards because we wanted to have things even though we didn’t have the money. Needless to say, it caused quite a few arguments. It came to the point where its was affecting our relationship. We each had a different way of handling the situation and we had to come to a compromise. Our compromise was creating a budget that involved trimming unnecessary costs. We had to work together as a team and start cooking almost exclusively at home. This meant cutting the unhealthy fast food and really sitting down and thinking out what was most needed in the relationship. Believe me, it was not a fun experience at first but its amazing what you can get used to after a while. I really stopped shopping for the most part and my boyfriend made an effort to stop spending money on tools (which he loves!)

I wish I could tell you that collaborating on the finances is easy but the truth is it takes work like everything else. You really have to come together as a team to do it. I have known people who were in a relationship that were frequently sabotaging each other. One person would do his/her best to save as much cash as possible while the other person did his/her best in trying to spend it all. I can only imagine how that turns out. I guess my boyfriend and I are lucky in the fact that we are open to make some sacrifices for the greater good. Most people know people break up because of money. Taking the time to make sure the finances are in order can save you some major heart ache down the line.

If you haven’t stopped to talk about your partner about finances, I urge you to do so now. No one wants to be holding the bag at the end of the day wondering what happened. Having those talks now may be uncomfortable but they will ultimately be necessary should you decide to stay together.

dealingwithmoney says:

January 25, 2013 at 8:28 am

That's hard. People break up over money. It's not always the most pleasant topic. Ideally, if I was with someone, I'd keep my finances totally separate which would lead to fewer arguments. No joint bank accounts, no shared stuff. I think a lot of the arguing comes from that. I imagine it's a lot harder when you live with your significant other.

Mackenzie says:

January 25, 2013 at 9:15 am

Money issues are hard to deal with and according to some reports, is the cause of many divorces/break-ups. Communication is definitely key in any relationship.

canadianbudgetbinder says:

January 25, 2013 at 1:11 pm

We know everything there is to know about our finances and we never argue over money.When it comes to purchases we talk about it first before we buy it. I've talked to many people where they hide money from their spouse, don't tell them what they spend, and end up in a big mess. When couples don't talk or work together as a team to budget their money it can turn into a disaster. Money is the leading cause of relationships and not just marriage, friendships too. Lots to learn when it comes to couples and money. Great post.

Newlyweds on a Budget says:

January 25, 2013 at 2:55 pm

the first year, and even into the second year of our marriage, my husband and i fought about finances all the time. he spent too much, made too little, saving was impossible…even today, i would still say finances are our biggest source of contention. We have gotten MUCH better but every now and then…like today, i sent my husband a text that we have $500 for the next two weeks after I paid all the bills. And we still have to get groceries, gas and we have two birthday celebrations…I feel incredibly lucky that my husband and I have come as far as we have in the past three years.

Budget and the Beach says:

January 26, 2013 at 8:12 am

Yes money issues are one of the biggest hurdles in any relationship. Good thing you guys are on the same page and working towards similar goals!

KK@Student Debt Survivor says:

January 26, 2013 at 2:05 pm

Money can make or break a relationship. Thankfully the bf and I are very much on the same page (and if we're not we're able to talk about it and make compromises).

MakintheBacon$ says:

January 26, 2013 at 7:44 pm

We never really discussed our finances in great detail and whether or not either of us had personal debt until we made the decision to buy a house. But we had already been together for several years and we both knew each of us was frugal in our own ways, so luckily it worked out in the end.

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