Common Reasons For Couples Finance Problems

Posted on April 28, 2007

There are many reasons money is so difficult for people in a committed relationship.  For a 20-something person in their first relationship where they are sharing everything about themselves, finances are often the last thing discussed.  A few of the reasons for this I have seen is:

  1. Money is personal.  We are not use to sharing all of our financial mistakes and blemishes with someone we are trying to impress.  Salary information, how much you have saved, and acquired assets all tend to be confidential information for most people. 
  2. Lack of financial education.  It is common to see adults that do not have a full understanding of spending, credit, finance, and saving work.  If they are not fully informed, how can an educated decision or plan forward be created.
  3. Entitlement.  With the coming of age of consumer credit it is easier than ever to acquire a lifestyle well above what your income would actually allow.  We see everyone else with brand new stuff, and we feel entitled to it as well.  Growing up in the last 20 or so years had made most of us not want to wait on anything.  If we want to make the purchase we do it, and then we pay it off.  Saving up for a purchase is a thing of the past.  If one person in a relationship has this feeling of entitlement and the other does not, then without serious work on the issue it will cause conflict.
  4. Family history of money mangement.  The way in which you grew up observing money managed influences heavily the attitudes you will bring into a relationship.  Being aware of this and understanding how they have affected you is an important concept.
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    » Filed Under Relationships and Money

    Comments

    One Response to “Common Reasons For Couples Finance Problems”

    1. Q from $1 Million to My Name on April 30th, 2007 9:36 pm

      I am going to link to this article, because I believe that being on the same page financially with your loved one (wife, girlfriend, whatever) is just as important as all other aspects of compatibility.

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