Do you have an open line of communication with your spouse about your spending habits? Capital One conducted a survey recently about how couples handle personal finance. Their findings are mixed in how much open we are with each other.
82 percent of Canadians in relationships say they speak openly and honestly with their partners about finances.
One third claimed their partner’s spending habits have hurt them when it comes to achieving financial goals.
One in four Canadians believe their significant other hides expenses.
Nearly half feel they are more in control of their finances than their partner.
A third has had disagreements with their significant other over their spending habits in the past year.
Money and the way in which we manage it is one of the main causes of dispute for couples. Personal debt has never been more of a common problem among Canadians than ever before. According to a recent survey done by TransUnion, the average Canadian consumer’s total debt in the third quarter increased by $225 to $27,355 from the previous quarter. The data, which excludes mortgage debt, consists of how much people owe on their credit cards, car loans, instalment loans and lines of credit.
As we approach the Holiday spending season, these figures will only increase. If couples are not opening sharing information about their purchases with one another, it can lead to an unhealthy and troublesome rift. If a person feels the need to hide purchases from their partner or hold back financial information, such as bank accounts or investments, the relationship will eventually fall apart. Here are some tips to help bridge the communication and help couples get on track.
- Share your financial goals. Whether you are just about to get married have been married for a while tell each other where you see yourselves in 10 or 20 years. Are you interested in investing or owning a cottage? How much do you intend on saving for your children’s education? What are you spending habits like? Is sharing a bank account a good idea? Once you both have an understanding of where each of you stand financially, you’ll have a good foundation from which to grow.
- Compromise with each other. In every aspect of life couples need to give and take to make it work. Personal finance is no exception. Talking it out over investment options, saving accounts and big purchases is the key to making a relationship build a strong financial future. It’s ok to disagree on things as long as each partner finds a comparable solution that pleases each side. If you find you need some help, consult a financial counselor or advisor.
- Be flexible when life hands you a surprise. Situations may change in your life that will affect your financial plan. An income can be cut, an illness may arise or an inheritance can be bestowed that alter the path of how you predicted to grow financially. Adapting to changes will help you as a couple communicate compromise and plan new routes to get to where you want to be. As the saying goes, it’s not the destination – it’s the climb.
If you need some direction in resolving any debt, the professionals at OCCA Consumer Debt Relief can offer tailored debt solutions to help you get back on track..
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