Most married couples have all sorts of disagreements from time to time. It’s the nature of being in a long-term relationship. No matter how much you love your spouse, there will always be occasions when times are tough and they might drive you crazy. Most of these problems are related to a lack of financial management, where they are constantly struggling to avoid financial disputes and arguments. Money is the number one cause of such disagreements between married couples. Hence, it’s important to be aware of the kind of problems that can arise, and the methods to overcome them.
At times a couple faces problems to finance their marriage to manage these expenses they can apply for a marriage loan. There are a lot of banks and lending institutions that provide marriage loans in India. So, good research on the financial market might get you a reliable source to avail a loan. Here are some of the financial issues in marriage faced by couples and some advice to help resolve them.
- Different Financial Personalities
The first big financial problem that can affect marriages is when each partner has a different financial personality which means both partners think about money differently. A common division of personality might be that one partner is a spender who likes to buy new things and indulge in luxuries of life while the other partner is inherently a saver, preferring to seek bargains. This issue can lead to big problems if it’s not addressed. The way to handle it is expressing each of their concerns and working out a blended spending style that’s respectful of you and your partner’s needs.
- Hidden Spending
It’s necessary for couples to talk about spending and money management openly as there’s a risk that one partner may hide their expenses from the other partner. If it’s not checked, it can turn into a problem and erode the trust between the two. While it may not be easy to talk about spending habits, it’s important to make it clear that part of your responsibility as a couple is to be open and upfront about such spending. You can also create monthly budgets to help you spend within agreed-upon limits.
- Hidden Debt
What happens if one spouse runs up their debts and doesn’t inform their partner about them. This is a problem that people can bring into a relationship if they don’t reveal they’ve got a significant amount of debt on them. Your responsibility as a partner is to let your spouse know about everything including spending problems and you run up debt as it can affect them too. Letting them know about this earlier can help your situation as you both can start working on reducing the debt with a financial planner. That way, you’ll be able to pay it off and improve your finances.
- Financial Power Plays
When one spouse earns more money than the other, one spouse chooses to stay at home after starting a family. Such situations have the tendency to create financial inequality and lead to resentment especially if it’s not something you talk about. To avoid this problem, have a conversation about what staying at home means for your relationship. The same is true if one partner makes a lot more than the other. To tackle this problem you both need to divide your expenses equitably and check in with one another regularly.
- Money and Extended Families
This is one of the trickiest financial problems to navigate when one spouse has a family member who’s in financial distress. It’s natural to want to help people you love but it’s undeniably stressful when the money is not getting paid back. As you might imagine, the solution is honesty and transparency between both partners in any financial transactions involving your family. It’s important for both partners to understand each other’s situation and also be helpful to set healthy boundaries on how much loan can be provided and how much you’re willing to let it affect your lives.