Financial Problems. It is the only thing as impactful to relationships as cheating. But, it is longer in duration
In fact, it is not the scarcity of money or the volume of debt that directly impacts the relationship. It is the effects the financial pressures have on the people involved that leads to relationship breakdown.
Personal Factors Effect Relationships
It is the anxiety, tension, and conflict. Which, lead to breakdowns in communication and unmet expectations. As a result, effecting the stability of relationships.
80% of married couples who get divorced say financial problems were one of their main reasons for splitting.
Relationships – The Beginning
When starting a relationship, it is critical that you and your significant other establish healthy communication around money. Moreover, share your financial history.
Values and Principles vary by individual. In fact, every person has a different foundation of knowledge passed on to them. Indeed, these support financial habits.
It is critical that you have a good understanding of your partners beliefs and priorities with money. As well as, agreement on how you will handle finances in your relationship.
Relationships In Our Debt World
Understand that in society today, the cards are stacked against you in terms of being debt free.
Diving into debt starts early in our lives. 50% of college graduates will leave school with student loan debt.
This year the ratio of household debt to personal income reached 178%. This means on average we owe $1.78 for each $1.00 of disposable income. Disposable income is the money you have left to purchase goods and services after your income taxes, mandatory payroll deductions, support payments, and childcare expenses are deducted.
Furthermore, there are increasing numbers government supported programs to assist in borrowing. It is true, borrowing for first time home ownership with minimal money down, and borrowing for education.
These are all habit-forming financial vehicles.
Be Informed And Plan
Good debt and bad debt? Common thought tells us that the student loans and small business loans are good. These should pay dividends in the future.
Credit card debt is bad. More accurately, carrying a balance on a high interest credit vehicle is bad debt.
Having a credit card is not automatically bad, it is how you use your credit that matters. For example, when you are unable to buy groceries because you are servicing your credit card debt you have created bad debt.
Maybe they should print invoices for legal fees from divorce on credit cards, so we are adequately warned. Like cancer of relationships.
If you need encouragement and support join one of the many debt-free communities on social media. Additionally, make use of the many free tools available out there for your financial planning. Moreover, focus on becoming financially independent.
For me, in my financially independent plans there is no room for debt. Debt creates financial dependence. Moreover, it can lead to relationship breakdown.
Remember, make choices that create options.
Like all things in life planning will lead to success.
Consider establishing a personal credit policy for you and your family. Write down, with your partner, what debt vehicles you will use and how you will use them. Sign it, both of you. And, honor it.
Talk about your money and if priorities change revisit your plans together.
Write it down and stick to your plan.
Then go watch a romantic movie and snuggle on the couch with a glass of wine. Just try not to make any babies until you have planned financially for that.
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