Money, you know, that other green stuff which makes the world go around. Yes you heard right, money issues is on the top of the list and the chief contributor which leads towards fights, breakups, separation, and ultimately divorce.
Without doubt, the differences in opinion vary when it comes to money management between partners, and can dissolve a relationship. In fact, it could be your very first date, and you find out they’re a cheapskate, or you could be living common law, and your partner is continuously borrowing or stealing money from you, adios.
Money and it’s transparency, has the most powerful influence over people and their love life. You may have a habit of being completely reckless at spending cash, and be completely negligent when it comes to financial planning. What this creates is a negative effect on your partner, and quickly shortens the lifespan of an otherwise perfect relationship.
Poor Money Management
There’s really no quick fix or an easy algorithm that you can apply to determine how efficient, or how bad you are as a money manager. There are signs, however, indicators and clues which are “red flags” when it comes to your habits of wanting to spend money.
Signs You May Have Bad Money Management Habits
• You constantly accumulate credit card debt that you don’t bother paying off, even if you’re salary is large enough, you don’t care
• Even if you have money in the bank, you’re still always chronically worried about money
• You’re an impulsive shopper where you have a penchant for buying expensive things, you get home and then don’t know why you even bought it
• You drive around in an expensive car attached with a loan that you know you can’t afford, and don’t yet own a condo or a home
• You have some type of a loan that you’re paying off other than a student loan, car loan, or a mortgage
• Someone at one time or another who is close to you, such as a partner or your parents, has repeatedly and continuously expressed concern when it comes to the way that you spend and handle money
The Two Attitudes Of Money
There are usually two distinct attitudes that most will take when it comes to money. These different viewpoints also aren’t that much reconcilable as they’re polar opposites.
This is the reason why it’s critical that couples need to learn to agree to disagree when it comes to their particular “money” personality.
This way, the futile and endless fights over money should cease to some extent. Listed are the two contrasts when it comes to the philosophy of money.
Those Who Like To Save
Often viewed by their partner as a “cheapskate.” Money is so valuable to them that they believe it should be cherished, hoarded, and worshiped. The saving of it offers these individuals a gratifying sense of stability and accomplishment.It’s better not to spend it at all and just invest it or protect it, which is noble. Since money is so precious to them, once any of it’s spent, it’s with the utmost circumspection.
So any gratuitous or frivolous purchases which can’t be justified is rigorously avoided. Also, any self indulgent or unnecessary expenditure is kept completely under control, or avoided.
Money at all times needs to be handled as wisely as possible with great restraint and discretion. Having achieved considerable wealth doesn’t constitute reason to profligate.
Regardless of any material circumstances, money is something that should be held on to. The value of money lies in not spending it, but rather in saving it.
Those Who Like Too Spend
Viewed as a “compulsive shopper” by their partner. Money is an “easy come easy go” liquid commodity which can and should be used in a variety of ways to increase one’s personal satisfaction, welfare, pleasure, and contentment.Money should when available be always exchanged for goods and services, given away as gifts, as it further contributes to one’s well being and happiness.
Also, because of credit, it gives them the advantage of not being completely preoccupied with how much something costs, they can just charge it.
They can simply buy into whatever one desires the most, and derive as much gratification as they can get from it. The value of any amount of money emanates how spendable it is.
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Handling Your Money For The Chronic Spenders
If you realize that you may have issues when it comes to managing your money, and you, your partner, and anyone else close to you are constantly arguing about your money habits, then take notice.
Also combine this with the struggling economy and it creates a volatile cocktail which compounds things even worse. If you realize that your money management methods is becoming a very real problem, then it’s recommended that you confront the situation as soon as possible.
Improving Your Money Management Skills
There are a few immediate behaviors which you can engage to improve your poor money management skills.
• Begin by doing diligent research on money skills by going to the local bookstore, library, or go online for information which specifically focuses on the psychology and management of chronic money spending
• Absorb as much information as possible and have a discussion with your significant other, and decide to make a vow that you’ll change your poor money management methods
• Create some type of a Financial Improvement Management Plan. When using this plan, identify the top two or three of your most specific and significant money issues, and then create a logical solution for each of them. Also come up with a firm deadline on when the particular problem will be resolved. Make sure that you’re as specific and detailed as possible
Just Talk About It
The final suggestion when it comes to effective money management and it’s related problems is to just talk about it. You can talk with your bank, your parents, or even your friends who are other couples, and ask them if they have the same issues. They most likely do, and then ask them how they’re handling it.
This process of working out your issues yourself is known as conductive interviews. This since what you’re essentially doing is wanting and seeking out answers as well as ideas from others. Ideas that you can potentially apply to your own money problems, and then improve your circumstances and situation as a result.
What you need to do is apply true commitment and dedicate your time to making positive changes. It’s up to you to improve your money management skills, and then protect the longevity of your immediate relationships as well.