Produced by: Navneet Dubey Designed by: Mohsin Shaikh
Money-related stress is an all-too-common cause of tension in relationships. It can bring about serious disagreements for married couples, often leading to emotional strain
However, with the right approach, couples can manage financial stress and maintain a healthier relationship. Here are some ways married couples can reduce money-related stress in their relationship
Agreeing on a shared budget can reduce misunderstandings about where the money is going. Married couples should be involved in the process to avoid blame games
Honesty and transparency in financial matters can prevent a lot of unnecessary stress. Be open about your income, expenses, savings, and debts
Married couples should make joint savings a priority. This can be for short-term goals, like a holiday, or long-term goals, like retirement. Saving together creates shared responsibility and sets a clear financial goal
Pay off debts as quickly as possible, as they can be a significant source of stress. Create a joint plan to clear debts and stick to it
Life is unpredictable, and an emergency fund can provide security in financial instability
Divide expenses reasonably, considering each partner’s earning capacity. This ensures no one feels overburdened or undervalued
Married couples should discuss and differentiate between ‘needs’ and ‘wants'. Prioritising needs can help in better budgeting and prevent impulsive purchases
Careless spending can cause tension between couples. Agree on spending limits for various categories like dining, entertainment, etc
Married couples should conduct regular financial reviews together to track where the money is going, identify problem areas, and readjust plans if necessary
If managing finances becomes too overwhelming, get help from a financial advisor. They can provide guidance on how to manage income, save money, and invest wisely