When you are sharing a life, making everyday purchases and planning a future with a loved one, you will come face-to-face with each of your individual money habits.
More often than not, your views on money, spending and saving, are starkly different from your partner’s.
If getting on the same page feels impossible, a cycle can start to embed itself in the relationship:
- Big stormy fights about money can lead you or your partner to withdraw.
- Or you both may avoid the topic entirely, which leads to secret behaviors that drive a bigger wedge in the relationship and prevent you from achieving your goals.
For example, have you ever spent $500 or more without telling your partner? You’re not alone. Roughly 1 in 5 Americans admit to doing so. (And you’d be surprised to know that both women AND men report hiding some type of money behavior—from secret spending to having a secret bank account.)
When your money habits collide with the habits of your loved one, and avoidance becomes the norm in your relationship—it can easily end up costing you tens, even hundreds of thousands of dollars.
Every day you avoid the money conversation as a couple, the more money you lose as a couple.