10 Poor Money Habits Hurting Relationships the Most
10 Poor Money Habits Hurting Relationships the Most
Cindy Lamothe Mon, April 22, 2024
Love and money don’t always go hand in hand. As one recent GOBankingRates survey revealed, poor money habits have a significant impact on people’s relationships.
The survey, which polled over 1,000 Americans, found that some of the biggest concerns around love and finances have to do with spending mindlessly and not planning for the future.
Harmful Money Habits
When asked what poor money habits were impacting their relationship, here’s what the survey respondents who were in a relationship said:
Using credit cards too much to buy things: 18.65%
Impulse shopping: 17.96%
Living beyond your means: 16.77%
Not prioritizing saving: 16.57%
Not creating a budget: 15.18%
Not building an emergency fund: 13.89%
Not investing: 10.12%
Making minimum monthly payments instead of a full payment: 10.02%
Not paying bills on time: 8.93%
Lifestyle inflation: 7.94%
About 26% said that none of these habits had impacted their relationship.
According to the results, Gen X was most concerned about credit card overuse, while millennials and Gen Z worried most over impulse shopping — though living beyond their means was a close second for millennials.
Below, experts detail how these poor money habits hurt relationships — and what you can do about it.
How These Habits Hurt Your Relationship
“Financial problems like overusing credit cards, impulse shopping, living beyond means and not budgeting or saving can put a huge strain on romantic relationships,” said Loretta Kilday, senior attorney at Debt Consolidation Care.
“When couples overspend and rack up debt, it can cause a lot of stress, anxiety and fights as they try to keep up with bills and pay off what they owe,” she explained. “Living above their means can also make partners feel entitled or like they can never have the lifestyle they want, which breeds frustration and blame.”
Not having a budget or savings, she added, leaves couples high and dry when emergencies pop up or when it comes to long-term goals. “They clash over money choices because they are not on the same page. Hiding purchases or debts from each other shatters trust and intimacy, too.”
To keep money from messing with their relationship, Kilday said couples have to put financial teamwork first.
“That means getting real about goals, making a budget together and being upfront about spending and saving. Working as a team to handle money in a healthy, honest way cuts down stress and makes the relationship stronger in the long run.”
Different Spending Habits Lead to Adversity
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https://www.yahoo.com/finance/news/10-poor-money-habits-hurting-170040939.html