20 Worst Money Mistakes People Make in the Name of Love
20 Worst Money Mistakes People Make in the Name of Love
Don't let finances ruin your romance.
By Andrew Lisa November 17, 2020 Start Saving Now
While it's true that love might not cost a thing, plenty of romances fall victim to money -- or at least to money mistakes. Money and relationships are inseparable, and if you mismanage the former, the latter hardly stands a chance. From secrecy and poor communication to conflicting priorities and plain old bad decisions, some of the best relationship advice helps two people avoid the pitfalls of money mistakes in romance.
Read through to find out if you and your partner are making common money mistakes, and discover how these mistakes can hurt your relationship.
Keeping Money a Secret
It's important to be open about money as it is to be open about even the most intimate aspects of your love life.
"Couples are more comfortable discussing sex than money," said Neale Godfrey, chairman and president of Children's Financial Network. "They need to be comfortable with both. They should come clean with each other about assets, debt, income and expenses. They also need to set their goals together." Avoiding money conversations can result in a change in the relationship's power dymanic.
Leaving Financial Responsibilities to Just One Partner
It takes two to tango -- and this has never been truer than when it comes to financial heavy lifting. This includes paying the bills and the management of investments.
"Both partners need to have a clear handle on the inflows and outflows of money," Godfrey said. "Even if you hate paying bills, do it."
Concealing Your ‘Financial Personality’
Being real about who you are and accepting the other person as he or she is can mean the difference between relationship success and couple catastrophe -- especially where money is concerned.
"You have come into the relationship as either a saver or a spender, and that will determine how you handle money," Godfrey said. "You will feel your way is the right way and vice versa. Trust me, this will start a lot of arguments, resentment and stress. Explain your personality and how you developed it. I bet your parents and your upbringing had a lot to do with your present-day attitude toward money."
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