We all know that money can be a huge point of conflict in a relationship – in fact, most couples who divorce cite financial issues as one of the top reasons for the split. But that doesn’t mean money has to be an inevitable source of tension. Jeff Yeager, author of “The Cheapskate Next Door,” found that the divorce rate among frugal couples is only about half the national average’s rate.
So, What Is Their Secret?
Frugal couples don’t have any mysterious super powers that make their relationships stronger. Their only “secret” is that they leave fewer opportunities for money to come between them. When two frugal people get together, they tend to communicate more openly about money than a pair of spendthrifts or a couple with mismatched spending habits. Keeping the lines of communication open helps prevent conflicts before they arise, leaving little room for dirty financial secrets.
It also helps that they share similar financial values – shared views on spending and saving can be just as important as shared family values.
Furthermore, frugal couples are unlikely to be in debt. Debt is a huge source of stress and conflict in relationships, so a debt-free couple has a lot less to worry about when it comes to their family’s financial wellbeing.
What Can You Do?
If you’re a loyal LearnVester, you are already taking great steps toward becoming thrifty and financially secure. But, as they say, it takes two to tango, and financial harmony with your partner requires more than your own stellar money management skills. Follow the lead of happy frugal couples with these three steps.
1. Make sure to maintain an open dialogue with your partner about money. We know that it can be hard, but LearnVest is here to help.
2. Shared financial values are important for a healthy relationship, so take the time to make sure that you and your partner are on the same page. With different financial priorities, your relationship isn’t necessarily doomed, but you will both need to make compromises as you confront important financial decisions together. If you find that you cannot agree on anything and that hypothetical future financial decisions are causing big fights between the two of you, consider it a red flag.
3. Since debt tends to be such a major source of stress in relationships, stay on top of your finances and, if applicable, start taking steps to tackle your debt today.
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