Nearly 73% of married or co-inhabiting individuals said decisions related to finance are sources of tension within their relationships, according to businesswire.com, a Berkshire Hathaway company.
According to “ Love and Money “ on Texas A&M’s money education resource page, financial topics to discuss before marriage include saver vs. spender outlooks, current debts, credit scores and financial goals. Couples should agree on tracking spending and set a monthly meeting to discuss spending and investments.
Most of all, couples need a spending plan.
“Finances are a huge part of stress whether you’re in college, or even in the real world,” said Tonya Hendricks, a crisis specialist at Counseling and Psychological Services at A&M.
A study conducted at Texas Tech University showed that couples with extreme financial hardship tend to have lower satisfaction within their relationships.
“If one partner is financially responsible, and the other is financially irresponsible, then you are going to have a lot of discord, tension, and anger,” Hendricks said, “to the point where it could feel like the responsible partner feels like they are parenting the irresponsible person, and in that case, resentment can set in.”
In those situations, feelings gravitate towards hostility and irritability, which can lead to not communicating with a partner, according to budgeting.thenest.com. This website helps people budget their money and provides personal finance tips.
The first step for any student to solve problems is to be self-aware, said Kanesha L. Moore, Ph.D., a nationally certified counselor at CAPS.
“We also have to set boundaries for ourselves as well,” Moore said. “Whether that be financially, or whether we are in a relationship because when we set boundaries, we are able to protect ourselves in a way from being manipulated or used. And we should also seek help from professionals, as well.”
Love and Money
April 3, 2022
Photo by Courtesy of Hayden Carroll
Having conversations about finances are vital when dealing with money in relationships.
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