28 June 2017

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How to Deal with a Spender Partner

Handling money issues in your relationship can definitely be a challenge. This is especially the case when you would rather save as much money as possible--while your spouse is already planning a way to spend money before payday! Keeping some practical tips in mind can help make you feel more at ease with saving a substantial part of your joint income, while making sure your partner feels comfortable expressing his/her monetary personality as well.

Maintain Multiple Bank Accounts

When you naturally have a tendency to save money but your partner would rather splurge, it's best to have more than one bank account to keep the peace. Open a joint savings account with your partner to put money aside for major expenses like purchasing a home or a car. Establish a checking account that you both have access to for the purpose of paying household bills, putting gas in the car or purchasing groceries.

It's also important to have your own savings and checking accounts. This allows you the freedom to keep or spend your money the way you see fit. While marriage is a partnership, both you and your spouse need to maintain some level of individuality in order to avoid frustration and resentment.

However, you should know few disadvantages of having multiple bank accounts:

1. Managing accounts and possible mandatory account balance maintaining would not be easy.
2. There would be difficulty to maintain different cheque books, passbooks and debit cards.
3. It may be too confusing and you may lose some money on higher fees.
4. You are required to keep multiple login credentials
5. Filing income tax may be difficult when required to show income from different sources

Talk Openly About Money

Money is often a major issue in relationships. This is often due to the fact that both parties may have pent-up frustrations about money and fail to express these grievances to each other.

When you and your partner view money differently, it's essential that you have open and honest conversations about finances. Talk about your monthly budget so that both of you are aware of how much money has to be spent and how much can be saved. When both of you know for sure where your money is going, you'll feel more at ease acting upon your financial personalities.

Be Willing to Compromise

Both you and your partner have to make a commitment to each other when it comes to money. You have to fulfill your financial obligations to one another before you can decide what to do with additional money that is left over. For instance, as a natural saver, you will probably want to keep all the extra money in the household account. However, your spouse may want to purchase a new piece of furniture or take a vacation.

Take your partner's wants into consideration, the same way you'd want him/her to do for you. Realize that a vacation may be a necessary stress reliever for your mate, and that a furniture purchase may be important to your spouse for improving the look of the house. Keep in mind that money is often a representation for a school of thought.

Your reasons for saving may come from the fact that you don't like taking risks. Your partner likely doesn't share that sentiment. Be willing to compromise so that both you and your spouse feel validated when it comes to money.

Celebrate Your Spouse's Financial Strengths

Even though you may not understand or agree with your mate's tendency to spend money quickly, it's important to celebrate what you view as an impulsive trait when the purchase is beneficial. For instance, if your spouse splurges on a birthday gift for your child that your son or daughter really appreciates, thank your partner for creating a fond family memory.

When your better half buys a car that will serve the needs of everyone in your family--in your favorite color--express your gratitude. Remember that there are benefits to spending money, and you should reaffirm your spouse when he/she spends the money wisely.

Here are some very useful tips to deal with such situations:

1. Make sure that you both understand the difference between your money attitudes
2. The saver needs to know that he/she is saving enough money off the top to ensure financial security
3. The spender needs to know that he/she can still spend and enjoy life without sabotaging financial security. 
4. Having a money agreement between you would be a fantastic idea. Creating some structures and boundaries would help each other in a better way.
5. Know that your kids learn the value of money from you
6. Be proactive - Set an agreed budget for each month is a tool to solve issues between spender and saver.
7. Compromising things are another tool and appreciate when your partner doing something good with the spending habits.