6 Ways Your Relationship May Be Affecting Your Finances

family finances during these tough times

Money cannot buy love – and you need to remember this when you start a new relationship. While this sentiment is true, money can be the main reason it doesn’t work out between you and your partner.

Your relationship might lead to your finances suffering greatly, which will cause you a great deal of distress. Here are some of the ways your relationship can affect your finances.

1. Sharing Of Financial Responsibilities

When you are in the initial stages of love, you want to prove to your partner that you will do anything for them, no matter the cost. While this might make your partner get drawn to you, it might also lead to you giving too much of your finances in a relationship that will not work.

You often end up using up all your savings or money that you have invested in providing for someone who might not even reciprocate the favor.

2. Debt Accumulation

You might be in a relationship with someone only for you to realize that their spending habits are different from yours. If you date a spendthrift, then the chances are that you will be paying for things they bought that they could not afford most of the time.

Based on your current financial status, this may drain your savings. If you do not walk away from such a relationship, you may end up in debt. The worst thing about such relationships is there is a huge chance that the person who got you into debt will move on and leave you with a bad credit score.

Financial advisors recommend never taking a loan to finance a partner’s poor spending habits. Often it will not end well for you.

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    3. Asset Acquisition

    What you should get from a relationship is a person who complements you and treats you well. If you feel like you are the one who is footing the bills and acquiring new assets, you might feel bitter towards your partner.

    When such feelings start creeping in, you find yourself hiding your payslip and getting things without your partner’s knowledge. While you might think you are sneaky enough, this behavior will catch up with you, and you will end up fighting with your partner.

    If you have not grown to the point where you can complement each other financially, then that is a relationship that will most likely fail.

    4. Asset Sharing

    If are facing the end of your marriage, then chances are the assets will be split between the two of you. Such issues often need a divorce attorney because they can get messy.

    If you ended the marriage on good terms, then chances are you will share your assets fairly. On the other hand, if you feel shortchanged in the relationship, you might want to get more out of the settlements. The nature of the divorce proceedings is determined by the way you feel about your partner at the point of divorce.

    5. Power Play In The Home

    One thing that makes people uncomfortable is how their partners treat them when it comes to money. Feelings can creep in if you make much more than your partner which can lead to resentment if they continually spend more than they earn.

    Even though you do not say it out loud, such nuances can come out in how you treat your partner. You may realize that you often expect them to pick up after you, which is not a good sign. Other times you find yourself wanting to have the final say, especially when it comes to money matters.

    Even though done subconsciously, such things will make your partner start resenting you, which will change how you two interact with each other.

    6. Relations With Family

    It is more than just the two of you when it comes to marriage. You will quickly realize that family members are attached to your partner and they may be helpful or hurtful to your relationship. This includes the broke bother who constantly is asking for money.

    If your side of the family earns less, then chances are your partner will be catering to these needs. It can be uncomfortable to always ask your partner to bail your family members out because you feel like you are using them for money.

    On the other hand, if you have the upper hand, it might get tiring to keep helping your partner’s side of the family. Such issues lead to a strained relationship with your partner and might cause a breakup.

    One of the things you need to realize when you get into a new relationship is, money doesn’t buy happiness. You need to be intentional about loving your partner no matter their financial status. At the same time, you also need to be vigilant enough to avoid spending all your money on your partner.