Each week, we are sharing a financial wellness tip to help you make the connection between financial management decisions, your overall wellness, and student success. Money touches every aspect of our lives, and a lack of financial literacy can cause unnecessary stress and negatively impact our mental and physical health.
Money and Relationships
Navigating relationships isn't easy - add money into the mix and it can become even more difficult! Money is a part of almost all of our relationships including with our family, friends, and significant others. It can be uncomfortable talking about money, but it is important to be sure that everyone is clear on expectations to avoid misunderstandings. For example, did your parents take out a college loan for you or co-sign a loan for you? If so, have you discussed who will be responsible for paying it back? Have you ever had a friend offer to pick up a coffee for you? Was it clear that they were doing it as a favor or if they expected to be reimbursed? And what about that first or second date, did you know who was paying or if you were splitting the bill?
Learning to communicate effectively about money can build trust. Here are a few tips when dealing with money in relationships with a significant other, partner or spouse:
- Set big picture financial goals as well as everyday budgeting goals together
- When discussing debt, especially if it is shared debt, it is important to be upfront and set clear expectations about how accounts or credit cards will be used and paid off
- Discuss all the "what if" scenarios and decide ahead of time how they will be handled
- Seek professional help when needed – this could be in the form of a counselor/psychologist to help with communication strategies or changing behaviors, or a financial expert to help guide your money related decisions. The most important things when dealing with money in relationships is honesty and trust, and those can be accomplished with open communication.
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