Money and Relationships
If you think that relationships are hard when life is “normal,” think about the many situations that are bringing the cracks to light in relationships around the world today. Imagine a couple in the middle of a huge fight who suddenly found themselves stuck at home together during the stay-at-home order.
Of course, the cynics would say that there is an army of divorce lawyers waiting in the wings, drooling, for when this lockdown is lifted. But this might be a great opportunity to work through whatever problems are facing a relationship and set those involved up for a brighter future.
According to a survey by Money Magazine, 70 percent of couples in the United States argue more about money than anything else — more than the mother-in-law; more than sex; more than personal hygiene; more than infidelity; more than anything.
Fighting about money should not be your daily struggle. Instead, happiness and security should be how you approach your life together. According to research, over 7 million Americans have hidden either a bank account or debt from their spouses. All the sneaking around may be the thing that causes marriage stress. Keeping a secret from your loved ones takes a lot of energy!
And once you have kids, the strain on your finances can be huge. It costs an average of $300,000 to raise a child to the age of 18. That figure includes all the clothing and music lessons and sports equipment — never mind toys and diapers and food costs. It also hasn’t factored in any higher education.
You cannot put a price on the joy of having children, participating in their lives, and watching them grow into (hopefully) beautiful adults. But for some parents, the strain of providing can become a real pressure on their relationship.
The best way to make sure you do not argue about money is to work together and to be honest with one another. Open communication and working towards goals as a team helps curb the fighting. If there are no secrets and no hidden agendas, working together can uplift a relationship.
Having a partner is easier than being alone. You have a person you can trust and rely on, and your expenses could be halved, or better, your income could be doubled if you both bring in money.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
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David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.