5 Money Mistakes That Can Ruin Your Relationship

5 Money Mistakes That Can Ruin Your Relationship | Money and Relationships

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Have you made money mistakes in your relationship? We certainly have!

We have been together for many years and we have made some pretty big money mistakes on our journey. 

Relationships are built on love, but money can make or break your relationship.

Today we’re breaking down 5 money mistakes that can ruin your relationship.

And hopefully, you can avoid making these money mistakes in your relationship.

Hiding Finances From Each Other

We understand not being comfortable with telling your partner about your financials.

If you’re uncomfortable sharing something don’t. 

But be honest about how you feel.

The mistake is deliberately hiding finances from your partner for other reasons.

This may be due to you not wanting your partner to know how much you really spend.

Or, you may be doing it because you don’t trust your partner with your savings.

This mistake leads to all sorts of money issues that can ruin your relationship.

Making Financial Decisions On Behalf of Each Other

Imagine if you find out your partner has planned a one week holiday for both of you.

Sounds amazing!

Until they tell you to pay for half of it despite you not being involved.

Making financial decisions on behalf of your partner is a big mistake.

One person making “we” decisions about money can lead to money fights in your relationship.

This damages your ability to work as a team with money.

Leaving All The Financial Responsibility To One Partner

It’s common for one partner to be more switched on with money and take the reigns financially.

And we completely understand this works for many couples.

The mistake is when the other partner is completely in the dark about money.

Or, if they are burying their head in the sand about your financial position.

This can lead to the one who’s responsible to make decisions on their own.

They may even find the position of managing all the household finances stressful on their own.

This can also be the foundation for financial abuse in a relationship.

There are also two worst-case scenarios to think about.

Should anything happen to the responsible one the other one would struggle to pick up the responsibility.

And should the relationship end, the one in the dark might be cheated out of money.

Imposing Your Money Beliefs On Your Partner

Chances are that you and your partner have different money personalities, habits and beliefs.

You may disagree about the way you handle your finances altogether.

Or you may find yourself wanting the same thing but have different ideas on how to achieve it.

It’s one thing to express your perspective whilst being open to hearing their side.

The mistake is disregarding their beliefs and pushing your beliefs onto them.

Don’t do this!

Instead, learn how to have the money conversation the right way.

Not Resolving Financial Conflicts & Disagreements

Early in our relationship, we would resolve our disagreements by “agreeing to disagree”.

The truth is, this is not resolving anything.

The issue lingered for longer and it hindered our ability to make any decisions with our finances.

If left for too long, it can drive a wedge between you.

Unresolved money issues are one of the biggest destroyers of financial intimacy.

Aim to come to a resolution that is acceptable and suitable for both of you.

Take Action

Talk to your partner about the mistakes you’re making and plan to make changes.

Check out our Couples Money Workbook to have a tool to rebuild your financial intimacy and start working together with money.

Share this post with others so they can also learn about money too.

Let us know how you’re getting along by getting in touch with us, we’d love to hear from you.

Knowledge is powerless without action.

So take action, and take care.

Thando & Lindie