Unfortunately, having less money CAN lead to relationship problems – it’s stressful, and stress affects relationships. Black women get divorced more than any other race, and financial discrimination could be the cause. Worried? Here are steps you can take to achieve financial security in your relationships.
#1: Budgeting as a couple.
The best way to budget is to create categories for expenses, desires, savings, AND emergencies! Even just $5-$50 a month for emergencies can make a huge difference. A financial emergency can wreak havoc on a relationship.
#2: Discuss “logistics.”
If you pay for breakfast, do they pay for lunch? Should expenses be paid according to who makes more, or split down the middle? A joint checking account can be useful, but it’s also important to have your own. Financial intimacy is important, but so is financial independence. And healthy communication allows for teamwork.
#3: Monthly or annual financial check-ins.
Your expenses and how you allocate them can change over time. It’s important to have regular meetings where you discuss your responsibilities and your money goals with your partner.
Enjoying money together is a very important reward to budgeting! If you spend all of your time focusing on the serious details, it can be daunting and often discouraging. We have to communicate about money – but also enjoy it together!