Tough economic times can be trying. They can bring out the best and the worst in people. They can also destroy relationships. When one person in a relationship mishandles the finances, it can negatively affect their relationship.
*Blaming each other
It is so easy for couples to blame one and other for their financial woes. When two people have different ideas about how to manage money, it can cause tension in a relationship. Whether the relationship is between business partners, siblings, or a married couple, it is important that finances be discussed and a spending style agreed upon. The couples should discuss their financial goals before they enter into any type of financial partnership. Each person has his or her own financial personality and spending habits. It is important that financial differences be addressed and financial styles adjusted.
Financial problems can destroy trust within a relationship. When one partner in a relationship makes serious financial mistakes, the other partner can develop a sense of mistrust. They can lose confidence in their partner’s ability to manage money, and they may begin to question the other person’s decisions making ability. Trust is established over time and through constant reinforcement. It is the glue that holds marriages and other relationships together. When that trust has been betrayed, it is almost impossible to regain it.
*Viewed as financially irresponsibility
Financial responsibility should always be discussed openly and honestly at the beginning of any relationship. There is no easy way to bring up finances, but it is imperative that each partner discloses his or her financial history, credit scores, and spending styles. Each partner should decide who will be responsible for what. But, if a couple does discuss their financial values and decide on a set course of action and one partner strays, it can make the other partner feel betrayed. It does matter if the financial dilemma resulted from impulse spending or from poor money management skills. It is an indication that the guilty spouse or partner is not able to handle financial responsibility.
Communication is important in any relationship. It builds trust and allows the couple to express their needs and desires. Effective communication requires the participants to take turns speaking and listening. If the couple is arguing, no one is actually actively listening. However, financial problems can cause communication barriers in relationships.
*Sense of helplessness
The partner who has been betrayed financially may experience feelings of hopelessness. They may feel trapped by their partners spending habits and their financial irresponsibility.
Financial problems can ruin any relationship. Before two people enter into any type of partnership where money is a part of it, financial values and spending style should be discussed.