Relationships and Money: Money problems could be affecting your relationship

By: Michelle Cocone

Money doesn’t usually get discussed in relationships until it becomes a hardship. When it does occur, you and your partner might find yourselves in a repetitive argument, leading to stress. According to Psychology Today, about 70% of the population in the U.S. is married; they might face money problems throughout their marriage. It’s not uncommon to have differences in handling money as people are raised differently. It’s never too late to discuss finances with your partner to improve your relationship moving forward. As well as it’s never too early to establish financial goals to promote a healthy relationship. There are three key questions to discuss with your partner about money problems.

• What did your parents teach you about money?
• What are your financial goals?
• What are your fears about money?

Typically the information we have about managing money we learn from our parents. If your parents taught you how to keep track of bills, save money, and credit card management, then you have a good understanding of how to deal with money. Whereas some people had parents who were always late on bills, lost track, didn’t save money, and probably didn’t manage money well. Talk to your partner about financial goals and how you can combine them to fit both your needs. Remember you are a team with your partner and you are working together to improve your financial situation. Discuss the fears you have about money, which is where the money problems could be coming from. Set up a time to sit down and discuss creating a spending plan that works for both of you. Discuss how to divide the finances to help establish a baseline. Additionally, use any money left over to spend quality time as this will help relieve stress about money. Good communication about money problems will improve relationships and help avoid any anxiety/stress. When a couple suffers from anxiety or stress about financial hardship in their relationship, they may benefit from therapy to address the underlying psychological issues.

If you or someone you know is struggling with anxiety or stress about financial hardship, please contact our psychotherapy offices in New York or New Jersey to talk to one of our licensed professional psychologists, psychiatrists, psychiatric nurse practitioners, or psychotherapists at Arista Counseling and Psychotherapy. Contact our Paramus, NJ, or Manhattan, NY offices respectively, at (201) – 368-3700 or (212)-722-1920 to set up an appointment. For more information, please visit https://www.counselingpsychotherapynjny.com/

References

Klontz, B., & Gresham, M. (2015). Happy couples: How to avoid money arguments. American Psychological Association. https://www.apa.org/topics/money/conflict

Langabeer, J. (2022, December 7). The psychological impact of money on relationships. Psychology Today. https://www.psychologytoday.com/us/blog/how-make-better-choices/202212/the-psychological-impact-money-relationships