Personal finance blogger Allan Liwanag writes: “One of the truths about relationships is that a good relationship is not just about love, trust, commitment, and all those other words with big meanings. It’s also about money or how to deal money to be specific. I’m not saying relationship is just about money and that you need to think about it before you go in a relationship or in marriage. All I am saying is that it is part of a relationship. I’ve seen quite a few of couples or families go through difficulties in life such as divorces, disagreements, and fights because of financial issues.” Before addressing the core issues, you need to recognize these red flag signs which include lying, not talking to each other about money and using too much credit. You can then work toward financial peace by tackling these red flags in the relationship.
Not every couple is compatible on points of personal finance but by watching our for the financial red flags in a relationship can help you preventing devastating consequences in the future. Watch out for incompatible spending habit and divergent view about saving. Talk honestly to each other and discuss a way to get along in financial harmony so you don’t have to be with the person for the wrong financial reasons.
Signs of Financial Red Flags in a Relationship
Candice Elliott writes on Listen Money Matters: “We all have dating red flags and if we spot one, bail before getting in too deep. Financial red flags in a relationship take longer to spot. Be vigilant. We can overlook a lot in the name of love, the snoring, leaving the toilet seat up, beauty products multiplying on every bathroom surface. But some things can be dangerous to overlook. Not everyone agrees on matters of personal finance but there are some red flags that should be considered no go territory when it comes to merging your life, home and credit score.” Here are seven dangerous red flag you should be aware:
- Runaway debt
- Past bankruptcy or foreclosure
- Unable to keep a job
- Spend like there’s no tomorrow
- No plan for retirement
- Big difference in financial philosophies
- Get caught lying about personal finance
How to Solve Financial Red Flags in a Relationship
While you work toward common financial goals, have realistic expectations about your personal finance. The most important factor in a relationship is not communication, but respect for each other. Give him or her some space and learn to forgive the little thing.
Talk openly about everything, especially the financial stuff that hurts. Relationship is a living, breathing thing. You both will get stronger while dealing with your financial stress and challenge. You have to hash things out and go through the up and down cycle of the relationship. After all, financial obstacles make the marriage.