Are you guilty of financial infidelity?

Many couples find it difficult to talk about money matters and might even fight about finances regularly. If you share bank and credit card accounts with your significant other, do you review your statements together regularly, or do you end up trying to hide your purchases and spending habits?

Maybe you even have secret accounts or assets about which your spouse or partner has no knowledge.

Sharing financial responsibilities can be challenging, especially if your spouse or significant other has a different “money personality” than you. Still, there are some ways to ensure you’re not committing financial infidelity and are working together towards some healthy financial goals.

Use these tips to improve your finances as a couple, and to open up the communication channel about money matters with ease!

Set Aside Time for Money Talk

Don’t let financial issues become the topic of every conversation throughout the week.

If there is a problem that needs to be solved, or you have something on your mind related to your finances, set up a time to sit down and discuss only the money issues at hand each week.

Establishing a weekly meeting dedicated for this topic can make the rest of the week less stressful, and can also make it easier to solve problems before they escalate.

Address Compulsive Spending Problems

Do you tend to buy on impulse regularly? Or does your significant other indulge in expensive shopping sprees?

If compulsive spending habits are draining your savings account, consider what is driving the urge to shop.

If one of you is unhappy, feeling depressed, or can’t express emotions in a healthy way, it’s time to find better ways to manage emotions and bad moods. Work on this issue together so that one of you doesn’t end up developing an overspending and hoarding habit.

Delegate and Designate Tasks

One of you can be in charge of handling the household bills, while the other person can be in charge of developing a preliminary budget or spending plan.

Separate money management tasks so that your financial philosophy is a joint effort. Working together towards a shared goal can put you both on the same page and make it much easier to manage your finances. This is especially important for couples with a joint account. But even those with separate accounts can benefit from working together to meet goals that will enhance your lives as a couple.

Seek Financial Counseling

If you can’t seem to resolve money issues together, consider bringing in a third party for help.

Making an appointment with a financial counselor or advisor can help to answer many questions you have, and put you on a healthier track with each other and your overall finances together. Attend this meeting together so that you’re both on the same wavelength.

Agree to Disagree

You and your significant other don’t have to agree on everything when it comes to spending and saving money, and you likely will need to make compromises.

If your money personalities seem to clash, work on a solution to which both of you can agree. Don’t make money matters a personal issue. Address the problem directly and acknowledge the fact that you both have different ways of managing money.

Just because you have different points of views about how to handle finances doesn’t mean this issue has to drive a wedge in your marriage or create constant marital friction.