The Economics of Love: How Finances Affect Relationships

Love and money are two of the most important things that converge in relationship dynamics, usually informing relationship dynamics, how situations are handled and how healthy the relationship is for the couple.
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Love and money are two of the most important things that converge in relationship dynamics, usually informing relationship dynamics, how situations are handled and how healthy the relationship is for the couple. Let us discuss the relationship between love and money, and see how finances can affect relationships. Money can be used as a standard to measure the couple’s compatibility in a relationship. People who have similar financial values, goals and attitudes when it comes to money are more compatible than people who see money differently and have different financial goals. This is because a couple that shares similar values will be agreeable to one another’s behaviours and decisions when it comes to spending.  Having different perspectives can lead to a couple having frequent conflicts and arguments about money, which will then deteriorate the relationship state. When there are significant variances between the partner’s individual financial means, this influences the power dynamics in the relationship. In instances where one partner earns much more compared to the other, they may have more control over the relationships’ finances as a whole. This can promote an unequal power when it comes to serious relationship dynamics such as taking decisions and being free in the relationship. The one who has more money tends to be the one with greater power. Money matters in the relationship and how the couple handles them becomes a direct reflection of the couple’s ability to communicate openly, honestly and effectively with one another. The more a couple learns to communicate openly with each other about their finances, the more they build the trust and intimacy in the relationship. This allows them to know each other better and trust one another more. When there is no communication about finances, this can lead partners to have trust issues and this can cause a lot of discontentment in the relationship. Being financially stressed is one of the problems that relationships have to deal with, especially when there is economic uncertainty or suffering. Worrying about debts, not having an income, or not having enough savings can all contribute to factors that contribute to the couple having relationship issues. The partners may have to deal with the emotional and mental pressure that not having money brings upon people and this can cause a couple to have constant conflicts. If a couple prepares themselves ahead of time by building healthy communication skills and having alternative financial insurance, this can help the couple to handle financially distressing situations better. Money can be used to attain common goals and ambitions that the couple may have together. Couples who are able to plan their financial goals together, like having monthly savings, going on vacations or purchasing something together, will feel closer to one another as they both work on achieving their mutual goal. This makes them understand that they are a team working to achieve a common goal. Taking some time to pan your finances as a couple and set financial goals can strengthen the relationship and create oneness. Like romantic relationships, financial infidelity can happen when a partner lies or hides some important information pertaining to money. This could include not disclosing debts, hiding spending habits, or secretly creating debts or using money. In handling issues pertaining to financial infidelity, partners need to be honest and open with one another, be willing and ready to take accountability for their actions and be willing to work hard to regain their partner’s trust. Both parties must be willing to put in the work to make the relationship succeed. Preparing and planning for the future with your partner is a very important part of any relationship. Money is very important when it comes to financial planning, especially when it comes to long-term planning. Couples who take their time to research and plan out their long-term finances such as retirement, insurances  and estate planning become better prepared to face life’s uncertainties successfully compared to couples without any financial planning prepared. As we grow, life presents different situations that all require money. From getting married, to parenthood, to the unpredictability of jobs, unforeseen financial situations can change our lives at any given moment. To be able to succeed through all these different phases of life without putting a strain on our relationships needs couples to be financially savvy and compatible. Money has an impact not only on the quality of our lives but also the quality of our relationships with our loved ones.