Keeping the Peace: Restoring Financial Harmony to Your Relationships

Money. It's one of the top 3 causes of conflict in relationships. Whether husbands and wives, parents and children, friends or business partners, it's a subject that can drive a debilitating wedge between people. To keep the peace in your relationships, follow the 3 C's of financial harmony:

Communicate. Start by talking about your individual money styles. What do you like about the other person's attitudes toward money? What parts of their money habits don't you like? What results do you fear?

Example: You might share with an eager spender that you like his spontaneity and generosity, but you fear he may be neglecting important financial goals unless he sticks to a budget.

Compromise. Having aired your concerns about each other’s behavior, objectively discuss the situation. Have each person write down their financial goals. Start moving toward the middle, with each person making concessions that bring the team closer together.

Example: A parent worried about her son's inattention to saving might result in an agreed upon percentage of his income from a part-time job going into a college fund, allowing him to spend the remainder freely.

Commit. In the interest of saving the good relationship, you may have to change the way you have been doing things.

Example: You may need to separate finances completely or keep a portion of your money together, requiring both partners' approval before money is withdrawn or keeping the account balance low enough that one person's indiscretion won't damage your overall financial health or the health of your relationship.

For more advice, consider contacting an objective professional. As an NWFCU member, you have access to free, personal financial counseling through BALANCE Financial Fitness. Your counselor may be able to help you discover a happy medium that will serve the needs of both parties. Call BALANCE toll free at 1-888-456-2227 or click here for more information.