How to Set Financial Boundaries in a Romantic Relationship

When it comes to money and relationships, financial issues can make a blossoming relationship go sour because people fail to establish financial rules at the beginning of the relationship.

To avoid such, it is wise to set financial boundaries at the start of the relationship, where you inform your spouse of your standpoint and what is acceptable or not acceptable for you in as much as financial dealings are concerned.

How to Set Financial Boundaries in a Romantic Relationship

1. Speak To Your Marital Partner during the Stage of Courtship So As To Avoid Disagreements In Future

At the start of a relationship, it is ideal to set up financial boundaries by having an open and honest discussion about finances with your spouse.

Your discussion should cover financial habits, concerns, building wealth, financial goals, and other monetary aspects that may be of concern to you.

It is advisable you start by engaging your partner in a peaceful talk where you both open up to each other about how you manage your finances, goals, responsibilities, and the debt you own.

You should patiently hear your spouse’s views about finances as well, and together, make decisions that set boundaries for your finances, such as letting your spouse know what is ok and what is not for you to accept in the relationship.

2. Set Joint Financial Goals with Your Spouse

Setting joint financial goals with your spouse shows that you have good intentions for your spouse, and it goes a long way in curbing monetary issues that might arise in your relationship in the future.

Financial goals you can set together include paying children’s school fees, buying a home, going on a vacation, debt management, building wealth, and much more. Your discussion should also include how much you will each contribute towards joint goals and the time frame for achieving your goals.

Read Also: 7 Signs that you’re Financially Smart

3. Have Joint and Individual Accounts

Your discussion should cover issues like having an individual or joint account.

This can be tricky to handle if your partner is a spender and you’re a saver.

Deciding on individual or joint accounts is a key component of setting financial boundaries.

As a couple, you can manage a joint account for purposes like paying bills, buying groceries, saving for a down payment for your home or saving for children school fees.

Depositing money into the joint account will be in percentage; say, you can both decide that you should deposit 20% of your monthly earnings as income regardless of the amount.

In addition to having joint accounts with your spouse, it is advisable to also have separate accounts so as to have an account with which you can save, spend or manage your finances as a single person without reporting to your spouse if you do not wish to.

Read Also: 8 Spending Habits You Should Imbibe When Passing Through Financial Crisis

4. Set a Limit to Your Spending

Finance issues are among the leading causes of conflict in a relationship, mostly if one partner is a ‘spender’ and the other is a thrifty person.

One thing that can be done to ensure that you do not encounter such challenges is by estimating the amount that you wish to spend.

For instance, you both should agree that any expenditure that is more than $200 to be talked and approved by the both of you in regard to your set financial goals.

Read Also: How to Live Below Your Means: 7 Hacks You Were Not Told

5. Discus Debt Handling With Your Spouse

Debt can cause a heavy financial issue that can put much stress on your relationship.

Hence, it is advisable that your first discussion with your spouse should include how you each want to settle individual debts owed.

You can both decide on individual or joint debt payments.

6. Discuss Family Obligations

Providing financial help for parents or siblings should be thoroughly discussed and boundaries set to avoid future conflict with your spouse.

While setting boundaries on financial obligations  to family members, you should agree on a system that works without neglecting both families, set a limit to the amount of financial help family members get from you, and also decide whether the help will come from individual or joint accounts.

7. Decide On Financial Responsibilities

To prevent heavy financial responsibilities bearing down on a partner, it is advisable you discuss and share financial responsibilities.

Decide on how bills will be settled and who gets to handle financial tasks like budgeting, taxation, investment monitoring, etc., to entrench orderliness, peace and financial stability in your relationship.

Read Also: How to Set Financial Boundaries with Friends and Families

8. Plan Your Finances Together

Planning your future together and aligning your financial expectations helps to bond you and your spouse together.

Hence, it is ideal that you and your spouse discuss and plan major future events like setting up a family business, owning a home, and saving for children’s school fees.

Hence, it is ideal that you and your spouse have a financial plan that covers up to 20 years and also figure out how to save up to achieve your goals together.

9. Set Financial Independence

Enjoying financial independence in a relationship will help you and your spouse make personal financial decisions without the thought of being monitored or restricted.

Therefore, both of you should agree on a level of financial independence to a certain degree and have your personal savings for spending on hobbies, skill acquisition, and other interests you may have.

10. Give Room for Regular Financial Adjustments

As you both advance and age together in your relationship, financial boundaries can change due to changes in income level, unexpected expenses, or new goals.

Therefore, regular review of your financial boundaries by assessing your financial goals, budgets, and achievements and making adjustments where necessary can help you and your spouse maintain peace in your relationship while breaking new ground together.

Conclusion

It is important to set financial boundaries in a romantic relationship because it forms the basis for building trust and financial stability in a relationship.

Since your relationship is not static, open communication and necessary adjustments will go a long way to ensure that you enjoy the benefits of setting financial boundaries in a relationship, which include reduced conflict, transparency, greater financial security and independence, and a better future for you and your spouse.

Read Also: How to Easily Manage Money as a Married Couple