Money mistakes that can ruin your relationship

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We all know that love cannot pay bills and money matters can strain even the healthiest and happiest relationships. In fact, a study done by the University of Kansas suggests that couples who frequently fight about finance-related matters are more likely to head for a divorce. Of course, every relationship is different and there is no ideal way to manage your finances but avoiding these seven mistakes would surely help you to strengthen your bond.

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Many couples fight because they do not understand each other when it comes to money. While it might be okay for one of the partners to squander the entire salary within a few days of the month and later depend upon credit cards, the other partner might be a hoarder and would think twice before spending even a penny. Hence, first of all, both the partners must understand each other’s spending habits and then look for ways to figure out a budget together.

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Well, your partner’s debt is your debt as well to some extent. Treating it as his or her individual problem and pretending you have nothing to do with it might not be the right approach. It’s best if both the partners talk about their debts before moving in together or getting married, and discuss how they would like to manage the household budget together.

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While planning the household budget, it’s unfair to put the entire financial burden on one partner when both of them are earning. Even if you plan to maintain your separate bank accounts, it’s ideal to pool in an equal amount of money every month, devise a budget that pays all your shared bills and stay on the same page financially. Trust us, it would save you both from money-related resentment and misunderstandings at every stage of your relationship.

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