Is Overspending Impacting Your Relationship?

by Miranda Marquit · 0 comments

Money is a topic that comes up regularly in almost any relationship. No matter your situation, there is a good chance that you have been talking about money with your life partner.

Unfortunately, money is often a sore spot. Many of us don’t talk about money unless there’s a problem. According to a survey from GOBankingRates.com, the biggest financial deal breaker in a relationship is overspending (37.6% of respondents mentioned this). The next biggest issues include:

  • Secretive about finances (35.9%)
  • Too much debt (32.6%)

As you can see, the next most important money issues in a relationship are also related to overspending in some way. If you are hiding your spending, or in debt, that can cause relationship problems, and these are items likely related to the fact that you probably overspend.

Why Overspending is a Problem

Overspending is a big problem because it can cause stress in your life and in your relationship. When you spend more than you make, you start to feel anxiety because you can’t meet your bill obligations. You worry about how you will buy groceries or if money will be in the account when your insurance company automatically deducts your premium. These situations cause a great deal of stress, and that can strain your relationship since you are likely to argue about money problems — and whose fault they are.

Everything about spending too much can cause relationship problems. You’re tired, stressed, and in no condition to speak rationally to each other. It’s no surprise that many people cite money as a reason for divorce.

How to Keep Overspending from Ruining Your Relationship

If you want to keep overspending from ruining your relationship, it’s important that you take a step back and get honest about the situation. Try to have a conversation about money that doesn’t involve blaming each other. Take a look at your past spending as a couple and identify problem areas.

You should also talk about your priorities as a family. In many cases, overspending comes because you aren’t tracking your spending, and you aren’t spending according to your values. Pay attention to where the money is going, and determine whether or not it is helping you reach your shared goals. If you can have a conversation about shared goals, and put together a plan to help you reach them, you will be more likely to come together as a couple, and stop spending more than you should.

Create a plan that allows you both to spend a little bit on what you want while emphasizing your shared objectives. If you can have a conversation about what matters to you both, and you can begin working on the habits you both have that are making it harder to reach your shared goals, you’ll have less stress in your relationship, and you’ll both be less prone to overspending.

The key is creating a safe environment to have this conversation, and ensuring that you are both committed to changing your spending habits and working toward a common goal together.

Bonus Tip:

Another way to save on your monthly Internet and TV costs is to find a current ATT U-Verse coupon code or at least a promotion to knock down your home service bill.

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