Money (and sex) are the most common reasons couples fight. Although the current economic crisis has forced spouses to sit down and discuss their financial situation with a new sense of urgency, dollars and cents still have the power to tear a union apart. Here are five tips, courtesy of the Investors Group, on how to recession-proof your relationship.
1) "Invest" in your relationship. Many couples avoid discussing their attitudes toward money and their financial situation. It's important to talk openly about your financial issues regularly so that you find common ground and make sound financial decisions together.
2) Make a plan. Create a budget and stick to it. Setting financial goals can help you keep your budget on track and create a structure to have the money talk more often.
3) Cut back your date budget -but not completely. Cutting back your spending is a smart thing to do, but make sure you still have enough in your budget to have some fun together and forget about money for a while.
4) Fight fair. Spending habits are a common cause of money arguments, but keep your disagreements constructive. Take a step back and look calmly at your financial situation and work together to find solutions.
5) Find a way to save. Setting aside even small amounts regularly can help you accumulate an emergency fund and keep your long-term goals on track.
6) Get advice. A financial advisor can help you develop a plan to help you juggle your competing priorities and make sure you're prepared for all contingencies.
Roma Luciw is a writer and web editor of the Globeinvestor.com personal finance site. Please send any comments and story ideas to rluciw@globeandmail.ca.
Roma Luciw