The old expression “opposites attract” doesn’t apply to finances. If one person is a saver and the other routinely has an empty bank account, the mismatch often causes tension – not to mention unpaid financial obligations. If your loved one is something of a spendthrift, here’s some advice for curbing their spending, ensuring your bills are paid on time, and keeping your relationship strong. 

A Guide to Money Management for Couples

Avoid Making Comparisons

Comparing your budget-conscious spending habits to your partner’s more impulsive ways will only make the problem worse. Instead, make it clear that you’re in this together. Gently suggest ways to avoid making extravagant purchases. For example, on date night, ask your partner to buy groceries and cook dinner together instead of eating at an expensive restaurant. Make shopping a game to see who finds the best discounts online for local entertainment. The goal is to help your partner see that they’ll still enjoy life without breaking the bank. 

Practice Goal-Oriented Saving 

Try an experiment where you both keep track of your own spending for a few weeks using a chart. At the end of the experiment, evaluate your spending. Instead of making your partner feel guilty for their spending habits, show your partner calculations of how that money could help with long-term savings goals, like a car or a trip abroad. Seeing the numbers on paper and keeping a positive objective in mind will help your partner understand why saving money matters. 

Establish Spending Boundaries

Another effective way to help a loved one curb impulsive buying is creating a spending budget. Ask if they’re willing to use a certain amount of money for personal spending for one month and not go over the limit. At the end of the month, analyze the spending to see if the budget should be revised up or down. The structure and support of a constant budget is often helpful for people who struggle to manage their finances. A credit union or bank account opened just for discretionary spending is an ideal way to keep these purchases separate from monthly bills. 

In any relationship, communication is key. If your partner spends impulsively, there are ways to fix the problem. North Jersey Federal Credit Union, a smaller and friendlier alternative to large, faceless banks for clients in Passaic County, offers a variety of accounts and debit cards designed to track expenses and savings. The credit union’s online banking program comes with bill payments and mobile apps for convenient access. Visit the website for details on the full suite of products and services, including amazing deals on loans. Call (973) 785-9200 with all your questions and a friendly representative will gladly assist.