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Being in a long term, committed relationship with someone does not only mean being there for the good stuff. You need to work together and see each other through the bad stuff as well. One of the hardest things that couples go through is financial hardship. Money brings out the best in some people and the worst in others. It’s hard enough figuring out money woes by yourself, but when you have a partner whose spending habits do not compliment yours, it could make things go from bad to worse.
With money being one of the top things couples fight about, it is important to learn how to navigate this minefield effectively with your partner.
Do not hide debt
Any debt you have will, in one way or another, affect your partner and your relationship. Hiding debt is akin to keeping a dirty secret from someone you are supposed to be honest with. This breaches trust and often result in a big fight.
If you are the one hiding debt, come clean. Be as honest as possible and ask for your partner’s support. Not just financial, but emotional and moral support as well. If your partner is the one hiding debt and you have found out about it, be as nonjudgmental as you can and offer to listen and to be willing to work together to find a solution.
Dealing with gambling addiction
When you or your partner is an avid gambler, this could lead to your financial downfall. Many a couple have fought and broken up over gambling problems.
This is one of those times when you need to seek professional help. Addiction is an illness that needs expert care and support to recover from. While one partner undergoes therapy, the other partner should try to safeguard their finances. One way of doing this is by creating separate accounts. Another is to save up to pay off any outstanding gambling debts as soon as possible.
Unemployment
With the economy the way that it is, unemployment could be just one mistake away.
Should sudden unemployment happen, it is a given that the first thing to do is to look for another job. However, aside from that, both of you need to re-evaluate your spending habits. If there are certain things you can go without then nix them from your budget. Both partners should be willing to make the adjustment. And more importantly, there should be no blame game.
Medical bills
When your partner gets sick enough to warrant a visit to the hospital, it could take a huge toll on your budget. That is why it is very important to invest in a good health insurance. You need to find out what your insurance covers and what you need to pay out of pocket. Get a rough estimate of how much you may need to pay. If you and your partner both agree to take out a small loan to help pay the bills, that could be one route you can take. Or you can seek help from non-profits in your immediate area. You will also need to figure out your budget until you can pay off the medical bills. If you need to remove a few frills from your monthly budget, it is better to do so than to keep spending money you do not have.
Whatever money woes you and your partner may go through, it is important to keep a clear head and to always be open and honest with each other.
This article originally appeared on payment1.com