How to Avoid These Common Money Mistakes Couples Make

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield
Money mistakes can cause relationship problems. Here's how to avoid some of the big ones.

Money mistakes can cause relationship problems. Here's how to avoid some of the big ones.

Finding someone to share your life means figuring out how to share your money. Money fights can cause big problems and put an end to your romance quickly. 

1. Financial infidelity

Financial infidelity is a common problem. In a recent survey by The Ascent, 71% of respondents admitted they'd been financially unfaithful to their partner. 

Featured offer: save money while you pay off debt with one of these top-rated balance transfer credit cards

Financial infidelity can happen because partners don't agree about purchases or spending. When that happens, one or both people in the relationship could go behind the back of the other. This undermines trust, leads to fights, and makes future money compromises harder to reach.

Financial infidelity can be avoided if both partners are willing to be open and honest. That means both people need to foster an environment where this type of communication is rewarded. If either party feels backed into a corner and forced to lie, it could be the beginning of the end. Don't put your partner in this position.

Instead, commit early on to finding compromises and ways to make money decisions that work for both of you. 

2. Lack of communication 

Communication isn't just key to avoiding financial infidelity -- it's essential to achieving joint financial goals and avoiding fights about all sorts of money issues. 

Unfortunately, many couples put off talking about finances -- especially if they're a source of stress. Or they don't know how to talk in a nonjudgmental way that makes both partners happy with financial decisions.

To avoid this mistake, talk about money early in your relationship and have regular discussions about financial issues. Schedule "money dates" weekly or monthly to

  • go over your budget and spending,
  • make sure you're on the same page about your financial goals, and
  • check in with each other's progress. 

The more you talk about money, the better you'll get at these conversations and the less often fights will occur. 

3. Trying to control your partner's spending

Hiding purchases was the most common type of financial infidelity on The Ascent's survey. And it's no wonder so many hide spending from spouses or partners -- the same survey also found that 65% of men and 47% of women have wanted to own an item their relationship prevents them from having. 

There may be some lines that can't be crossed when it comes to spending -- like going way over budget or buying dangerous or illegal items. But, for the most part, partners need to trust each other and treat each other as adults. This means giving each person the leeway to spend money as long as the spending doesn't compromise other financial goals. 

Both partners need to remember that just because they think a purchase is silly or unnecessary doesn't mean their beloved does. Indulge each other's hobbies and interests (within reason) and provide some fun money for each person to spend on anything with no questions asked. 

4. Judging your partner's money management skills

Obviously, some behaviors -- such as racking up tons of credit card debt -- can't be considered acceptable in a relationship. When either partner is too irresponsible, this can put joint goals such as retiring, having children or buying a house at risk. 

But judging or blaming your partner for bad money decisions is unlikely to lead to a change in behavior. Instead, it's important for both people in the relationship to understand where the other is coming from. One partner may be overspending because he or she feels too constrained, for example, or because they aren't really on board with a budget that was forced upon them. 

Instead of being judgmental, work together to understand each other's individual money styles. Then set joint goals you both buy into so each partner is on board with the sacrifices and trade-offs necessary to achieve them. 

Don't put your love at risk because of money

The love you share for your partner is priceless, so don't let money matters undermine trust or cause fights that kill the romance. By following these tips, hopefully you can avoid common money fights and find a way to make sharing your financial lives as much fun as sharing the rest of your lives.

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

Two of our top online savings account picks:

Rates as of Mar 28, 2024 Ratings Methodology
Advertisement
SoFi Checking and Savings American Express® High Yield Savings
Member FDIC. Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

APY: up to 4.60%

APY: 4.35%

Min. to earn APY: $0

Min. to earn APY: $1

Our Research Expert

Related Articles

View All Articles Learn More Link Arrow