Maintaining peace in a relationship can be difficult, especially when financial considerations come into play. Nevertheless, it is crucial to grasp the influence of money in relationships in order to make improved financial choices that benefit both you and your partner.
Does money affect relationships?
A simple answer to this question is, “yes, money affects relationships.”
The fact remains that money is essential for survival. It is necessary for meeting obligations such as mortgage payments, utility bills, sustenance, education for your children (if applicable), and other life responsibilities.
Think about it for another second. Unless your workplace is in close proximity to your home, you’ll need money for your daily commute. Given its significance, it’s crucial to grasp the psychological impact of money on your household, partner, and relationship.
To best understand the money and love relationship or the effects of money on your relationship, you must first understand the intersection between money and relationships.
5 psychological effects of money on relationships
Now that we have established the fact that there’s a strong connection between money and relationships, let’s take a look at the psychological implication of money on marriage and romantic relationships.
1. Negative emotions
One thing in romantic relationships is the rise of negative emotions that can emerge when one partner experiences a significant increase in income compared to their previous pay level.
When you get a promotion at work, get a new job that pays you a bigger salary, or start a new business and suddenly get struck by so much profit, you expect your partner to be happy for you, right?
If they are unable to experience complete happiness due to a hint of jealousy creeping in, this could be considered one of the psychological effects of money on relationships.
Over the years, science has proven that one of the biggest emotional needs of every human is to feel needed by the ones they love. Being the financially responsible one in a relationship can create a situation where you might begin to feel like your partner needs you.
When you suddenly experience a big break and find yourself with much more money than you used to have, your partner may start experiencing conflicting emotions concerning your newfound financial status.
It is necessary to point out, at this point, that the internal battle your partner may experience is one of the psychological effects of money. It does not indicate that your partner dislikes you or doesn’t want what’s best for you. You must handle this situation with tact and wisdom.
The first step to finding your way out of this situation is understanding why your partner feels the way they do. Are they afraid that you’ll change now you have the means? Are they scared that your relationship will hit rock bottom now that you have become busier than before?
Are they just insecure because they have been trying so hard to improve their financial status to no avail?
Effective communication will remain a powerful tool you can deploy to handle this dicey situation. No matter how uncomfortable it might become, have a deep conversation with your partner. Reassure them of your love and commitment to them.
Assess yourselves together and ensure that you have a healthy relationship with money. Now that you earn more, you may want to consider taking up some more financial obligations at home so that the weight on your partner is reduced a bit. If you can, consider helping them improve their finances.
Encourage them to submit more applications for better-paying jobs, teach them what you know about financial management, or you can consider encouraging them to start a new business.
Your partner will let go of these negative emotions that crept in as a result of insecurity when they see the lengths to which you’ve gone to help them become financially better.
2. Scope of arguments over money
Major conflicts in your relationship may arise concerning financial matters. Determining how to divide expenses with your partner and deciding who will take on responsibilities for children, the mortgage, utilities, and daily living costs at home can be significant points of contention.
So, how does money affect relationships? Money can test your trust, love, and loyalty for your partner.
At some point, you would have to sit down and talk about your financial expectations from your partner or your relationship may suffer a dangerous hit in the long run.
3. Your partner’s future and safety
How one person handles money can directly influence the plans and aspirations of their partner. For instance, if one partner consistently makes poor financial choices and accumulates debt, the other may find themselves having to rectify the situation and clean up the financial mess.
To do that, they may have to dip their hands into monies they may have kept aside for other uses. This, in turn, can strain the relationship, cause mistrust between both parties, and/or cause one person to say goodbye to some of their plans.
For example, to pay off a debt one’s partner may have incurred by gambling, they may have to let go of all the money they’d been saving to further their education or get a bigger house.
4. Personality differences
Understanding how your partner was raised to relate to money will play a major role in the success of your relationship.
When evaluating the subject of money management in relationships, it’s easy to see how personality differences can strain otherwise beautiful relationships. There’s been an age-long conversation of spenders and savers.
When you (as a saver) are in a relationship with someone who loves to spend and sees nothing wrong with living an extravagant lifestyle, you might get irritated as time progresses.
The only way to handle these lifestyle differences is to have the inevitable conversation about how you’ll both spend in your relationship and reach a compromise.
5. Financial secrets
Another psychological impact of money involves the inclination to shield others from the complete picture of one’s financial situation. Discovering, after committing to someone, that they weren’t as financially stable as they portrayed can be detrimental to a relationship.
