Disagreements about money could be challenging to your relationship, here are the red flags

Illustration.Photographed by momcilog
Illustration.Photographed by momcilog
momcilog

Without a doubt, money can create a lot of issues in relationships and lead to harsh breakups amongst soulmates.

Financial issues are quite common in relationships, mainly because many adults have not built good relationships with money as individuals.

Registered counsellor, Phumzile Ndlovu says it's important that couples communicate about where each partner stands financially as it minimises the risk of animosity and allows you to plan better as a couple.

READ MORE: Love at first flight - How a drone and a bubble secured a date for this couple during quarantine

According to psychotherapist and author of How to be Happy Partners: Working it out Together, Tina B Tessina, "Money is one of the biggest generators of problems, arguments, and resentment in a long-term relationship."

Tina believes partners commit financial infidelity because they haven't established good communication, they're trying to avoid conflict, or they're out of control and don't want to admit it.

READ MORE: Love and coronavirus: It could bring you closer, but there's a risk of increased domestic violence

Phumzile warns that over time problems with finances can create frustration, conflict and tension in the relationship.

"You could also find yourself inheriting your partner's debts, which could cause some form of anger and resentment within the relationship," she says.  

READ MORE: Love is Blind fan favourite Lauren Speed, believes love is 'so much deeper' than aesthetics

If you are concerned, having that sensitive and challenging conversation will allow you to make informed decisions.

But what happens if your partner refuses to fully share details of their financial standing? How do you know that the person you are seeing could compromise your own financial standing?

Phumzile advises that you take note of the following red flags in relation to your partner:

  • A bad credit score or when they are listed on ITC. 
  • Expenses are more than the income they earn.
  • Having too many credit accounts or loans.
  • They owe a lot of people money or, they are constantly borrowing money.
  • Living hand to mouth.
  • Dishonesty about their financial standing.  
  • Defaulting on payments on loans and bills.
  • A long list of unexplained debit orders.
  • No plan or interest in saving or investments.

Like any other relationship issue, financial problems can be resolved. Phumzile suggests drawing up a budget could assist you to better manage your expenses.

Have a financial plan and goals that will suit you both. This will ensure that you are on the same page, thus minimising financial disagreements.

Have you experienced alarming financial red flags? Tell us here

Follow us on social media: Facebook, Twitter, Instagram

Sign up to W24's newsletters so you don't miss out on any of our stories and giveaway.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Voting Booth
What part of your lifestyle are you most conscious about when it comes to sustainability and ethical consumption?
Please select an option Oops! Something went wrong, please try again later.
Results
Clothing and accessories
13% - 39 votes
Skincare products and makeup
15% - 47 votes
Food and home
72% - 218 votes
Vote