Practical Advice
How to Stop Wasting Money in a Relationship: 5 Key Tips
Sharing your life with a partner means having someone who loves you and will help you achieve your dreams.
It means becoming the best versions of yourselves, developing not just personal virtues but also hard skills that are essential when dealing with your goals and responsibilities.
Learning how to stop wasting money in a relationship is one of the most important things you and your partner must do to secure a bright future.
Though not always a fun subject, it’s a vital part of your journey since it involves you growing into maturity and proving your commitments as a couple.
1.) Create a Realistic Budget Plan Together
As in many things, you must start with a good plan.
It’s easier to keep track of how much money you have and which things you’re allowed to spend on when you can refer to a detailed budget. It can also help you evaluate your personal expenses to better manage funds that aren’t necessarily for your relationship or shared purchases.
A budget plan is useful in making you practice open communication and setting a standard for how you two should approach other serious matters.
2.) Don’t Equate Quality Time with Excessive Spending
You should also avoid having a mindset of only finding value in things that cost a lot of money.
A BBC article about spending money on loved ones outlined studies that said splurging is often a mix of biological and psychological motivations. Making other people happy contributes a lot to your own joy and satisfaction.
But when you know how to stop wasting money in a relationship, you become aware that the people you care about can appreciate simple things just as much as objects that come with a hefty price tag.
Even cheap dinner dates and handwritten love letters can turn into precious memories if you have sincere intentions and your efforts come from the heart.
3.) Learn to Compromise
When you come across expenses that aren’t in your budget plan or if you find yourselves disagreeing on a financial issue, then you should be able to compromise.
Sometimes, dragging on an argument can cost you even more time and money. It can also push one of you to get so upset that making an impulsive and expensive decision becomes a tempting idea.
But if you’re willing to meet each other halfway, there’s less chance of pride or recklessness sabotaging your goals in life.
4.) Think of Other Creative Money-Saving Tips
Learning to be frugal doesn’t always have to be a boring and thankless job.
You can still practice financial literacy in your relationship by coming up with fun and creative methods that are both practical and enjoyable.
It can even be a bonding activity for you as a couple to think of ways for you to save money for your future.
Things like learning to make home-cooked meals instead of going out or hunting down the best deals and promos can be exciting when you’re doing it with the right person.
5.) Remember That Money Does Matter in a Relationship
A lot of people have filed for divorce due to overspending, especially those who didn’t know how to deal with a spouse who spends too much money.
Being genuinely in love and even getting married won’t mean your growth has to stop. Consistently handling money wisely is necessary when you want a successful life with the people you love.
This is why as early as now, you should figure out how to stop wasting money in a relationship so you don’t end up wasting things that are much more valuable than material wealth.
References
Wen, Tiffanie. 2019. “Why do we spend so much money on others?” BBC. https://www.bbc.com/worklife/article/20191121-why-do-we-spend-so-much-money.
