Dealing with money can be one of the most challenging topics for couples in a marriage. Different attitudes, hidden debt, and mismatched financial goals can create tension and contribute to marital conflict. Thankfully, there are many ways to resolve financial disagreements, and one of the best steps a couple can take is to seek help from a financial advisor.

Why Money Matters in Marriage

It’s no surprise that finances play a huge role in a marriage. Couples need to talk about money openly, set clear financial goals, and create a spending plan that works for both partners. When this doesn’t happen, it can lead to financial disagreements, stress, and divorce. 

A 2019 study by TD Bank reported that nearly 40% of millennial couples argue about money at least once a week. This highlights the prevalence of financial issues and underscores the importance of addressing them early. Additionally, a 2018 study by Ally Bank revealed that money causes more stress for couples than any other personal issue.

Disagreements about bank accounts, spending, saving, and debt repayment can cause ongoing conflict in a marriage. However, by collaborating and openly discussing financial matters, couples can avoid these arguments from turning into more serious issues.

The Most Common Money Issues Couples Face

1. Different Spending Habits

It is quite common for one partner to be a saver while the other tends to be a spender. These differing attitudes about money can easily lead to tension if one spouse feels like they are always the responsible one and the other is constantly spending money. When one partner overspends, it can derail the couple’s ability to reach their long-term goals, such as retirement savings.

2. Credit Card Debt and Hidden Spending

Financial infidelity occurs when one spouse hides credit card debt or other financial problems from their partner. According to the 2021 Love and Money survey, close to 1 in 3 Americans are keeping a financial secret from their partner. Secret purchases and credit card debt top the list of common financial secrets. 

3. Spending vs. Saving

Sometimes, the struggle isn’t about debt but about how the couple wants to spend money in the future. One partner may want to prioritize retirement savings, while the other wants to spend on vacations or home improvements. These differing spending priorities can lead to financial arguments when not discussed openly.

4. Joint Accounts vs. Separate Accounts

Having joint or separate bank accounts is another financial decision that can cause friction. Some couples prefer to pool all their money into one joint account, while others feel more comfortable keeping their finances separate. Both methods can work, but it’s essential to have open conversations about how the couple will handle expenses.

5. Financial Disagreements and Stress

Financial arguments can cause stress in marriage. Forty-five percent of partners say they argue about money at least occasionally. The blame game is often a part of these arguments, but couples can focus on finding solutions instead of pointing fingers. 

How a Financial Advisor Can Help

A financial advisor can step in and help couples manage their finances better, reduce financial stressors, and achieve financial stability. Here are a few ways an advisor can assist couples facing money problems:

1. Creating a Financial Plan: One of the first steps a financial advisor will take is to create a financial plan that addresses both partners’ needs. This plan will outline spending priorities, help the couple save for important long-term goals, and ensure there’s an emergency fund in place.

2. Managing Debt: If the couple is dealing with credit card debt or other financial problems, the advisor can develop a repayment strategy and prioritize getting out of debt. This can help relieve financial stress and improve the couple’s overall financial situation.

3. Setting Financial Goals: A financial advisor can help couples set and achieve their financial goals by guiding them on how to save, invest, and spend wisely. Whether the goal is to pay off a credit card, save for a new car, or prepare for retirement, an advisor ensures that both partners are on the same page.

4. Handling Financial Disagreements: If a couple is constantly arguing about money, a financial advisor can act as a mediator to help both partners communicate openly about their spending habits and expectations. They can help avoid the common pitfalls of financial disagreements and work toward mutual understanding.

5. Budgeting and Saving: A financial advisor can assist in creating budgets, prioritizing expenses, and setting up a savings plan. This ensures the couple can meet their day-to-day needs while working toward their future financial goals.

The Aligned Perspective: Financial Advisors for Married Couples

Money issues can be overwhelming, but they don’t have to lead to marital conflict. By seeking professional help from a financial advisor, couples can create a clear path to financial success and avoid the pitfalls of money arguments and financial stress.

If you and your partner are struggling with money issues such as credit card debt, differing spending habits, or unclear financial goals, a financial advisor can offer you the tools and guidance needed to help you not only manage your finances better but also build a stronger, more stable relationship.