Millennial Couples Are Doing This Relationship-Saving Thing That Others Might Want to Follow

Along with politics and religion, the topic of money is considered to be one that’s rude to talk about. No wonder even couples find it difficult and tricky to have discussions about it. Unfortunately, this problem can lead to bigger fights about finances and in worst-case scenarios even lead to a couple to divorce.

According to marriage and family therapist Kelsey Chun, money can become a relationship stressor because of what it means to people. This is also why discussions about it can turn emotional fast. However, she noticed a great technique that her millennial clients implement in their finances as a couple.

Financial Transparency

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Having a joint account will allow couples to better see where their money is going and devise solutions for financial problems.

Apparently, both the married and not-yet-married couples Chun has worked with decide to intertwine their finances with each other. fearing how money can drive a wedge between each other, the couples didn’t shy away from the idea of joint bank accounts.

This decision leads to many benefits such as transparency. According to Chun, some married couples may find it more difficult to deal with ‘financial infidelity’ than the relational kind.

What more, getting access to each other’s money and bank statements can help people catch the early signs of problems like gambling or overspending in their spouse. This would also let both parties be more familiar with their significant other’s interests based on what things they spend on.

A  Couple’s Shared Responsibility

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Try to work with each other when it comes to managing your joint finances.

Another benefit of sharing an account is that it promotes a ‘balance of power’ in the dynamics of the relationship. Family and financial therapist Dr. Anne Brennan Malec shares that letting one partner carry a couple’s finances can lead to a dynamic where the responsible partner assumes an almost ‘parental’ role over the other when it comes to money.

However, it’s still fine if one partner shows more interest in the relationship’s finances as long as the other remains informed and also assumes some responsibilities.

Malec also warned against the tendency of some people to micromanage their significant other’s expenses, especially if the former is currently earning more in the household. Remember that both partners are still equal regardless of their role as a homemaker or if they’re still pursuing a degree.

Joint Commitment

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Married couples are the much encouraged to keep their money together in anticipation of big financial decisions in the future.

Married couples can fulfill their vows of uniting with each other by also joining the financial aspects of their lives. This is the significance of the phrase ‘what’s mine is yours’. Therapists see a couple’s sense of ‘we-ness’ as a positive sign and sharing a bank account can further strengthen this shared identity. Down the road, this decision would also help couples accomplish their goals from buying a house to having kids to sending said kids to school.