This archive report was first published on 20 August 2020.
Money troubles can be a significant strain on any relationship, especially when one partner has a tendency to overspend. According to Lolita Bunde, a financial expert, extravagant spending can be caused by a lack of financial discipline or triggered by emotional issues like stress or anxiety.
Before confronting your spouse, it's essential to understand the root of the problem. This will help you approach the issue with empathy and patience, rather than anger or blame.
Here are some discreet ways to handle an extravagant spouse:
Be gentle when approaching the issue
Money is a delicate topic, and many couples avoid discussing it due to the risk of fights and disagreements. However, it's crucial to address the issue calmly and avoid attacking or blaming your partner.
Instead, try to understand that your partner's extravagant spending might be an old habit that will take time to overcome. Be patient and plan accordingly, involving your partner in the process to make them feel more in control.
Have a budget
Creating a budget and setting financial goals can help your partner feel more accountable and directed when spending money. Avoid verbal discussions, as they can be ignored, and instead, write down your financial goals and ensure your partner is involved.
Have both joint and individual accounts
Having a joint account can help with offsetting household bills and other bigger payments, while also allowing each partner to have their separate accounts for personal spending. This approach can help your partner feel more in control and less restricted.
Have a list when shopping
Impulsive buying can be a significant contributor to extravagant spending. To curb this behavior, try making a list of the things you need to buy and carrying cash instead of using credit cards.
Seek help from a financial adviser
Sometimes, talking to your spouse alone won't be enough, especially if they're not receptive to your suggestions. In such cases, seeking help from a financial adviser can provide a neutral perspective and help you both work through the issue together.
