3 Financial Relationship Types

As you enter into a long term relationship, it is important to step back and have honest and thoughtful conversations about your finances. There are 3 financial relationship types that set the guideposts for the majority of relationships.

Everyone develops their own relationship with money based on their own life experiences. When you join together these money histories, you can get fireworks if you are not careful! There are countless financial relationships and models that couples follow, but in the end, they boil down to three distinct types of relationships. Knowing which kind of relationship you are in will help guide your journey towards successful money management in your marriage.

Relationship #1 - Mutual Interest

In this type of relationship, both parties have an actual interest in helping to manage the money in the relationship. They can certainly have different levels of interest in managing the money and one partner tends to be the primary manager. The second spouse likes to be active but takes a supporting role. It is important in this type of relationship to have clear conversations to make sure both partners are participating in the way they want to be. Money conversations in a mutual interest relationship are a partnership, with both partners handling different aspects of household planning. There is constant open communication between partners. No one type of relationship is better than others, but this type of relationship leads to more partnerly conversations about money, and fewer accusations, fights, and jealousy.

Relationship #2: One-Sided Financial Relationship

I want to start off by saying, this is not a bad type of relationship. Some people have zero interest in their finances. They just want to know how much they can spend, general guidelines, and they do not care about the details. I never recommend a partner totally disengages from the finances of a relationship. Everyone should be involved in some way, even if it is small. Maybe the less interested spouse has an autopay bill for the electric or another automated utility. Not only does this give that spouse a little skin in the game, but it helps them feel like they are in a partnership. In this type of relationship, establishing regular Money Dates are imperative to the relationship. It is okay if one partner is not interested in the day to day management, but there needs to be an oversight, and a conversation each month providing the less-involved spouse an update on the finances. This is our #1 tip for a happy life and helps eliminate surprises and fights in the marriage.

Relationship #3: Toxic and Withholding

This is the type of relationship that no one wants to be a part of. This type of relationship is also considered financial abuse. One partner controls the money and does not allow their spouse to have any insight or say into what is done with the money. This is a toxic, and incredibly dangerous relationship to be in. If you feel you are in this type of relationship, please, please, please, please email us at [email protected], and we can connect you with tons of free resources to help you recover and address your situation. This type of relationship leads to hidden accounts, hidden debt, and lots and lots of fights.

What Is Next?

So which of the 3 financial relationship types are you? Head on over to our Marriage Money Plan Facebook Group and let us know! Want to learn more about how to handle your finances in a relationship? Check out our latest articles at https://www.marriagemoneyplan.com/.