One in four Australian families find money a source of conflict in their relationship. – St George bank survey
This research also found that 40% of respondents believing the reason for the conflict was due to their partner’s overspending.
In my experience one partner may be paying more of the family bills than the other, but they are not overspending on themselves.
It is important for both parties to know where the monthly spend goes. You don’t need to establish an elaborate complicated budget but you do need to review the online bank statement(s). This should take no more than twenty minutes if the bank accounts are set up efficiently.
For those who are more analytical, there are plenty of mobile phone apps that provide the necessary technology to create a more precise analysis but this again is not necessary.
From my experience, family and couples who undertake this simple exercise dramatically reduce their financial conflicts. This exercise tends to make all family members aware of their household expenditure and assist them to formulate their own solution to their financial concerns.
This twenty minute exercise could be one of the most useful tasks you can do together to reduce financial and relationship stress. Stress is draining, invest in the twenty minutes now. Think of this exercise as a fact finding mission not
a blame game.
Should you require further information, please feel free to contact Peter Quinn
by submitting an enquiry or calling us on +61 2 9580 9166.
The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.