ATLANTA – Research reveals that Georgians would reconsider their relationship if their partner spent $11K without communicating first.
Release:
If there is anything that can potentially cause disharmony in even the most blissful relationship between a couple, it is often money. Sometimes, both parties are sensible with cash, and trust each other implicitly with the joint funds. Sometimes, both parties like to splash it about, and are fine about each other treating themselves. But what if one person is sensible with money, and the other is reckless? How much would one half of a couple be able to spend without consulting the other before that partner started to reconsider their whole relationship?
CouponBirds decided to find out, surveying 4,250 respondents on whether there is a threshold amount in which one half of a couple would reconsider their relationship if the other had spent a considerable amount without first consulting them. They found that, on average, the spending spree threshold between couples in Georgia was a not-insignificant $11,023 – that’s like the price of a car, or a luxury vacation to the Caribbean! This compares to a national average of $13,510.
When broken down across the country, there were considerable differences in couples’ thresholds when it comes to spending sprees. Bay Staters, for example, appear to be the most understanding (or forgiving) – they would be okay if their partner spent up to $23,416 before considering their other half had played fast and loose with the family finances. Far stricter are Rhode Islanders, who would put their foot down at a spend of just $2,389.
Infographic showing financial infidelity thresholds across America
CouponBirds also found that 64% say that they keep a closer eye on their partner’s spending habits in times of high inflation, and that when discussing money issues with their partner, it ends up in an argument over a third of the time. In fact, 51% say they avoid talking about money with their partner altogether, because it can lead to arguments.
And when asked about how often couples argue over their personal finances, over 1 in 10 (13%) said they happen every day.
“When couples are not frank with each other about their outgoings, it can often lead to what is known as ‘financial infidelity’, whereby one half, or both, are dishonest with the other about how much or what they spend on”, says Tricia Smith of CouponBirds. “Although discussions about money can be uncomfortable, particularly at the start of a relationship, it is an important talk to have as finances have a significant effect on the longevity of relationships.”
Here are a few tips from CouponBirds for managing finances in a relationship:
1. It is important to discuss lifestyle choices together, as this will help you manage your joint finances effectively. Knowing each other’s lifestyle choices will help determine what kind of budget you’d like to live on, and you can allocate an appropriate amount of money for the different expenses.
2. As a couple it is important to understand that there will be a difference in personalities which could affect finances. One partner might be very stringent when it comes to money matters, while the other partner maybe free-spirited regarding spending. Recognizing the difference in personalities and finding a healthy compromise will be the key to financial stability.
3. Another important factor to take into consideration is a difference in salaries, whereby one partner may earn significantly more than the other. The key is to find a compromise with salary differences by ensuring that each partner contributes an agreed upon percentage to expenses. So, if one partner earns 10% more than the other, then expenses should be split 60:40. This balances the salary difference and the partner that earns less is not burdened with having to contribute a major part of their salary to joint expenses.
4. Lastly, transparency is extremely important when it comes to joint finances. Being open and honest about purchases will create a level of trust between couples. Partners can rest assure knowing that their significant other isn’t secretly stashing away money, or whether their partner is struggling to meet their savings goals. When there is transparency with finances, couples can identify their fault lines and how they can improve in terms of financial goals and stability.
