I'm here to help you figure out how to deal with a partner who is useless with money. Being in a relationship is a work in progress filled with lots of obstacles along the way, and that is an accurate description of even the most loving and successful partnerships! Some issues are easy to navigate, the little things like snoring at night or leaving the toilet seat up, but there are a few problems that can arise in a relationship that have the potential to really derail a loving union. One of those much more serious problems is if you partner happens to be completely and utterly useless with money. If you know the true meaning of money and value it as something to save, while your partner sees it simply as something to fritter away on unessential items and experiences, then it could spell disaster. Finance is one of the top reasons for divorce! If you feel like you might be getting to a similar point in your own relationship, then here are some tips for how to deal with a partner who is useless with money.
1. Cut Credit Cards
One of the best answers for how to deal with a partner who is useless with money is to cut up the credit cards. If the situation has gotten really bad, then you might be left with no other option than to physically cut them all. They are the worst possible thing for a person who has spending issues because limits are always set too high and interest payments are so expensive.
Sit down together and try to make the most sensible budget for your joint circumstances. Perhaps if your partner has a monthly figure in his mind, he might be able to control himself a little better.
3. Save Every Month
Rather than waiting to see what’s left at the end of every month, be proactive and take a portion to put straight into savings. That way, even if your partner does make some bad decisions with the remainder, you still have a decent chunk already saved.
4. Take Control
If you really are in a worst case scenario situation, then it might be time to put your foot down and take full control of your finances as a couple. You have to make sure he agrees because otherwise there will be too much tension, but if he is willing, then it can be an almost immediate fix.
If you do take full control, then you might want to think about setting up an allowance type situation with your partner. Give him an amount of money each month that he can do what he wants with. This will help to satisfy his spending habits without ruining your overall finances.
You have to make sure that you both operate with complete honesty. Financial situations can be eased when you are both on the same page, but when money is being spent behind your back, that is when a huge problem can start to arise.
7. Separate Essentials Accounts
You might want to consider setting up a separate bank account that is specifically for essentials, like bills and food. As long as you know that there is money in that account to sort out the essential side of life, you can be a little calmer about the money that is being spent elsewhere.