How to Confront Your Partner About Their Reckless Spending

Are you worried and upset about the spending habits of your spouse or lover? A MagnifyMoney survey reports that about one-fifth of divorces are over money.  Reckless spending can end a relationship, so it’s important to deal with the issue properly. Here some helpful tips:

1. Approach them in a gentle way

This can be tough when you’re super-angry and want your partner to get their finances in check as soon as possible. Remember the old saying “It takes two to tango.”

Your partner should take responsibility for their reckless spending. That said, it’s important to approach them in a loving instead of a judgmental way. There’s a good chance your partner knows there’s a problem, so it doesn’t help to keep grilling about them.

The key is to get to the nitty-gritty of the problem and figure out where the money is being wasted. Just make sure to do it a gentle/loving way.

2. Set reasonable goals

It’s important for you and your partner to pick a method for controlling spending. This should be on a monthly and long-term basis. It will help you reach your financial goals in terms of things like savings.

The first goal should be to get out of debt due to the spending habits of your husband/wife or boyfriend/girlfriend. After you clear your debts, it will be easier to get on track in terms of your finances.

You should also set realistic goals for the future after clearing your debts. Consider an emergency fund for emergencies like home or vehicle repairs. You should also have long-term plans for your kids’ education and your retirement.

3. Create a budget (and stick to it)

If your partner doesn’t have a personal budget, then it’s time to create one—together. If they already have one, it’s a good time to revisit and tweak or revamp it.

If you’re creating a new budget, then start with the total expenses and income. Then start looking at the details to figure out what’s causing you to go into debt. This will be more obvious when you start looking at your spouse’s/lover’s specific spending.

4. Cut up credit cards

You could keep one for emergencies, but you should generally avoid using plastic to pay for things. This is especially true if the credit cards are related to your partner’s careless spending.

It’s a lot tougher to hand over hard-earned cash vs. handing over a piece of plastic. Besides credit cards are easy to use, unpaid balances can be devastating due to interest rates.

5. Make a plan to curb spending

If your partner understands there’s a problem with their reckless spending, then you’re halfway to fixing the problem. The next time is to be a man (or woman) with a plan.

You have various options. One of the best ones is the “envelope budgeting system.” This involves putting cash in different envelopes for different expenses.

It’s effective as a cash-based system since you’re dealing with cash instead of just figures. You’ll be physically tracking your salaries, which makes it easier to make sure you ‘re covering your expenses first including debts and bills.

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