Health & coach
Life coach Kirsten Long advises on love, work and more.
Your kitchen’s secret weapon. And, “My boyfriend and I live together, but we have very different ideas when it comes to money. How should I handle this situation?”
Q“My boyfriend and I live together, and I love him, but we have very different ideas when it comes to money. I budget and save, while he spends extravagantly. How should I handle this situation?”
It’s extremely important to agree on how to handle money issues in a relationship, as finances can be a major cause of conflict for a couple.
Explain to your boyfriend that you’d like to come up with a plan that meets both your needs. You could open a joint account for monthly expenditure and a joint savings plan. Draw up a budget and agree on an amount that’s suitable for both accounts.
Talk about your savings and agree what you’ll spend them on. Whatever you’re saving for, it helps to have a specific goal in mind.
The rest of the money is for each of you to spend as you will. Work at allowing him to spend his money as he pleases. The key thing is to stick to your plan, but if he’s spending too much and accumulating debt, you have a bigger problem on your hands. Counselling could be the answer, but never agree to pay off his debt. You need to be strong.