How to Deal with Partner’s Bad Money Habits

You have found “the one” and he is Prince Charming – or pretty close. He treats you well and family and friends love him. He even has a stable, well-paying  job.

However, certain things make you uneasy. Prince Charming spends all of his salary and does not have any  savings. He does not pay bills on time and debt collectors start appearing.

But  you are in love!

While we all have heard that love is blind, turning a blind eye to these warning signs will eventually cause tension in your relationship. Research shows that money argument is the number one cause of  divorce.

Here are some ways to deal with the love of your life when his finances are all wrong.

Talk Money with Your Honey

Have an open and honest discussion with your partner. Make it clear that hiding money issues from each other is not acceptable.

More importantly, try to understand the cause for his behavior. Is it purely lack of knowledge about how manage money or is it something much more?

"What it finally boiled down to was that Daniel was over-spending because when he was growing up, his parents were too frugal. Now that he is earning his own money, he feels the need to compensate for his deprived childhood by splurging on things. Once I understood, I was able to help him deal with it," says Evy, about his boyfriend.

[Watch video: How to Discuss Financial Matters with Your Spouse]

Ideally this talk should happen before marriage but if it didn't, it is never too late.

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