Love is beautiful until your partner squanders all your savings on betting. Most times, when looking for a partner, our focus is on looks, loyalty, and religion, but we often overlook financial compatibility in relationships. This is a significant mistake because money is one of the leading causes of divorce and failed relationships.
Having a partner who doesn’t understand the basics of money management and financial planning can land both of you in bankruptcy. Imagine spending N600,000 on a partner who doesn’t earn N100,000 monthly; how can they maintain the lifestyle that N600,000 desires? Or having a partner who shames you for struggling financially or uses their money to control you? You will never be able to excel financially because you’ll always be under their thumb.
There are many financial red flags in relationships to look for, and if they aren’t addressed, your financial future is at risk.
In this article, we have compiled a list of some of these red flags and how you can deal with them.
5 Financial Red Flags to Look Out For in Your Partner
If your partner has poor financial habits and bad money management skills, it will affect your finances. You might get into debt and deal with other problems because you are trying to take care of their needs. Although love makes you blind to your lover’s faults, study your relationship thoroughly to see if your partner exhibits any of the following habits:
1. Lavish spending
Does your partner buy anything and everything that catches their fancy? That is a big red flag. It shows that they don’t have any financial discipline. They will spend their money on irrelevant things and then proceed to spend yours too. The ability to have self-control when spending is crucial for everyone to have.
2. Financially Abusive Behaviors
Does she ask you to foot all her bills, even for things like toothpaste and water? Does he control all your accounts and doesn’t allow you to make money aside from what he gives you? Does she shame you for your financial struggles? These are emotionally and financially manipulative behaviours. You and your partner shouldn’t base your whole relationship on finances. Discussing and planning your finances is a healthy thing to do.
3. Constant Borrowing from Family and Friends
It is okay for your partner to borrow from family and friends once in a while, but when it becomes a constant habit, there is a problem. It shows your partner doesn’t know how to manage money. If this habit is not addressed, you and your partner will be in debt. If your partner learns how to manage their money well, they won’t borrow as much.
4. Gambling and Other Financially Risky Habits
Having a partner who gambles consistently is a problem. Aside from the debts that they will incur, they may also pick up nasty habits like stealing, lying, or drug addiction. If your partner has gambling or other addiction problems, encourage them to get help.
5. Lack of Savings and Financial Planning
If they don’t have savings, investments, or plans to earn more, it is a red flag. Your partner should be invested in building a life where you are both financially stable. Not spending money as if there is no tomorrow and making poor financial decisions. These days, tools like savings apps such as Jollof+ can help automate your savings while you earn up to 21.6% interest per year on your savings.
How to Deal with Financial Red Flags in Your Relationship
If your partner exhibits any of these flags, you may need to decide if the relationship is worth fighting for or if you want to walk away. Is your partner willing to change their ways if it is worth fighting for?
These questions are important because, although love is crucial, it is not the only thing that sustains a relationship. Sit with your partner, discuss these poor financial habits, and involve a professional if possible.
In The End
Remember, you are as important as your partner. If you are in a financially unhealthy relationship with a partner unwilling to change, walk away. Don’t let love blind you so much that you jeopardize your financial future.
By addressing these financial red flags in relationships, you can build a healthier relationship and ensure a secure financial future for both of you.
