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Ceturtdiena 17.08.2017 | Name days: Oļegs, Vineta
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Survey: families planning budgets argue less

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU41% of Latvia residents who are married or living with a partner recognize they argue at least once a week, according to Swedbank Private Financial Institute’s survey.

One of the most popular reasons for quarrels is money, its spending and earning. The survey findings reveal that family budget planning and setting joint finance objectives significantly reduce the number of arguments.

«Our Institute’s survey data clearly confirm that families where both partners are involved in budget planning have less disputes than those with responsibility for family finances shouldered only by one of the partners or where the budget is not planned at all. The number of quarrels may even drop by one-fifth! Money is one of the most important components of our daily lives, so a joint finance planning can help avoid unnecessary disputes that damage relationships,» says Diana Krampe, deputy director of Swedbank’s Private Financial Institute.

In terms of what exactly causes disputes over money, one in four respondents claims the biggest challenges and tensions in their relationship are created by money shortage. Almost as many respondents acknowledge that their partner tends to criticize them about spending money and that they had to even hide purchases or the actual costs from their partner.

The respondents’ answers indicate that money disputes often break out between partners living together for two to ten years. Krampe says that usually partners are starting to live together in this period and, therefore, the family budget planning becomes an urgent issue. At the same time, data show that couples in rural areas argue relatively more about household finances than in urban areas, mainly due to low income levels and the resulting tension.

Swedbank Private Financial Institute’s tips on how to avoid disputes over money:

1. Replace quarrels with action

It is possiblt to argue in different ways. Instead of repeatedly returning to the cause for the argument, change the dispute in a constructive discussion aimed at creating an action plan to improve the situation. Often, disputes are nothing more than a signal that something is wrong and therefore must be changed.

2. Agree on the game rules

There is not a single true and universal recipe for dealing with financial issues. Each couple must find a suitable solution themselves. The key is that both partners agree on a reasonable budget planning model. Some couples choose joint accounts, others agree on completely separating their finances. However, it is important to discuss this choice, as most arguments arise from partners avoiding to talk about money.

3. Consider a premarital agreement

In Latvia, the number of concluded marriages is approaching the pre-crisis level; however, there is one divorce per every two marriages. This agreement is another way for the couple to develop a shared understanding of family budget planning, as it can foresee joining or separating all the legal possessions. Such an agreement may stipulate inheritance and credit obligation issues as well.


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