A healthy, loving marriage or relationship with a partner is truly one of life’s blessings. But as anybody who has been married for a long time will tell you, even the most loving, fulfilling relationship takes hard work and commitment to sustain, and to make it go the distance you have to follow the golden rules.

Being open, truthful, and faithful, as we all know, is the key to happiness. However while 99%of people wouldn’t dream of being physically unfaithful to our partners or deceitful, it is common for there to be little communication over the issue of how one another manages their personal finances. Worse still, it is also common for there to be outright lies and secrets regarding where and how money is spent; something otherwise known as financial infidelity.

Financial infidelity

Infidelity in your relationship with regards to your spending habits and behaviour is just as destructive to a marriage or relationship as physical infidelity, according to 60% of people surveyed on the issue. This strength of feeling is understandable because although love is needed to feed a relationship, it is money which will keep a marital roof over your head and feed your family. Secrets and dishonesty over money matters are one of the biggest causes of relationship strain and breakdown, and with research suggesting that over 40% of people lie to their partner about money, there are many of us out there who are risking terminal damage to a marriage or relationship. It is important to remember that there are some small and simple steps that you and your partner can take as a couple to create financial harmony.

Set a joint budget together

Firstly be open about what each party earns, and where money is being spent. Once you know what your collective incomes and expenditure are, you can then work together to create a joint budget which suits the both of you. If there is debt to be managed, it should be seen as something to be tackled by the two of you as a unit. Aside from doing this out of solidarity with your partner, the debt is something that may well harm both of you in the long run if it is not dealt with as quickly as possible. In response to this of course, make sure that as a couple you do not take on anymore debt unless there is a very good, legitimate reason for it; legitimate reason refers to something which will genuinely benefit your lives like repairing the car or investing in the house, as opposed to buying the new TV or iPad that one of you may want. In other words, manage your debt as well as your income as a couple, and then make sure that you discuss your finances openly each month to keep on top of things.

Open a joint bank account to compliment your separate accounts

Once this is done, set up a joint bank account to compliment your own separate accounts. Whether you pay money into this joint account to pay for the essentials such as rent, mortgage, and bills, or whether instead you both choose to pay 10% of your income into it each month for an emergency fund, it will help reinforce the idea that you are a team financially. Of course it is just as important for you and your partner to have your own sources of spending money too, so keep the separate accounts as play funds; after all, sharing every single penny is a recipe for both petty and major arguments.

The key to maintaining your financial happiness in a relationship is to recognise that the subject of personal finances is a joint venture, and they should be treated accordingly. By ensuring that your relationship is financially well managed and loving, you will be creating the foundations for a long lasting and loving life with your partner.

This article has been written on behalf of The Guarantor Loan Press.