The importance of money in life
Throughout history, one of the most vital instruments in life has been money. However, opinions on the significance of money differ. While some contend that money is not the most important item in the universe because it is only one means of subsistence, others contend that money is essential to life and that nothing would be possible in the absence of it. Some individuals think that having money has little bearing on one’s happiness. But in actuality, money is a necessary instrument for surviving in contemporary society (Kumar Chanda, 2023).
In addition to independence, having a stable financial situation gives us numerous alternatives and chances in life. Furthermore, by eradicating the barter culture, money has contributed to the expansion and facilitation of commerce. The introduction of money has made conducting commerce between individuals and nations simpler.
On a personal front, money can be a goal and the driving force for many people. It is not only necessary to purchase necessities for our lives, but it is also necessary to purchase luxuries and things for our hobbies. In our society, money is also one of the ways to gain power, status, and respect. Money is indispensable in our daily lives; it is a medium of exchange that we use to purchase goods and services and plays a central role in the functioning of the global economy (Allinson, 2023).
In conclusion, there is no denying the significance of money in the modern world. To advance to the next level of this game called life, we need money. Money plays a big role in our lives, but how we spend it is just as crucial. We must do moral jobs and manage our finances well. Money is not everything in life, even if it plays a significant role in our lives (Kumar Chanda, 2023).
The problems with money
Passion to make a lot of money is good, but excessive obsession or love for money can cause many problems. If you try to get more money at all costs, or if you don’t run out of money but try to get as much money as possible in an unethical way, you may end up committing criminal acts such as fraud or theft. Furthermore, you can be having issues in your life—not just with yourself but also with someone close to you—if your excessive fixation with money or material possessions comes at the price of another person or something that isn’t your own. If all you have in life is money, you don’t think having a lot of it would make you happy if you don’t have any friends or partners to spend it with, interests, or hobbies.
Disagreements might arise due to money. You can cause serious problems in your life with the way you utilize your money, especially if you dispute with your family or a romantic partner about how to manage it. Actually, financial issues are among the primary causes of divorce among American couples.
The majority of the causes of these negative aspects of money have less to do with the actual money and more to do with how individuals use and view it. You may ensure that having enough money doesn’t cause issues in your life by adopting a prudent strategy for earning and saving money (Rakoczy, 2019).
How does money affect human relationships?
Money gives most people happiness, but it also puts them under a lot of stress. That’s why it’s no wonder that money is the cause of relationship stress. According to the American Institute of CPAs, as many as 73 percent of Americans who live together, between friends, or as married couples say that financial decisions cause them to experience problems in relationships. And almost half of the couples say that problems with money negatively affect their intimacy with their partners.
Even if loved ones’ perspectives on money may differ somewhat, talking to each other will improve the resolution. Financial difficulties are the result of poor communication. In severe circumstances, money troubles can lead to financial infidelity and other issues that can destroy relationships. Money problems often stem from a lack of communication. Consequently, taking into account the disparity in your financial objectives is one of the actions you may take to prevent financial issues from causing a relationship to fail (Taylor Medine, 2023).
Differences in financial objectives
A joint financial goal is an initiative in which you and your partner work together. If you have different goals for your financial future, you might not have similar prospects for your goals. For instance, if your spouse disagrees with you saving for a home because they don’t think it’s important and you are saving for a house because you want to find a better place to live, there’s a chance that your priorities may clash and cause relationship issues. When these problems come up, talking them out, listening to each other, deciding on reasonable deadlines, and committing to a plan together may all help you function as a team more effectively.
Having a date when you discuss money and your financial objectives is another effective strategy to work toward your financial objectives. Contrary to popular belief, making reservations at your preferred restaurant or engaging in enjoyable activities like hiking or a day at the beach might have a greater influence. Consider the goals you both want to accomplish over the next two, four, or ten years and make a strategy to get there. How do you adjust your spending to achieve your objectives? For these goals to succeed, what are you both prepared to give up, and what are you not willing to give up on? (Taylor Medine, 2023)?
Sometimes relationships require adjustments, and reexamining goals can be the check needed to reorganize your finances. The good news is that you don’t have to do everything by yourself. Financial coaches can help everyone develop better financial habits. And hiring a financial planner can help you plan firmly for the long term. Having the same idea can help you spend more and achieve your financial goals with less disagreement (Taylor Med, 2023).
How do you solve a money-related problem in a relationship?
How to talk about money on a date or with an established partner. The topic of money is a sensitive one, whenever and in any relationship. We get very nervous when we talk about wages between friends, relationships, or work. So before starting a money conversation, keep in mind a few things to do and not do.
Couples need to understand each other’s needs. This can indicate a difference in values if one likes to watch a show and the other prefers to avoid it in order to save money. Instead of trying to persuade others about each other’s values, take some time to understand while discussing the reasons for each other’s values.
It’s a good idea to be precise about who is paying where you are. If you don’t want to pay for each other, your meeting shouldn’t be a guessing game. If you fail to play timing games and pay for them, both the person who paid and the person who didn’t pay will feel bad. So, playing Dutch or taking turns with each other is a good option (Holzhauer, 2022).
Plan long-term financial issues together.
If you’ve been with your partner for a while and you’re talking about engagement, marriage, or other long-term lives together, merge finances with your partner and consider these two aspects of ongoing mutual financial management.
Discuss your financial plans. If you have specific financial goals and plans to achieve them, you should share them with your partner. If you are considering marriage or engagement, understanding what both of you want in the future can now be crucial to your success, rather than working on achievement alone for the rest of your life.
Make a savings and spending plan. Savings and spending habits can be a source of debate for many couples, too. Work together until you both stop caring about each other’s money problems, looking for various ways to avoid feeling restricted or ignored by money. Compromise and communication will help you work together on your way forward (Regain Editorial Team, 2023).
References
Regain Editorial Team., 2023. Healthy Ways To Handle Money Issues In Your Relationship. [online] Regain.us. Available at: https://www.regain.us/advice/general/how-to-deal-with-money-issues-while-in-a-relationship/ [Accessed 5 January 2024].
Allinson, M., 2023. Why is Money Important in Our Lives? [online] Robotics & Automation News. Available at: https://roboticsandautomationnews.com/2023/01/18/why-is-money-important-in-our-lives/59144/ [Accessed 6 Jan. 2024].
Holzhauer, B., 2022. How money can build or break your relationship, according to experts. [online] CNBC. Available at: https://www.cnbc.com/select/how-money-can-build-or-break-relationships/ [Accessed 6 Janunary 2024].
Kumar Chanda , P., 2023. Importance Of Money. The Times of India. [online] 17 Feb. Available at: https://timesofindia.indiatimes.com/readersblog/blogs-of-preetish/importance-of-money-50590/ [Accessed 6 January 2024].
Rakoczy, C., 2019. Why Money Is Important: Benefits, Downsides, and More | LendEDU. [online] LendEDU. Available at: https://lendedu.com/blog/why-money-is-important/ [Accessed 6 Jan. 2024].
Taylor Medine (2023). 5 Money Issues That Can Hurt a Relationship – Experian. [online] www.experian.com. Available at: https://www.experian.com/blogs/ask-experian/money-issues-that-can-hurt-relationship/ [Accessed 6 January 2024].
