Love and Money: 4 Financial Blocks That Could Be Hurting Your Business and Relationships

Love and Money: 4 Financial Blocks That Could Be Hurting Your Business and Relationships

Money is one of the leading causes of stress in relationships, and for entrepreneurs and small business owners, the stakes can be even higher. Your business is not just your livelihood—it’s your passion, your dream, and often a significant part of your identity. When financial challenges arise (as they will do) it’s important to have worked out a plan of action in advance to minimise the strain on romantic relationships, friendships, and even family ties.

Talking about money isn’t a very British thing to do but recent research suggests that 1 in 3 Gen Z’s and millennials say they would talk about money early on in their relationships. It’s good to see things changing but for most of my clients in the 45+ age group there’s a lot more resistance to talking about money full stop without the intricacies of who does what. Many couples who run businesses together or financially support each other’s entrepreneurial dreams can find themselves in difficult conversations where unspoken expectations and financial habits lead to conflict, disappointment, resentment and ultimately divorce, if not addressed openly and early on.

So money and love go together even if we don’t recognise or admit it.

4 Money / Love Blocks You May Have

1. The Money-Identity Trap – Many entrepreneurs equate business success with self-worth. When money is tight or contributions to the household kitty are uneven or irregular, feelings of inadequacy can seep into your personal relationships, creating tension, resentment and self-doubt. 

2. Risk Tolerance Mismatches – Having different risk tolerances can cause tension especially when the partner with the stable employment, is supporting the entrepreneurial endeavour of their partner. Being a Saver married to a Spender can create all kinds of irritants, leading to arguments and buried resentments if not managed proactively.

3. Blurred Financial Boundaries – Did you sit down and establish your financial boundaries before you became a couple? Going into a relationship with blurred financial boundaries create stress and resentment, especially if both partners aren’t aligned on their financial goals. Thinking through possible events such as redundancy, inheritance or family members asking for money before it happens, can make sure that you’re both on the same page.Be aware that financial trauma may make it challenging to have these conversations and professional help may be required

4. Scarcity Mindset – Having one partner with a growth mindset whilst the other has a scarcity mindset and is constantly worrying about money can put stress on the relationship. Entrepreneurs with a scarcity mindset can find switching off from work challenging and make it hard to appreciate and enjoy financial success when it does come.

What to do

1. Open and Honest Communication

Regular money dates are essential. Set aside time for financial check-ins where both partners can share concerns, goals, and expectations. Transparency about business finances prevents surprises and builds trust. This is especially important if money hasn’t been a regular topic of communication in the relationship or there have been any secrets, lies or financial infidelity 

2. Set Clear Financial Boundaries

Discussing possible outcomes (good and bad) before they happen, helps you to define what financial support for the business might be needed ahead of time and agree what that looks like. If personal savings are being used to fund business expenses, agree on limits and expectations in advance to avoid resentment later.

3. Align Risk Tolerances

Discuss how much financial risk each partner is comfortable taking and develop  plans for saving, spending and investments that respects both perspectives. Compromise, compassion and empathy are the keys to ensuring neither partner feels overwhelmed by financial stress or anxiety. Be aware that financial trauma may be impacting individual risk tolerances (overspending, overgiving, financial infidelity and workaholism can be triggers for previous trauma’s) and that professional help may be needed to make permanent changes.

4. Separate Business and Personal Finances

Having conversations ahead of time about maintaining or separating distinct accounts for personal and business expenses, helps prevent financial entanglements that can lead to relationship strain. Agreeing who is responsible for what in terms of household expenses, children’s hobbies etc, minimises resentment and fear and is especially important in blended families where multiple expectations can place more strain on finances and relationships

5. Invest in Financial Education Together

Learning about financial management, investing, and entrepreneurship together can build love and trust in your relationship and your business. Attending self-development, relationship and financial courses, such as  budgeting, investments and financial planning can give you a joint focus for communication on your monthly money dates 

6. Celebrate Financial Wins

Amidst the challenges of running a business, take time to celebrate milestones, whether it’s securing a new client, hitting a money goal, or simply maintaining stability through the ups and downs of running a business. Celebrating together brings you closer together and fosters positivity in both your business and personal relationships.

Conclusion

Love and money are inseparable aspects of life, and for small business owners, the intersection of the two can be particularly complex. By identifying the interface between your relationship and your finances and implementing strategies to navigate money-related stressors, entrepreneurs can build both a thriving business and a fulfilling personal life. With clear communication, boundaries, and shared financial goals, love and business can coexist harmoniously, leading to greater personal and professional success. 

Yay!