10 Toxic Money Habits That Couples Can Break Free From

Disclosure: We’re letting you know that this post contains sponsored links which The Smart Wallet receives compensation for, which may impact their order of appearance because talking about money should always be an honest discussion.

When a couple has different communication styles, as well as different experiences or values about money, arguments are bound to happen and toxic habits can form. 

Instead of feeling trapped or resentful of your partner, work together to break free. Set aside time to talk about money because communication, trust, and having plans/goals together keep everyone on the same page and are 100% sexy.

Here are some toxic money habits to break free from.

1. When Only One Person is Interested in Investing

At this point, everyone needs to start investing or at least be open to learning how to do it. It’s a huge red flag if one person in the relationship isn’t even worried about how to grow their money to build wealth and retire. You just can’t do it without investing! 

Stash, an investment app, makes it easy to start investing with just $1. You can choose where to put your money in and they provide guidance and tools to help you along the way. You can invest in some of the major companies that you use or buy from regularly to make a custom Personal Portfolio.

With Stash Growth and Stash+, you can also choose the Smart Portfolio option which offers hands-off stress-free investing since Stash will invest for you based on your risk tolerance. Plus claim bonus stock when you attend Stash’s virtual Stock Parties!

As a bonus, Stash is giving new members $10 for any first investment so create an account to get started.

Paid non-client endorsement. See Apple App Store and Google Play reviews. View important disclosures.

2. When Credit Card Debt Keeps Piling Up 

@nardly | Unsplash

Debt sucks but make sure it doesn’t get to Squid Game level debt, you know?

If you or your partner have credit card debt of $50,000 or less, then AmONE can help by matching you with a low-interest loan to pay off all your balances.

This leaves you with just ONE bill each month, making it easier to manage as well as benefiting from a lower interest rate. AmOne starts at just 2.49% APR compared to credit cards that can go as high as 36%!

The lower the APR, the less interest over time you have to pay back which means getting out of debt even faster. Plus using AmONE has no credit score impact and repayment periods are flexible.

It only takes 2 minutes to check and you can get the funds as quick as 1 business day.

3. When Bank Accounts Get Ignored and Some Bills Forgotten

Pretending to be an ostrich, sticking your head to the ground, and ignoring your finances is not a good look. Money anxiety is real but you’re not the only one feeling the way. 

That’s why Truebill, a free money management app can be like your personal finance assistant without stressing you out. The app groups all your banking accounts together so you can see your earnings and spending in one spot. Plus, it helps you budget even if you don’t know how to.

Truebill will also alert you when services quietly raise fees, and will even cancel your hidden and unwanted subscriptions for you. Most importantly, Truebill can help lower your monthly bills by 20%! Yup, they negotiate for you so you don’t have to deal with talking to reps.

Download the app for free and let Truebill help save you over $720/year!

4. When Your Account Gets Hit with Overdraft Fees

Even one overdraft fee is one too much. That’s basically $34 down the drain. Let’s prevent that.

Skip the fees and apply to Chime, a free, award-winning financial app with absolutely no monthly fees (yes, seriously) and savings at 1.00% APY1 — which is 12x2 the national average!

One of their best features, SpotMe, lets you continue with a needed transaction even if you overdraft. That extra $20 you needed for groceries? No worries, Chime will spot you up to $200.* When your next deposit arrives, Chime will just apply it to your negative balance.*

No monthly fees, no minimum balance requirement, no foreign transaction fees, and the account is also FDIC-insured up to $250,000. Members can get paid up to 2 days earlier** too since Chime processes your employer’s deposit immediately, giving you access quicker than traditional banks.

5. Letting Years Go By Without Checking Insurance Rates

Auto insurance prices should be checked every year, period. It literally takes 30 seconds and it could save you $826/year.

  1. Head over to The Smart Wallet’s auto insurance portal and connect your current insurance (no long form to fill out!)
  2. We’ll instantly check for a better deal
  3. See your savings!

A satisfied customer had said “I left Geico. I was paying $150, now thanks to you guys, I’m only paying $50!”

Once we find you a better deal and you choose to switch, we’ll help you cancel your old policy, enroll you in the better one, and get a full refund on the unused portion of your prior payments. It’s the simplest and easiest way to get a refund on your overpriced car insurance policy.

6. Not Finding Other Ways to Produce Income

Look, your job controls your salary but it doesn’t control your income. If you have more ways to earn money, why not? 

That’s why over 3 million people are already using Steady to find extra income, and on average members make $5,500 a year more!

Find thousands of new part-time opportunities daily. Once you link your bank account (it’s secure!), the app’s Income Tools feature will give you personal insights into the extra money you’re making. Plus, earn extra cash rewards through Income Boosters. 

It only takes a few minutes to sign up for free so answer some work history questions & what type of job you’re looking for to see opportunities immediately!

7. Not Keeping Track of Credit Scores

Get competitive with your partner! Who has the best credit scores? Help each other improve and maintain it by using Credit Sesame, a free credit monitoring service. No credit card is needed!

Get an easy-to-read view of your total debt plus everything that’s contributing to your current score like credit usage, credit age, inquiries, and payment history. It also comes with personalized recommendations to help increase your score!

It’s free to use so this is definitely a must-have since low scores can affect your daily life and whatever future plans you have together.

Instantly Raise Your Credit Scores (For Free!)

Get an instant increase for free with Experian Boost™ which adds your positive payment history from phone, utility, & streaming services bills to your Experian credit file. (Yes, your Netflix®, Hulu™, HBO Max™, and Disney+™ payment counts!*)

On average, members see a 13 point increase. All you need is a free Experian Boost membership and a few minutes to connect read-only permission to the online bank accounts you use to pay bills so Experian® can credit your history properly.

You can always remove the boost too if for any reason you don’t want it anymore. Try out the fastest and no-cost way to instantly improve your credit scores!

Results may vary, see website for details.

8. Spending Too Much on Food Deliveries 

We love the convenience too but have you looked at your food delivery totals? Literally, your money is leaving your wallet and adding the numbers to your waistline. When you’re out shopping (including groceries) be sure to use these cash back apps to save even more:

Fetch Rewards – A free receipt-scanner app that pays you for any receipt you upload! Collect points on any receipt on your trip and redeem for free gift cards. Connect your email inbox and it’ll count your email receipts too from Amazon, Instacart, Shipt, and more! Be sure to grab 2,000 welcome points on us when you use promo code REWARD before scanning your first receipt!

Ibotta – $860 million dollars is how much free money members have gotten back so far just by using this free app that pays you real money on your purchases. It’s super simple, just check Ibotta first before shopping at stores, online shopping, or ordering groceries/food delivery services. It’s free to download and you’ll also get up to $20 in Welcome Bonuses when you sign up! It’s like you’re getting paid to shop.

9. Relying on Credit Cards Too Much

Here’s a safer way to build your credit instead of using credit cards and getting in debt.

Extra is the first debit card that lets you build credit and earn rewards points like a credit card. There’s no need to switch banks, plus there are no credit checks and no interest. Take it from Abhay A., a 24-yr old from GA: “My score is up almost 100 points since I first started using Extra!”

Here’s how it works:

  1. Sign up for Extra by linking your existing bank account (no credit check!)
  2. You’ll get a spending limit based on your bank balance
  3. Swipe your Extra debit card like normal, and they’ll spot you the money now and pay themselves back the next day
  4. They report all your payments to the credit bureaus to build your credit!

You’ll even earn up to 1% in reward points for stuff you already spend on like coffee, food delivery, and bills. And re/building your credit safely with Extra only costs as low as $7/month!

10. Not Caring About What Crypto Is

It’s literally no longer possible to avoid cryptocurrency and if the couple doesn’t understand or even care to, then you’re saying you don’t care about your money at all. 

It’s now even easier to get started in the whole crypto thing with Gemini, a cryptocurrency exchange that lets you buy/store/sell bitcoin and crypto instantly.

They’re also the only exchange that lets you earn interest on your crypto by offering up to 8.05% APY on GUSD (Gemini Dollar). Put your crypto to work and earn interest!

Start investing in crypto with as little as $5 and it only takes three minutes. In addition, Gemini is the world’s first exchange to complete SOC 1 Type 2 and SOC 2 Type 2 exams which shows they’re extremely serious about security and compliance!

Some of the sponsored links that appear on this page are from companies that offer investment advisory services. They compensate us; for details on our compensation arrangements, please click here.

Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. Investing involves risk and investments may lose value.

Promotion offer is subject to Terms and Conditions. *T&Cs.** You must complete within the specific time period included in this offer: (i) successfully complete (or already have completed, or re-apply for and complete) the registration process of opening an individual taxable brokerage account (“Personal Portfolio”), (ii) link a funding source to your account; AND (iii) deposit at least $5 from your funding source into your Personal Portfolio. *T&Cs

Stash Subscription fee starts at $1/ month. You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the Custodian. Please see the Advisory Agreement for details. Other fees apply to the bank account. Please see the Deposit Account Agreement.

A “Smart Portfolio” is a Discretionary Managed account whereby Stash has full authority to manage. “Smart” is only available in Growth ($3) and/or premium ($9). Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss of principal. Stash does not guarantee any level of performance or that any client will avoid losses in the client’s account.

A “Personal Portfolio:” You can choose your own investments only in a “Personal Portfolio” which is a Non-Discretionary Managed account.

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

*SpotMe limits start at $20 and can be increased to $200 or more based on factors like Chime account activity or history

1The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of July 13th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

2The average national savings account interest rate of 0.08% is determined by FDIC as of June 1, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more.

**Early access to direct deposit funds depends on the timing of payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.

*© 2022 Experian. All rights reserved. Experian. Experian and the Experian trademarks used herein are trademarks or registered trademarks of Experian and its affiliates. The use of any other trade name, copyright, or trademark is for identification and reference purposes only and does not imply any association with the copyright or trademark holder of their product or brand. Other product and company names mentioned herein are the property of their respective owners. Licenses and Disclosures.

*Gemini APY may vary based on coin type (1.35%-8.05%)