Marriage and Money | Tips in avoiding financial conflicts

How to Manage your Marriage and Finances

Ask a married couple what they always fight about.

Chances are, the subject of money, finances, and anything along its lines will come up.

After some time, married couples will definitely realize the importance of money and financial management. Other people may be fortunate for being rich but for many of us, proper planning and hard work is required to maintain financial stability.

Each of us has different values even in a specific subject such as money. Couples will start fighting over money and it could cause serious damage to the marital relationship. Financial issues can lead to divorce if not dealt with accordingly. These are principles to follow in order to lessen the burdens of financial difficulties in your marriage:

Have a discussion with your spouse and set a budget

Being married, you are now partners with your spouse in everything especially in the matters of making and saving money. Therefore, you need to talk about it with your spouse to set clear definitions and budget. If you have children, planning to have one or add another member to the family, finances should always be considered. It is not like when you were single, where you only have to answer to yourself.

Marriage requires you to set priorities and you have to do this together with your spouse. It is vital to know how much both of you are earning and how much you necessarily spend on a regular basis. Set a realistic budget based on those two factors.

Proper budgeting will help you think about spending on something and when to spend money. It can help forecast your financial shape in the future and determine which aspects you need to cost-cut. You and your spouse will have financial clarity and practicality. Consequently, you won’t have to fight with your spouse over money again.

Set your financial plan on paper

This is actually an extension of the first principle. Many couples fail to set things clearly because all they do is merely talk about how much they earn and skim on their necessary expenditures. The best thing to have is a financial plan and put it in writing.

It is easy to forget your budget. Setting it on a piece of paper will certainly help you remember. Having a good financial plan will help you streamline and fine tune your budget. In effect, you and your spouse will also become smart consumers.

Keep track of your expenses

If you follow the two tips given above, you will naturally feel the need to keep track of your expenditures. This will help you determine if you spending within your means. All of us have the tendency to spend too much on something unnecessary. This tip will make sure that you avoid it.

Important note: Include luxury and entertainment in your budget. It is healthy for your marriage as you and your spouse need to be treated for a job well done. After all, you do not live to work… you work to live!

Money is not the center of one’s marriage but it is definitely helpful to secure your finances to maintain the quality of the relationship.

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