Unfortunately, some couples do not know how to avoid money problems in marriage. In the United States, approximately one in five marriages end in divorce. Talk with any couple, and many will say that their biggest fights have been about finances. With regards to personal finances, some married couples aren’t on the same page, and this can lead to serious trouble. Because finances and money can trigger heated disputes, it is important that you learn how to avoid money problems in marriage.
1. SET A BUDGET
To learn how to avoid money problems in marriage, start with a monthly budget. With a budget in place, you and your spouse will know how to spend your incomes. A budget takes into account your monthly income, as well as your expenditures. This can keep the both of you on track financially, and as a result, there will be enough to meet your expenses each month. Trouble can arise when there is not enough income.
2. AVOID DOUBLE STANDARDS
Problems can also arise when one partner controls all the money. The controlling spouse may forbid the other spouse to spend money on extras. Yet, this person freely spends household money on whatever he or she likes. Be fair and make sure that there is an equal balance. Each person should be allowed to reasonably spend money if it’s available.
3. DON’T HIDE PURCHASES
If you have to hide purchases from your spouse, you probably don’t need the item. Hiding purchases can destroy the trust in your relationship, especially if there’s very little income for extra items. Likewise, you wouldn’t want to use a credit card, and then hide the credit card statement from your spouse. Be upfront and you can avoid money problems in your marriage.
4. BE REALISTIC
Maybe you’re a wife who’s tired of working outside the home. Although you may wish to stay home with your children, this isn’t always realistic. Spouses should not put unreasonable expectations on each other. Be honest about your financial situation, and don’t put undue financial stress on your partner.
5. BE FLEXIBLE
While saving money should be a priority in marriage, couples should also be flexible and balanced. It’s okay to spend money and treat yourself on occasion. Problems can occur when one spouse is super cheap and never wants to spend money. The other spouse may feel restricted, and this can lead to unhealthy habits, such as hiding purchases.
6. DON’T DISCUSS FINANCES WITH OTHERS
Your family finances are private. Thus, you should not discuss money matters with your family, friends or coworkers. Do not reveal how much your spouse earns. Some spouses are private with regards to finances, and they may not want you sharing personal struggles with others. Respect their feelings.
7. GO SLOW
Some couples are impatient and they want it all now. This includes the big house, the nice cars and the fancy furniture. But if you don’t recognize your financial limitations, you can acquire too much too fast. This can lead to excessive debt and little savings for an emergency. Too much debt can cast a black cloud over your house and strain your relationship.
Money is for a protection, and you definitely need adequate income. Problems are typical when you or your spouse make unwise financial decisions. However, being financially savvy can alleviate money woes. How have you avoided money problems in your marriage? What other advice will you add to the list?