…Good money habits are critical to the sustenance of marriages
Marriage and money can be complicated, especially for couples, but for you to avert some of the problems that come with it, you have to adopt good and sustainable money habits.
If there are bad money moves you made in the past and it is affecting your present you have to let it out, in order to assist you on the best way to manage it.
Growing up, some people had no background in money management, that is why they find it so hard to manage their finances. But having been married and shared your vows with someone you are going to spend the rest of your life with, it is important to form good money habits.
So, you have to start off on the right footing by talking about money and coming up with a solid plan to deal with budgeting, spending, and investing. The sooner you do this, the better. If you form good money management habits as a couple early on, you will be able to work as a team through whatever life throws at you for many years to come.
Here is some money conduct that works for some couple which enables them manage their finances
1. SHARE RESPONSIBILITIES
Money management in a marriage is not about having a quick discussion with each other and then one person carrying the whole responsibilities. It involves teamwork, meaning both parties have to put heads together to make it feasible by working together and sharing responsibilities.
This will enable them to be able to make the decision on budgeting, and bill- paying. Not one person setting the rules while the other does the job.
Nobody prays for an unprecedented event. However, if responsibilities are not shared and an unplanned event occurs especially the person termed as “breadwinner”, the other spouse can be left clueless. If this happens, bills will pile up, debt may accumulate, and what once was a solid financial position can deteriorate rapidly.
In the interest of preserving you and your spouse’s welfare, make sure each of you is aware of your entire financial picture and is in charge of managing a portion of it.
2. MANAGE A SPENDTHRIFT PARTNER PRUDENTLY
Another way of managing your finances and building good money habits as a couple is by managing a spendthrift spouse prudently. Some couple always complain that their finances are not stable because of an extravagant spouse. Truth be told, if you have a squandermania as a spouse, you will keep having issues with your finances.
Such a spouse can put you on edge all the time. But it is always advised not to do anything thoughtless that might damage your relationship. The best way to handle the situation is to bring up the topic in a calm way, letting her know the aftermath of what the person is doing and how terrible is going to affect their future.
It is always important to view yourself as a team and look at what the team needs to do to improve.
3. TEAM WORK SUPERSEDES ALL
To properly work as a team, you must have the same goals in mind. Work together to come up with and find ways to accomplish those goals. Always encourage each other and build each other up. Be aware of your own weaknesses and strengths, and play off the strengths of your spouse to bring synergy to what you are trying to accomplish.
4. BE HONEST
Honesty is always the best policy, especially when it comes to money management in marriage. If you mess up or make a purchase you should not have, tell your spouse and own up to your mistake.
Your spouse may be upset with you initially, but after he or she cools off, will respect and trust you because you were open and honest. Lying about money to your spouse has huge repercussions, including divorce, so don’t even think about going there if you want your marriage to last a lifetime.
5. TRUST YOUR SPOUSE
Unless you have determined that your spouse is indeed lying to you, trust your spouse to handle money. Withholding responsibilities from your spouse or watching every move he or she makes is condescending and demeaning.
Don’t ask how much money your spouse spent or made during the day. Learn to let go of the control and just trust. Combining bank accounts is a great way to practice this.
6. LEARN FROM EACH OTHER
Do not think of yourself as the be-all and end-all of financial knowledge. There is a chance that your spouse knows more or is more experienced and disciplined when it comes to handling money. Even more likely, there will be some things you know more about and some things your spouse knows more about.
For example, I know more about making everyday purchases than my husband does. On the other hand, my husband knows more about investing, so we are able to learn these things from each other.
7. GIVE 100% OF YOUR TIME
Put your full effort into the financial matters of your marriage. If you are giving excuses each time you go on a spending spree or are blowing off your budget, you are not giving 100 per cent to your marriage or yourself, and that attitude will come back to haunt you.
In conclusion, the following tips will not only help you manage your money like a pro team, but they will help you develop a strong marital foundation to withstand whatever life throws your way.
You can also share what works for you by sending us a mail to firstname.lastname@example.org