Money is essential in sustaining marriages, but at the same time it can be cause of conflicts and clashes among spouses. Financial stability contributes to satisfaction and stability among marriage couples; however, priorities or different spending habits can contribute to conflicts and misunderstandings. It is therefore important for couples to come up with ways on how to spend their money without having to disagree which would lead to problems in their marriage.
Therefore, what advice would you heed to prevent money issues from killing your marriage?
There are several advisable measures that couples could take to prevent money issues from killing their marriage. They include:
- Couples should have a planned household budget. A household budget requires the input of both spouses. This way, they can come up with either a weekly, monthly or yearly budget which they can use in tracking their expenditures. With a budget, spouses can monitor their spending habits, accounting for every accrued expense. This way, conflicts can be prevented as they have concrete evidence of what they put their money into.
- Couples should be able to understand exactly how their partners mindset works when it comes to money issues. It is important to understand how your partner prioritizes on what to spend on. Spouses may disagree when one partner perceives that their counterpart is spending too much on miscellaneous or not previously discussed items. Couples should therefore take time to understand each other’s mindset to avoid such disagreement from occurring.
- Spouses should avoid keeping financial secrets from each other. It is not uncommon to find couples who have secret savings accounts or secret partners who offer them money. They have these savings accounts that they hide from their spouse in the name of anything may happen to their marriage and wouldn’t want to end up with the shortest draw. Spouses may have secret partners who fill financial gaps for them and this may end up creating mayhem once discovered.
- Couples should also be open to allowing a bit of off-budget spending. As much as couples should have a planned budget, it is important to give each other room for personal miscellaneous expenses.
- Couples need to understand that money should not only be spent on paying bills or meeting household needs. Money can be used to go on vacations, have date nights and buying gifts for each other. Such activities help take their mind off the pressure of life. Couples who only spend their money on paying bills and meeting needs spend half of their time arguing on what bills to pay and even start blaming each other when expenses seem to exceed their agreed upon budget.
- Married couples can also consider having a mutual financial advisor. Sometimes it becomes hard for partners to account for their spending habits which in turn leads to conflicts over money issues. If such issues were to occur, it is advisable for spouses to hire a mutual financial advisor who can help bring them back to track. A mutual advisor can be anyone who is trustworthy, such as, a family member, friend or colleague.
From the above article, we can therefore conclude that money management is crucial to marriage stability and therefore couples should keep tabs on their spending habits and expenses.