MARRIAGE & MONEY PROBLEM:
CAN MONEY PROBLEMS HURT A MARRIAGE?
Have money problems been hurting your marriage? You betcha in fact, many rate money problems in marriage as the fastest way for a couple to end up in divorce court. We say lack of communication is at the root of most issues in marriage including money because when money issues occur, it’s usually because of one person not letting the other know how they are managing their funds.
So how can you avoid money problems in marriage? Easy…it starts with having a plan where both of you are involved and if this doesn’t suit you then you have to ask yourself whether you want this marriage to survive or whether you should even be in it. Don’t ever forget the team aspect and when two people come together, it doesn’t mean ignoring financial considerations.
Men may be from Mars, and women from Venus, as the 1992 best-seller put it, but we deal with money matters on planet Earth. When a spender marries a penny pincher and they don’t talk about managing money, it can strain a marriage.
Of all the common things couples fight about, money disputes are the best harbingers of divorce, according to a study at Utah State University. Make it a goal this year to improve the money management in your home by opening up the channels of communication. Here are three steps to get you started:
- WRITE A FINANCIAL PLAN:
What do you want to accomplish in life? How much money will it take to accomplish it? When do you want to achieve this goal? Granted, these are some of the questions you may have discussed long ago. Writing a financial plan will force you to put these goals in writing. Having the goals written will require you to evaluate them and agree that this is what you are working toward. This is a very important step toward financial independence will require you to evaluate them and agree that this is what you are working toward. This is a very important step toward financial independence…
- DEVELOP A CASH-FLOW PLAN:
Take an inventory of how much money is coming in each month and what the anticipated expenditures are. There needs to be something allocated to savings each month to keep the penny pincher happy and there should be an allocation to discretionary spending to keep the spend-a-holic happy. A cash-flow plan will help you work out that compromise in advance.
discretionary spending to keep the spend-a-holic happy. A cash-flow plan will help you work out that compromise in advance.
- APPOINT ONE BOOKKEEPER:
Both marriage partners need to be involved in the decision making and goal-setting duties around money. But once your money management plan is agreed upon and a strategy set, one person should be in charge of executing it. The best person for this job is the one that is the most detail-oriented. Make that person the bookkeeper.
Have you run into money issues in your marriage? Has money been at the core of your problems? Is it because you or your partner have different views on how money should be managed? How did you resolve your problems if at all?
Money problems hurt a marriage. Yes but remember this; it’s not the money or abundance or lack of it that’s the problem; it’s the person mis-managing it. It’s like guns and people; guns aren’t the problem, it’s the person using it. If you are on the fast track to divorce because of money issues then open the lines of communication between you and your spouse. Do you have a plan? Are you following it?