Marital conflicts are a part of nearly every marriage. Even couples that are truly in love have disagreements. After all, everyone is different. Blending two different lifestyles and backgrounds takes effort. One area that is particularly challenging for couples is the money. For the healthy, happiest marriage, use the follow financial tips.
Discuss Your Expenses Together
When you get married, many of your separate expenses are joined. Instead of paying separate checks for rent and insurance, you now have one bill. While this is usually an advantage that comes with being married, it is important to communicate with each other. If you are renting an apartment, make sure the price fits your budget. When you purchase insurance, discuss your coverage needs together.
Set a Budget Together
Since everyone has a different concept of “wants” and “needs,” it is usually a good idea to set a budget together. If you do this alone, your spouse may be on a different page financially. In this scenario, you partner is likely to make assumptions about what is and what is not acceptable to buy. Marital conflicts can easily arise when this happens. To prevent this, determine together what your money should be used for.
Stick to Your Budget
There is nothing more frustrating than being the only person in the relationship that sticks to the budget. For example, if you are saving for a family vacation, both the husband and wife should work together to set aside funds. When one party decides to forgo the budget, it is much harder to save for this vacation. If this occurs, frustration is likely to follow.
Be Careful With Debt
Financial challenges cause strain on marriage because they make life more challenging. Debt is one of the leading contributors to economic problems. While some forms of debt may be necessary, others are probably not smart. Too much debt can increase your financial stress and lead to marriage conflicts.
Determine How to Divide the Money
Regardless of how much money both partners make, it is a good to have a plan about what you will do with it. Will each person get 50 percent? Will all the money go towards bills? Both parties should understand the answers to these and other questions. This will help you be on the same page financially.
For optimal happiness, financial transparency is critical. If your spouse thinks you are hiding purchases, trust issues may arise. Interesting, a vast majority of individuals feel that financial infidelity is as problematic as sexual infidelity. At the end of the day, most people need to be able to trust their spouse.
Don’t Take Money From Family
When financial challenges arise, it is easy to turn to family members for help. While this may seem like a good option to end your problems, it is usually better to resolve the problem on your own. In doing so, you can improve the health of your marriage.
Improve Your Money Habits Today
Every couple has a different situation moneywise. However, even affluent couples can benefit from discussing their finances. The more open you are about money, the more likely you are to improve your money habits.