Money is a big factor within a relationship, and as a family grows many marriages breakup due to financial reasons. Studies have shown that over 40% of all arguments that take place between a husband and wife are related to financial reasons.
Below are a few points that will help you consider some factors regarding finances in a marriage, and help you manage money issues effectively.
1. Curbing your Spending habits
Now that you are married you are not solo anymore and therefore you will have to consider other people as well. You have to make decisions as a family and not just for yourself. You may have been a spoiled son or daughter before with daddy’s credit card but now the free money is gone and you will have to learn how to spend within your means as a family. The basic principle is not to spend what you do not have, and do some financial planning with your spouse so both are on the same page. This can help curb some of your spending habits and you can budget in your personal spending within this range. Smart, early planning will not only help your finances but your marriage as well.
2. Be independent from your parents
Don’t use your parents as the ideal couple from a financial perspective and compare your marriage to theirs. It took them many years to accumulate what they have and you were probably not around during the rough times. Look at the big picture and realize that as a family you will grow and you will be able to reach a good level financially one day if you plan for it accordingly. Conversely, some of your fondest memories when you grow older together will be the rough times you had when you had no money and how both of you lived together and loved each other sincerely without any financial reasons.
3. Understand one another
Understand each other’s spending habits and don’t disregard concerns about wanting to spend money on certain things. For example, the husband may like to go to the gym and spend on exercise equipment while the wife may want to buy shoes or purses. So assign a budget to each but don’t overlook the other’s needs. Be fair in assigning a budget for both parties and be smart in spending. Ultimately the golden rule again is spending what you actually have.
4. Plan long term
Planning long term is best because it helps you focus on what you are looking forward to financially as you become more qualified. This helps you see the bigger picture and keeps you motivated during hard times to move towards that goal that you have set for yourself.
5. Teach your kids early
Teaching your kids early with some spending allowances and showing them how they can spend their money can do wonders for them in their life and in your relationship. This will instill in them a sense of responsibility to save their allowances for something they really want. Reward them for such behavior by helping them out when they get close to the amount they need to purchase a specific item. This teaches them concepts of money, saving techniques, self-control (not spending impulsively), and patience. This will also eliminate all those whiny moments in the future that are the cause of many a headache for parents.
6. Warning Signs
If one of you notices that one partner cannot follow any path or budget that is created then get some help. This person may have some addictions or a disorder (which by the way is common so don’t look down upon them) and you should really consider getting professional help for your partner. If left unattended it can lead to many problems in your marriage.
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