Money problems in a marriage can be a serious issue. When two people are working together to raise a family, they must learn to manage the money together. This doesn’t always work out easily for both partners. However, there are ways you can prevent money from ruining your marriage.
Read on to find out how to get ahold of your finances before it ends your relationship!
9 Ways to Avoid Money Problems in a Marriage
Hold weekly financial meetings
To prevent fights about how to best use the money in your joint bank account, both you and your spouse must be up to date on the current state of affairs. Each week, the two of you need to sit down and discuss the income and expenses for the previous seven days. Note any extra or frivolous spending, and talk about any areas where the spending should be reduced.
Discuss large purchases
It is NEVER a good idea to spend more than $50-$100 without your spouse knowing. This is especially true if the cash is coming from a shared account. Any large purchase, including furniture, TV, electronics, house, and car should be thought out and approved by both parties. Failure to get your partner’s consent could lead to huge problems in your marriage.
Budget for all expenses
Even when you are tempted to not mention that $4 latte from Starbucks, you should definitely record your purchase in the registry. By not doing so, you will create a deficit that can’t be determined if you typically include all expenses in your reports. Plus, hiding small purchases like this one will quickly add up, and could very well create trust issues in your home.
Related Reading: 6 Reasons Your Budget Isn’t Working
Each spouse gets an “allowance”
While this may seem like something only parents give to their children, giving each spouse an allowance provides cash for small purchases, like the coffee I mentioned above. Having a little running money to go on eliminates the need for every little thing to be recorded.
Figure out how much extra cash your budget can spare and put this in your wallets each week. Once your cash is gone, you won’t be buying anything additional until you get another allowance!
Keep your registry updated
This is why the weekly meetings are so important for married couples. It’s your chance to ensure the budget is up to date and that all money earned and spent is accounted for. Ideally, you should look over the registry every other day to make sure you don’t overdraw your account. Designate a spot in your home for paper receipts, and drop each one in this location as soon as you come home with it.
Trust me, this will make it easier for you to get everything recorded in your registry in a timely manner.
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Keep your emergency fund full
Not having a bit of money stashed aside for emergencies can cause a great deal of stress on a married couple. So much, that it can lead to arguments when a dire situation arises. Where should the money come from? Who is responsible for paying it?
Having at least $1,000 in your emergency fund at all times is essential to avoid any money problems when the unexpected happens.
Treat finances as a team effort
You always want to be on the same side when it comes to money. Cooperation and teamwork are important, whether you are working to pay off debt or save money for a vacation, new home – anything! No one spouse should ever feel like they have to be Scrooge McDuck because the other is Frivolous Freddie (or Frida!).
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Avoid impulse purchases
It can be hard but don’t make extra purchases until they are absolutely necessary. This will cut down on your expenses and keep your budget on track. Plus, it alleviates the feeling that you need to hide certain purchases from your spouse. Your “allowance” is for these purchases, but even then you need to consider them with thought rather than just spending like you have an unlimited supply of dollar bills.
Cut back on unnecessary expenses
Sometimes, it’s necessary to find out where you can make cuts in the budget. Removing anything that’s not extremely mandatory for your family. This extra money can help to fund the “fun” money you two get each week, pay off bills faster, or pad your emergency fund.
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