5 Ways to Properly Manage Finances in Marriage

Money is essential for trust in a marriage. While some couples manage their money with separate accounts, some use a joint account or a combination of the two.

It is believed that couples owning separate accounts help avoid arguments but takes more planning, and you may lose out on the best way to manage your finances as a couple.

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It is so common these days, Personal disagreements over financial decision making are among the main reasons that married couples end up in divorce court. Unfortunately, even when couples have resources and financial advice readily available to them, they still end up fighting over money. Why?

The thing is: Before getting married, you and your partner should have put certain things into consideration on how money should be spent, how to manage your finances, in order to avoid disagreement after marriage.

Perhaps, you are approaching marriage on a sound financial footing. You’ve finished your education, have been employed for several years, maybe even have some savings or own a house. Perhaps you are set – or so you think. But having enough money for a comfortable lifestyle is not all that finances in marriage is about.

How to Manage Finances in marriage

1.  MANAGE DEBT AS A COUPLE

Working as a couple towards a debt-free life will benefit both partners, Being dishonest about personal spending habits or keeping hidden debts is referred to as “financial infidelity” and inevitably destroys the trust that holds a couple together, Communication is key people!!! Don’t be afraid to tell your partner if you need help. If you communicate and hold each other accountable, money doesn’t need to be an issue!”

2. SET FINANCIAL PRIORITIES TOGETHER

Communication is key to any healthy relationship, and discussing financial decisions is no exception. Communicating about finances is challenging because the priorities of personal finance are as unique, as the individuals themselves and any savings strategy must consider the needs and aspirations of both partners in order to be successful. It’s important that both partners know where a couple stands financially in order to establish common financial goals.o Both partner must know where to come in when it comes to the financial aspect so that it won’t in any way affect their home and their children

3. SPENDING PERSONALITIES

One of the first things couples need to notice about each other is their “spending personalities.” Is one thrifty and the other a spendthrift? If these traits are deep-rooted and significantly different, they can cause major tension and conflict. If both spouses are spendthrifts the likelihood is that they will face issues of debt management even if they have a high income, because desires tend to increase just a little beyond our incomes.

As John D. Rockefeller noted that when asked how much money it takes to be really satisfied, “Just a little bit more!” however, is not necessarily the ideal either. If both spouses are extremely thrifty, they may tend to hold themselves to a very Spartan lifestyle, rarely spending any money on entertainment. They may find themselves in a rut of all work and no play. It is good to spend but it is best to spend wisely.

4. SHOPPING STYLE

Beyond a couple’s basic spending personality, couples sometimes experience tension over their shopping styles. For example, which of the following shopping styles fits you?

Utilitarian: I shop for what I need and that’s it. I’m usually in and out of a store quickly.
Laissez-faire: When I see something I like, I buy it. I don’t plan for it, I just follow my whim.
Bargain Hunter: I check the ads. When something’s on sale, I snatch it and stock up. I feel great when I know I’ve gotten a good deal. Shopping is like a sport for me.
Therapy: When I’m in a blue mood, buying something helps me feel better.
Recreation: I like to window-shop. I can spend hours shopping alone or with friends.

If your shopping styles conflict, it may be easier just to acknowledge the difference and not shop together.

5. WHO EARNS THE MOST

The complicated thing about money in a marriage is that it’s often tied up with power, i.e, who earns the most. We may believe that the person who makes the most money is more valued or should have the greater say in financial decisions. We need to remember that spouses perform many tasks for which they are not paid. They contribute to marriage and common life in different ways. At times one spouse may be ill or unemployed and not able to contribute financially or in other ways. it is common in most men when they see that their wife earns more than them, they will shift the responsibilities to the wife and tend to do nothing, and also most women when they know they earn more than their husband, they choose to be the controller of the house, they will have no single respect for their husband. Spouses need to feel valued and respected in their own home, regardless of how much money they bring in.

IN CONCLUSION

All married couples have disagreements from time to time. It’s the nature of being in a long-term relationship. No matter how much you love your spouse, there will still be occasions when they drive you crazy – and vice versa, of course.

The solution is to talk about spending and debt without shame and to reveal any hidden debt to your partner immediately. Then, work out a debt reduction plan alone or with a financial planner. That way, you’ll be able to pay it off and improve your financial picture together.