Working Together in Marriage to Manage Finances

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Managing your finances can be stressful enough when you are single and possibly even more so when you are in a marriage relationship. The truth is though, Working Together in Marriage to Manage Finances doesn’t have to be difficult. In fact, if done properly it can be a positive experience.

Working together to manages finances when you are married is important. This is because you must design a functional money management strategy that works for both of you. Money management in a relationship can be a source of contention if not done properly.

In fact, many marriages result in divorce when finances aren’t managed correctly.

While some married couples have no issue sharing the burden of financial responsibilities equally, there are some that are reluctant to discuss their finances. It is important to try and understand each person’s viewpoint.

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After all, your financial well being has an impact on not only your relationship but your entire family. Together, you must be prepared to take on difficult conversations about your finances.

How to Manage Finances in Marriage

How to Talk about Managing Finances in Marriage

How each of you view money will have a large impact on the way they spend and save money. Taking the time to discuss these things can help you learn to understand one another and the why behind their views of money.

Discuss how each of your parents managed their finances.

Discuss worries associated with money.
Discuss goals, ideals, and visions for your future.
Discuss concerns of income.

Talk about credit! Decide together when to make use of it, and when to avoid it.
Discuss the pros and cons of joint and separate money management systems.
Decide together what goals you want to set.

Once you have had an honest and open discussion, learning to understand each other’s views of money, you have created a strong foundation on which you can begin to create an in-depth financial plan. This plan will help to ensure your financial stability as a couple.

Discuss Money Regularly

Discussing money regularly is important for married couples. This means having conversations at least monthly about debt, spending and the progress you are making when it comes to your financial goals.

As you pay your bills, or make purchases share with each other those bits of information.
If you miss a payment, or the insurance doesn’t pay what you expected them to, discuss that information and how you will work to make up for the unexpected change.
When you receive a bonus payment, or tax reimbursement talk together to decide what should happen with the extra income.

Having a conversation about the numbers as a married couple can give you the insight you need to better manage your finances as a team.

Find Money Management Strategies That Works For Your Marriage

There are several different money management strategies that married couples can use. Some choose to keep finances separate, others decide to share the finances in one large pot.

There are pros and cons for each of these choices. Think carefully through your reasoning and make sure you agree.

Keep in Mind

Big ticket purchases are often easier when your finances are joint.
If one person has a bad credit history, it might be good to keep credit management separate for a time.

Cash can be a great way to manage everyday expenses, rather than relying on credit or even debit cards.

No matter what you chose, it is important to ensure that you determine together what works best for you. It is important to keep in mind that each married couple is different, so what works for others may not work for you. The discussion is the most crucial part of determining what will work.

Keep in mind that over time you might decide to change your mind about the decision. It’s OK to be flexible. As your marriage progresses your circumstances can change and thus, your money management decisions can change as well.

How to Avoid Arguments When Discussing Financial Disagreements

Arguments about money very rarely result in a positive resolution to financial issues.

If you were discussing budgets in a job you’d likely avoid an argument. Each employee discusses the reality of a budgetary situation. They share ideas and pointers for managing the budget and then decisions are made.

In marriage, however, we often can fall into an argument trap when discussing finances. This is because a lot of times emotions are wrapped up in in the financial decisions. Sometimes those emotions come as a result of guilt, or fear.

But, reacting from an emotional place isn’t working to solve, or resolve a problem.

Focus on the facts, not the emotions.

Don’t accuse, or blame the other person.
Share ideas and tips that may work to resolve a problem.
Work together to create an actionable plan, rather than arguing over what won’t work.

It is important that married couples learn to have these discussions in an amicable way. Always give each other time to share your frustrations without interruption, avoid accusatory language and compromise on a solution.

Learning to manage money properly in a marriage takes effort, time and understanding but it’s worth the effort. Working together in marriage to manage finances increases your chances of financial success.

Tell me, what are your best tips for managing finances in marriage? Share them in the comments below.