Do you know what the number one reason couples give for marital breakup in the United States? It's not adultery or abuse or emotional problems: it's money. Marriages suffer when there is financial conflict, where important financial decisions are made without the spouse's knowledge or consent.
Husbands and wives need to work together to decide how to make and spend their money, and what to do with what's left over. This can be difficult, as each partner is probably used to making financial decisions on their own.
So the question is: How can married people plan their finances together and resolve conflicts about money? Here are some tips that may help:
1. Keep each other informed - It is common in marriage for one partner to be responsible for taking care of the family finances; however it is important that both partners are informed and involved in the decision-making process. Set a time to go over finances once a week. When you take some time to review expenses and savings and make financial plans, you will not only save money, but you will both be informed on your financial status and be able to contribute ideas and solutions.
2. Share your finances - Don't think that just because you earn more money than your spouse that you are entitled to spend more. Marriage is about sharing resources equally, and the spouse who is not working is supporting the family in other ways. Sharing resouces is one of the important ways that spouses become unified and strengthen their relationship.
3. Set spending rules - Make a budget and stick to it. Make sure you both have a little pocket money for small things, and set some money aside for entertainment. Decide what purchases can be made with or without the spouse's consent. For example, you might set a cap and say that any purchase of $50 or more needs to have the spouse's consent (these rules may be flexible according to your income and needs). Making important financial decisions without your spouse betrays their trust.
4. Plan for the future - Your income and your needs will change over the years. You can save your marriage from a lot of stress and anxiety by being prepared for the future. Prepare for major expenses and create a retirement plan. By mapping out your financial life course, you will be establishing a secure environment in which your marriage can thrive and succeed.
Money can't buy love or happiness, but it can cause a lot of problems. However, if you plan well, work with your spouse and make a few sacrifices, you can minimize the problems that money can cause in your relationship and increase the level of trust between you and your partner. In the end, you've got to decide which comes first, your money or your marriage?
