Have you ever fought over money with your spouse? If so, you are not alone. Money is one of the leading sources of conflict in most marriages. However the following tips can help you manage your money and marriage in a way that can strengthen your relationship rather than damage it.
1. Learn the two basic laws of the money harvest.
First, if you spend MORE that you earn, then you reap financial stress. Second, if you spend LESS that you earn, then you reap financial peace.
It's obvious which law we should live by. Financial peace is much more desirable that financial stress. Why do the vast majority of Americans choose to live by the first law? In mose cases financial stess builds up slowly over time while gratification from spending money is immediate. Many couples do not notice the increase in stress until their financial burden is overwhelming. Couples must decide together to exercise discipline in order to climb out of their financial problems.
2. Learn the basics of money management.
You can learn about money mistakes ahead of time or you can learn about them as you make them. Invest as much time as you can educating yourself about managing money wisely.
3. Get out of debt and stay out of debt.
It's never to late to make the changes that will help you get out of debt and stay out of debt. The sooner you make the changes the less painful they will be. Start by paying off your highest interest debt. Once paid off take that payment and use 100% of it to pay off your next highest debt. Continue this process until you are debt free.
This debt plan only works if you stay committed to spending LESS than you earn.
Getting into debt can be done overnight, but getting out of debt will take time. The debt will be paid one way or another. By paying the debt off early you will not only save thousands of dollars, but enjoy years of financial peace instead of financial stress.
4. Track your spending.
In order to take control of your finances you have to know how you are spending your money. You can either do this by hand or purchase a software program that can help you.
5. Needs vs Wants.
This area is the source of most financial conflict in marriage. One spouse views a purchase as a need and the other spouse views the purchase as a want. Ask your spouse to help you understand why he or she views the purchase as a need. When we feel understood the likelihood we will be willing to comprise significantly increases.
A NEED is the most BASIC purchase that will keep you alive. EVERYTHING else falls into the WANT catagory. While meeting your BASIC needs will keep you alive, spending money wisely on AFFORDABLE wants can make life easier and more enjoyable.
6. Strengthen your Financial Willpower Muscles.
Most of us have already been taught these principles but have found it difficult to live these principles. The key to living these principles is to strengthen your financial willpower muscles. Like any weight training program, these principles will be difficult and uncomfortable at first. Over time these principles will become easier to stick with and can help you achieve your finanical goals.
By using these tips you can significantly decrease the amount of financial conflict you experience over money and increase your financial peace of mind.
