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It may not be considered “romantic” to talk to your spouse about finances, but it sure is necessary. In fact, multiple studies have recently shown that one of the main causes of marital disputes regards the issue of money, finances, and debt. These martial disputes are a main contributor of the high divorce rate, which probably comes at no surprise. However, with the right tools and advice, you can protect your marriage from these troubling financial issues. Here are some useful tips on how to successfully manage your money together:

Communicate often with your partner about your needs

Often, the main reason why couples have financial problems is due to a lack of communication. Therefore, it is crucial that you sit down with your partner and discuss your short- and long-term goals and of course, the earlier this is done the better. Sit down and discuss these matters every two weeks to ensure you stay on track.

Devise a plan together and create a household budget

After discussing your mutual needs and wants, put a financial plan into action (also known as a “budget”). Go over what is considered a reasonable amount of money to spend on essentials, such as groceries and household maintenance, and non-essentials/luxuries, such as vacations etc. When you agree on a clear-cut budget, it will be much easier to abide by.

Avoid blaming one another

Although it is easy to for us to finger point and blame all the money problems on our partner, this will only hurt you in the long run. When you put all the responsibility on the other person, you are neglecting the fact that you are a team…and this is a team effort!

Be honest

Next to communication, this is the next most important thing to keep in mind. Nothing good will come from hiding your “splurges”… be honest with your partner and explain your relapse. Just make sure to stay on track from then on.

 

It is inevitable that marriage brings about a whole lot of problems and fights – don’t let money troubles be one of them!

Our team has extensive experience in addressing these issues and dealing with debtors so feel free to call us at 416 736 4357 (HELP) or email info@dodicklandau.ca and book a free no obligation consultation with one of our debt solutions’ experts. We look forward to assisting.