Well known among newlyweds and those who research marriage is the fact that money is the root of most fights between couples. A little financial planning and forethought about how to spend and save your money can help you quash those money fights. Although it sounds boring and unromantic, you need to make a plan for dealing with money early in your marriage. If you want to stop those money fights once and for all, you should follow this advice –
Money is a personal issue and people can get rather heated about it. In addition, we all have different emotions tied up in money, which can usually be traced back to our families of origin and how they dealt with money. Improving communication skills and talking openly and honestly about money from the start of your marriage is the best way to get started on the right foot.
Deciding whether to have a joint banking account, separate accounts, or a mix of the two is one of the first steps in your financial union. Although marriage is about two people who love each other coming together to create a family, it’s also about those people bringing together their homes, stuff, and money. You have to be on the same page about how to handle your money, and deciding whether to have a joint account is the very beginning of your conversation.
If you don't already have a pre-nuptial agreement, you might consider a post-nuptial agreement. This contract will help you lay out exactly how you both would like to handle your money and can lay the ground work for writing a will and any estate planning you need to do down the road. Although most people want to believe that their marriage will stand the test of time, this also protects both of you should you ever decide to get divorced.
Knowing your future is protected can be a calming influence in your life. Marriage is the first step, and after that you have to consider all the things that could happen to you. Although no one wants to think about tragedies happening, you have to be prepared for them – or your finances won’t be in order. No one wants to compound sadness with legal troubles. If you and your spouse know how these practical matters will be handled in case one of you passes away, you are less likely to worry about – or fight about – the future.
Getting rid of wedding debt and paying off credit cards not only puts your credit in good standing; it also helps your marriage run more smoothly, too. No one likes to have debt hanging over their heads, and it can cause many an argument. If you pay off your debts, you will both be less tense and less likely to erupt over little things. You’ll probably also be able to sleep better at night. Once the debt is paid off, you should make it a habit of not spending more money than you have.
Tracking exactly how much each of you spends in a given week or month can help you see where your money is going, where you can cut corners, and how to create a budget. This is probably the most important task for you to do as a couple both for the health of your finances and to stop the money fights. If you both agree to the budget you’ve created and stick to it, you will have nothing to fight about moving forward.
From the moment you earn money together, you should be carefully considering how you spend it. You should consult each other to decide how to spend your money, especially if you have a joint banking account. Cash you get as gifts should never be squandered. Lots of couples are not completely honest about their spending habits, and this causes a whole lot of arguing. If you spend wisely, you’re more likely to be honest about it and you won’t fight.
If you can save money and have a little extra cash in your pocket, you will have less to argue about. That little bit extra could mean paying off your debt sooner or an evening out just the two of you. Either way, it means you’re more relaxed, which is always a plus for your marriage.