18 Money Management Tips For Married Couples
10. Share Responsibilities
Money management in a marriage is not about having a quick discussion with each other and then one person carrying the ball for the couple. It involves both parties working together and sharing responsibilities equally. For example, both husband and wife need to take part in decision-making, budgeting, and bill-paying.
Moreover, and I’ve seen this happen, if responsibilities aren’t divided and something happens to the “financial” spouse, the other spouse can be left clueless. Bills may go unpaid, debt may accumulate, and what once was a solid financial position can deteriorate rapidly. In the interest of preserving you and your spouse’s welfare, make sure each of you is aware of your entire financial picture and is in charge of managing a portion of it.
11. Bring Up Touchy Subjects with Love
When a sticky situation arises that makes you upset, don’t do anything rash that might damage your relationship. Bring up touchy subjects with care and out of love. For example, if you feel your spouse is overspending, don’t start yelling and accusing. Bring up the matter by pointing out how you’re jointly over budget this month and how you’d like to look at ways to get back on budget. View yourself as a team and look at what the team needs to do to improve.
For example, if your spouse is overspending, what can you do to support him or her in better habits? Whatever you do, don’t point the finger.
12. Find the Right Level of Risk as a Couple
When considering your investments and your overall lifestyle, it’s a lot easier if you’re both on the same page. If you are someone who likes to take on risk, you may find your spending and investing habits different from your risk-averse spouse.
For example, if you have a great idea for a business and are ready to liquidate your 401k to finance it, your safe-playing spouse may be the one who prevents you from doing so. Talk about this with your spouse, and find some middle ground when it comes to risk. Perhaps neither of you can be entirely in your comfort zone, but you don’t want to be too far out of it either. Risk-taking will need to be a compromise.
13. Work as a Team
To properly work as a team, you must have the same goals in mind. Work together to come up with and find ways to accomplish those goals. Always encourage each other and build each other up. Be aware of your own weaknesses and strengths, and play off the strengths of your spouse to bring synergy to what you are trying to accomplish.
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