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How to Manage Your Money in a Marriage

28 January, 2016



Do you find yourself arguing more with your partner over money in this financial crisis? Even if you can both continue to meet your commitments and keep your jobs, the crisis has heightened people’s sensitivities about money and suddenly, you realise that perhaps your spouse’s financial goals and yours are not aligned at all!

If you find that your spouse is a spendthrift and you is a tightwad, don’t worry. Opposites attract and as much as the tightwad would hate to admit, they do admire the frivolousness of the spendthrift as much as the latter admires the former’s discipine to money. However, don’t let money stress affect your marriage. Instead, learn some good tips to manage money in your marriage below.

Create Financial Goals Together

It is one of the hardest thing to do but take some time to sit together when you are both in a good mood to discuss your financial goals. It isn’t easy especially if both have conflicting attitudes to money but try to keep an open and objective mind. Think of short term and long term goals from 1 to 10 years, taking into account any children or additional commitments you might have in the period of time.

Financial Aspects To Consider

When discussing your financial goals, think about whether you are both working, how much each other is making and how much will each of you contribute to the family spending. Be open about your long term plans, e.g. a wife who intends to quit when she has a child should discuss it with her husband to ensure he is prepared financially for it when the time comes.

Talk About Your Spending Habits

Tightwads hate spending a cent of their hard-earned money while spendthrifts don’t think twice about forking out the cash for something they like. It isn’t easy to understand what brings joy to your spouse if you don’t have similar spending behaviors but it helps to start talking about how you will approach joint financial decisions or large financial commitments such as a property or investments.

“I don’t care whether you’re thrifty or you’re silly with your money, or waste money, the important to thing is to get that out on the table right from the beginning,” said Jeff Yeager, author of “The Ultimate Cheapskate: Road Map to True Riches.” Yeager, who believes being a cheapskate is “a real virtue,” has been married to his wife, who shares his frugality, for 26 years. (link)

Talking about money is not an easy subject especially when it is with your spouse who might have a totally different view from you. Nevertheless, it is important to start these financial discussions, however painful they are, to ensure your marriage starts on the right foot financially.

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