Money isn’t the root of all evil, but evidence suggests it is the leading root cause of separations and divorces throughout the world. Even if both partners accept to the overall idea that they should manage their money better, problems arise, when they disagree over how to manage the money or have miscommunications regarding who is or isn’t most likely to do what with the money.
Here are a few general truths to keep your money management plan for a happy marriage from breaking down as rapidly as your marriage.
Make Sure Both Partners have Some “Fun” Money of their Own
Invariably there is one person who makes more money than the other in the relationship. Neither partner should be investing One Hundred Percent of earnings into the bill, family, and grocery till. Both of you need a little additional money to pursue things that are important and enjoyable to you without jeopardizing the entire family budget. In order words, you should plan a set amount for fun money, for each of you, before you do anything else.
Don’t Overlook the Children
Invariably when this happens, the responsibility of giving the kids fun money falls on one parent or the other and it almost always emerges from the “fun” money fund – rendering it not so fun. Whether it’s setting aside funds for allowances, school needs, clothing, entertainment, sports, etc. those expenses should be factored into the family budget and a set amount of spending for these things has to be determined as well.
Choose Areas of Drastic Spending Restraints Together
Both voices in the relationship should chime in where major spending cuts are concerned. Sacrifices need to be made on all sides of the equation if you’re going to set financial goals and plan for a financial future together. Otherwise, why are you working to save for the future at all? It’s about togetherness and shouldn’t feel as a punishment for a single person while the other person is making few if any concessions.
Put it All in Writing
Iron out the details. Write it down. Make a copy. You both must get on the same page when it comes to the new family budget and finance efforts if either of you is going to more than happy with the outcome. More importantly, seeing the revised plan on paper gives you both the opportunity to see if there are any spending weaknesses, forgotten expenses, or other concerns that have been overlooked in your plan.
It looks like such a simple step, but, a lot can be riding on working it out amicably. Don’t let your relationship drop without a fight because one of you has a hard time managing money. Take a seat and focus on a plan that promises success.