How to Handle Finances in a Marriage

The most important aspect of any marriage is to be able to communicate. Communication means that we work together to solve problems together. It’s the way we handle money that most likely influences how strong our marriage will become. On the first anniversary of our marriage, my husband and I sat down and planned our financial life together. I made him a list of what we had spent all that money on and made him acknowledge that. At first, he was outraged that I was making him acknowledge the money and finances we’d spent. But eventually, he had to admit that.

There’s no doubt about the fact that as a relationship becomes more serious, elements such as how you handle your finances pretty much shape themselves according to established financial management habits unique to each partner. Don’t feel bad about something like rewarding or spoiling yourself with some online casinos. Rather try out new casinos together so that one partner will never feel like the other is being wasteful, for instance.

Many couples put off having finances discussed in their marriages until the end. When it comes to the finances, however, the end is often the beginning. Too often couples don’t have a clear understanding of who does what and how money is split. But if you know exactly where each of you stand and how you’re both willing to treat each other financially, it will help tremendously to tackle your finances together.

Another tip for having a financially healthy relationship is to avoid making financial mistakes. For example, there’s a chance that you’re both working as much as you can and living on an empty paycheck. While it’s good to have a healthy stress-free environment, the reality is that we all do need money. And often times, both of you are working just as hard as you can to make the life you’re in financially secure.

So avoid these basic financial mistakes:

Setting spending goals that you don’t know how to achieve. What is your goal of having $100 per week for dinner? Is it realistic for both of you to spend $100 per week on groceries and entertainment? If you can only afford $60 per week in spending, you can work out a compromise that suits both of you. But let’s be realistic.

Buying more things than you need. Too often, couples buy things that they don’t need and don’t really need. Don’t buy more than you need for yourself. And don’t let your husband buy things you can’t afford to.

Spending too much on just-in-time purchases. One of the most common mistakes couples make is getting into the habit of making small, quick purchases at the grocery store to make sure they get out of the house before they end up in a grocery store fight.

Going into debt. Debt is often like borrowing money for a short time, but for couples, debt is a long-term investment. Imagine paying $15,000 for a home that you plan to live in for the next 20 years, which won’t bring in any income and is worth half of the home you paid for. Most couples make financial mistakes by paying more than they can afford to, which eventually becomes too much debt.