Money is one of the main causes of fights in marriages, especially in newly-weds, because there is a big possibility that your spouse’s way of managing finances is entirely different from yours and that, right there, is already a brewing problem. You and your spouse were raised in different households that have different views and beliefs when it comes to managing money; that is why conversations about finances often lead to fights if one or both of you don’t know how to compromise and work things out properly.
But do not lose hope. Managing household finances as a couple can still become a rewarding way to bond with your spouse and all you need to do is know how to respond and act properly in this kind of situation. For couples out there, here are some tips on how to manage household finances like a boss:
1) Don’t be afraid to talk about finances
The best to do this is before finally deciding to tie the knot, but in case you haven’t, you need to talk about finances with your new husband/wife as soon as possible. You might want to let your spouse know how you expect household money to be handled as well as reveal how much debt you carry. You’re going to need to make sure that both of you have a clear understanding and knowledge of where you stand financially as a couple. That is why it is very important to set aside time to talk about finances to strengthen the communication and openness in the marriage, as well as the level of trust.
2) Allocate and track your budget
Creating a list of your monthly expenses and designing a budget plan for it is a good way to track and control monthly household expenses. Start by reviewing your total joint expenses for the last few months and determine how much both of you have been spending. Try to establish limits for each of your monthly budget categories like car maintenance, food, entertainment, dining out, etc. So that you can avoid having too much debt by the end of the month. Always try to stay within the spending allotment that you set and adjust accordingly depending on your expenses, situation and income changes.
You can design a spreadsheet that will track all your expenses and total everything up at the end of the month. Don’t be afraid to try different methods until you got whatever works best for both of you.
3) Share financial responsibilities with each other
Work as a team. Both parties should work together and share financial responsibilities equally as much as possible especially if both of you are working. It’s also important that both wife and husband take part in budgeting, decision-making and bill-paying. You need to have the same goals in your minds. Encouraging each other and building each other up are also important because these will keep the fire burning and will increase your trust levels as well.
Money management for couples is not an easy job. But if both spouses will work together and share responsibilities equally, money management would even contribute to the growth of their relationship.