8 Ways To Prevent Money From Ruining Your Marriage
Money issues are so troubling that people cite financial problems as the number one reason for fights in relationships. According to one SunTrust study, money issues are also responsible for 22% of all divorces, making it the third leading cause, according to the Institute for Divorce Financial Analysts, according to the Institute for Divorce Financial Analysts.
This may sound like a bleak prognosis for a married couple, but it doesn't have to be. Couples can take the right steps to avoid the money issues that affect their marriage the most, say experts. The following tips can help you prevent money from ruining your relationship.
Reporting from Business Insider, successful things that married couples do to manage finances in their household:
1. Be open to each other with financial conditions
When or maybe before marriage, it's best if couples are honest and open with each other's current financial conditions, such as telling about salary, credit card debt, loans, and other things that could affect their financial future as a couple.This is the first step to organizing how to manage family finances well in the future.
2. Discuss the money that will be spent
When you are married, it doesn't matter what you will do with the money you have, but at least the money used for something has been discussed with each other in advance and each must also respect the opinion of his partner.Although sometimes there are differences of opinion, it's not a bad thing, no matter how small the expenses must be conveyed to the partner.
Every couple is unique, including their financial condition. Therefore, from the start, make it a habit to discuss financial problems, especially if you have a joint account. Like who has to pay the house bills, monthly shopping, and others, the most important thing is that everything can be clearly communicated.
3. Common goals
Successful couples usually have the same goals. Although each has a different way of dealing with finances, at least they can make decisions that are closer to their main financial goals.For example, they both want to buy a house, make education savings for their children or save money for retirement. If you already have the same goal, then this will make the couple complement each other.
4. Sharing responsibilities
When you are committed to opening a joint account after marriage, you can share responsibilities with each other, for example in terms of paying house rent, retirement savings, and other costs and bills that are the responsibility of both parties.Successful couples do not think only of their husbands or wives who take care of certain aspects, but they work together to share financial responsibilities together.
5. Making wills
Although this is often overlooked, important papers such as land titles, houses, assets, and more are key factors in managing successful finances. When you get married, you should at least think about a will, especially if you already have children.At least once every five years the couple has updated the documents and wills, because there may be changes in assets that occur within those five years because no one knows the age of humans.
6. Not judging each other
Everyone has different priorities, and the most important thing is to respect your partner's choices, including keeping an open mindset with the spending habits of your partner who may be different from yours.Do not immediately give wasteful judgments to your wife/husband, for example in terms of shopping, you should speak honestly with a tone of mutual love. Like you're upset because your partner always spends money on things you don't need, talk it over, and don't get angry right away.
It's important to give your partner confidence by allowing them to spend money and make them happy, as long as it doesn't cost you your overall finances.
7. Living below your means
If technically you can afford to buy a house for USD 5 million, that doesn't mean it's the best choice for your family and finances. It is better if you buy a house at a price below your ability.You can use the rest for other more useful things, such as saving for old age, children's education or planning a vacation with your family. Frugality does not mean being stingy, but for a better life.
8. Having fun together
Dealing with money issues, in general, can be stressful at a point, but in the end, money is a means to an end.When you have found a way to remind yourself of your initial commitment to your partner, it is much more important, and sharing happiness with your partner will make the marriage even more beautiful.
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