Married couples who have successfully learned to handle all the financial dimensions of a successful married relationship are miles ahead of couples who do not master these simple, yet vital money fundamentals. Disagreements over money matters can be handled without much difficulty if a couple is willing to communicate openly and regularly.
While it may not be necessary for both partners to actually write checks, pay bills, and distribute funds, it is necessary for both partners in a marriage to be involved in the everyday financial decisions. This is especially true when it comes to future financial planning and investing money. The success or failure of the marriage may depend on this one, single aspect of money.
Marriage and Money Problems
While money may seem to be the number one problem in most marriage relationships, it simply doesn't need to be. Start by determining which partner has the desire to handle money matters, and which one has the ability. It is not unusual for one partner to handle the majority of a couple's financial responsibilities.
The part where married couples get in trouble is when one partner decides they know better and does not consult the other partner regarding financial matters. Another problem area is one partner spending wildly, withholding communication, and then attempting to cover up the over–spending.
Money and Marriage Issues Can be Easily Resolved
Share responsibility for the finances, be involved, and make one another aware. From a simply practical perspective this mutual responsibility and awareness of the financial situation is important, especially if a partner is suddenly out of the picture for whatever reason. The last thing anyone wants is to be left alone to deal with something they know little or nothing about.
Talk about how much money should be saved and what should be invested. If there is a concern over one partner's spending habits, this should be addressed as soon as possible. Set and maintain goals and purpose for every dollar. Discuss future plans for the money regarding retirement, property, or the purchase of a new car. Money problems are easily resolved if communication is open and honest.
Make Financial Peace With the Other Partner
When married couples begin to fight over money, sometimes it's not the money that's causing the problem. The real issue is control and money problems are just a symptom of that deeper issue. If there are deeper issues in a marriage relationship like resentment, jealousy, anger, or any number of reasons, the deeper issue needs to be resolved first. Then the issue of finances can be more easily resolved.
There's so much to know here but here are the basics. Married couples handle money successfully when they set priorities, make a budget, decide together about banking issues, decide together where and how much money will be invested. Couples need to learn about investing together, at least the basics, so that both have enough knowledge of a situation if one partner is out of the picture.
Decide together about property, real estate, asset allocation, planning for kids' future education expenses, taxes, and even who to hire as an accountant or financial planner. If these decisions are made beforehand as a couple, where both partners are providing feedback and any concerns are openly addressed and resolved, then the money problem won't rear its ugly head.
Everyone has seen couples who fight over every money and financial issue and eventually end up parting ways. They usually explode in an ugly confrontation and eventually divorce where one or both are now forced to resolve the money issues they had as a couple. Only now. it's even worse because there's the added pain of the break-up on top of the money problem. Sure seems like it would be a lot easier to learn to communicate and work together in a marriage.
Note: This article is for informational purposes only. The information provided herein is of a general nature and should not be substituted as advice from a qualified professional.
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Sources:
The Equality in Marriage Institute. Money and Marriage (accessed March 24, 2010).
CNN Money. Money 101 (accessed March 26, 2010).
Mark Oehlert - Mark has 50 years life experience (wisdom comes with age, right?) and over 28 years experience writing copy for ads, articles, marketing ...
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