Finances can ruin a marriage and in this article we will discuss common money mistakes that married couples make. One such mistake is a lack of communication among couples regarding finances. For example, if the two of you are in debt but talk as if only one spouse is responsible for the debt, problems will occur in the marriage. Instead, you should sit and discuss how both of you can get out of debt together.
Not budgeting income wisely
It doesn't matter if you're the saver while your spouse is the spendthrift; without a workable budget your finances will suffer as a couple. One of the main reasons for having a budget is to get an idea of where the money is going on a regular basis, and a budget helps you spend your income more wisely. The two of you should gather your necessary expenses and write down how much they cost per month. Once you do this you should trim any unnecessary expenses from the budget.
This happens among some married couples and it can ruin your relationship. The right thing would be to openly communicate with your partner what you have been doing with the household finances, even your unwise financial decisions. For example, if you spent too much money on the kids' clothing last month and now you are struggling to pay for utilities, your spouse needs to know. She might be able to help you work out a solution to the problem.
Not combining your finances
When you get married you become a unit, and since trust should be a part of your marriage, combining finances demonstrates this trust. This is why it is a good thing for married couples to open a joint account. Even if one spouse earns more income than the other, both of you are still contributing to the household and by joining your money together you can accomplish your long-term financial goals. These might include starting a family, taking a vacation or saving for retirement.
Giving one spouse control of bill management
This is not a good idea because it increases the temptation for that spouse to hide secrets regarding the finances. In addition, both spouses should be responsible for handling the bills. You can divide the financial responsibilities and not burden one spouse with all of the bill management. Your spouse might be responsible for the rent and utilities while you might be responsible for paying for groceries, the car note, and any expenses that the kids may have.
Not respecting each other's views on money
When you don't respect your spouse's views on money, it becomes difficult to discuss finances together. If your spouse prefers to save for long-term financial goals and would like to boost savings over the next few months, you should be understanding of this and help him reach these goals. Or if you are the one who saves, talk to him respectfully about his tendency to overspend but realize that maybe he just likes to treat himself at times.
With the above-mentioned solutions, you don't have to let money ruin your marriage.