Money is the leading cause of DIVORCE and conflicts in marriages.
For most marriages, if they don’t get it right with money, their marriage never works.
Here’s how to manage money in marriage
Sources of Money Problems in Marriage.
1/ Not talking about money
Money talks are one of the most difficult for partners.
For many, the topic goes without mention in dating.
In most cases, money talks only happen when the disagreements have intensified.
2/ A Mismatch of Money Mindsets.
A Saver and a Spendthrift will have a hard time when making financial decisions together.
A financial illiterate partner will not understand the importance of saving, cutting down on expenses and planning for retirement.
This starts before marriage where partners do not disclose the assets and liabilities they are bringing into marriage.
Dishonesty about money issues quickly impairs the trust created in marriage.
4/ Money isn’t the problem.
Most matters concerning money in a relationship are not about money at all.
Partners tend to express their anger or unhappiness with other issues in the marriage by faking money issues.
5/ Power Play
It’s not the lack of money that brings conflicts.
It’s how one spouse uses the differences in financial positions to manipulate the other.
The partner who is ahead financially sees the other as a burden to them as they don’t contribute much to their finances.
How to manage money in marriage
1/ Use a Joint Account.
Both partners deposit money into a joint account.
They use this account to settle all their bills, expenses, save and invest together.
It’s easy to track and settle expenses as you use one account.
2/ Use Separate Accounts.
Lovers maintain their separate accounts but come up with a plan on how to cater for shared expenses.
They decide who pays for what and when.
Works well for partners with different money mindsets and financial goals.
3/ Using both joint and separate accounts.
You have to open and manage both personal and joint accounts.
Both partners contribute to the joint account and they still have money they can use to meet other personal expenses.
4/ Share your financial history & future.
Before marriage, make sure you know all the assets and liabilities that your partner brings into marriage.
Note the financial risks you are associating yourself with.
The person you marry will affect your future financial position.
5/ Be Honest
Honesty is of importance whenever you are talking about money.
Dishonesty about money quickly destroys the trust you have in your partner.
6/ Have a ‘Fun Money’ section on your Budget.
Here, drop the rule of having to be answerable of every coin spent.
Allow each other to spend some of your income on the things you like without questioning or having to make any explanations.
7/ Be empathetic
Be understanding when judging your partner’s spending habits.
You are dealing with your life partner, not a robber.
Don’t call them ‘irresponsible’ or ‘foolish’ just because they made a money mistake.
Source – Twitter Thread