So, how to solve money problems in your marriage? We did a quick search online for information on this and were a little shocked to learn that it is a popular search phrase. Not actually surprised that people are searching but at the number of people who are looking for help on how to solve money problems in a marriage.
The truth is, it’s an epidemic. It really is. Couples are facing major money issues in marriage right now and it’s only been exacerbated by a bad economy.
So, if you are “in this boat” what can you do? How can you overcome money issues in your marriage?
Well, we don’t have the “just add water and fix solution” but we do have some excellent tips from creditsesame.com that can put you on the right track to start getting your money problems under control.
Some of the tips may sound familiar but as we’ve said before, simplicity is key here and there really is no “magic wand” solution. For example, the tips provided include:
- avoid separate accounts
- discuss debt with your partner rather than “sweeping it under the carpet”
- discuss each others money habits and investment styles and personalities
- build an emergency savings fund
No surprises there right? I’ll beg to disagree a little with the first point after this.
Handled without care, money problems can end an otherwise solid marriage and often it does! Usually it’s because one spouse committed financial infidelity, the term marriage counselors (and divorce attorneys) use for spouses who hide money, hide debt, and spend money without the other spouse knowing â€“ or approving. It’s a nasty habit. A recent study from the National Endowment For Financial Education find that three in ten U.S. spouses financially cheat on their partners or have “lied about finances, debt [and] money earned.” Of course, the good news is that seven of 10 spouses don’t â€“ and that’s worth building on.
So, how can married couples leverage their finances and their financial problems in a healthy, effective way? The good news is that there is no shortage of methods couples can use to keep their money, and their marriages, intact – even if you are complete opposites. Let’s take a look at methods that really work…..
Don’t have separate bank accounts
Couples are called couples for a reason. After all, the preacher does say, til death do you part. That goes double for having unified financial accounts banking, investments, and insurance. It’s important that both spouses know what’s going on in their finances â€“ all their finances â€“ and having united accounts does the job there. If you do choose to have a separate account, let your partner know how much money is going in the account and be ready to share the account statements without a fuss.
I agree to a point about having a joint account but only if the other points are adhered to. You need to know each others money habits before you can start to trust each other in sharing an account. In some sense, getting the others right will lead to performing the first tip successfully.
Also, people on their second or more marriages might be a little loathe to share an account especially if they have suffered financially from a previous divorce. That’s understandable but you can still overcome this if you take or make the effort to confide in each other about your spending and money management habits.
How about you? Do you agree with the ways to solve money problems in marriage posted here today? We’d like to hear from you and if you have more tips to offer, share them with us.