If you’re married, you have money problems – it’s inevitable! Here’s how to handle your finances as a couple, before they cause serious problems in your marriage.
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These tips for couples and money range from getting yearly credit checks to talking before spending $500 on cowboy boots.
Before the tips, a quip:
“It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.” ~George Horace Lorimer.
Money can’t buy love, but money problems sure can destroy love! If you’re struggling with money problems as a couple, read The Budget Kit: The Common Cents Money Management Workbook.
And, here are several tips for couples and money…
7 Ways to Handle Money Problems When You’re Married
1. Get a credit check every year. If you think your lover is lying about money – and even if you trust your partner with money – get an annual credit check. That way, all your spending and finances are out in the open. You both know what you’re dealing with, and you stop money problems before they start!
2. Sit down and talk about money regularly. “The Money Couple” calls this having a regular “Money Huddle.” Schedule a time every month to talk about your financial goals, household budget, savings plan, and paying off your debt. Be honest and clear about how you’ll handle money problems – and do it in love!
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3. Talk about how to spend your money. If you want to buy a $500 pair of cowboy boots, and it’s outside your budget, then bring it up with your lover. Don’t make big purchases without talking about them first. Don’t create money problems in your love life! If you tend to fight about money, read How to Talk Finances as a Couple – 7 Tips for Money and Love.
4. Give yourselves an allowance. Since you don’t want to have a discussion every time you want to spend $10, you need to decide as a couple how much money you can spend without talking about it first. Your allowance depends on your household budget; it can be $10 or $1,000. It should be equal for each partner, no matter how much each partner makes.
5. Figure out how to pay off your debt. Since debt can be a huge money problem for couples, you need to decide how debts will be paid off. Learn how to be each other’s support system and accountability partner – help each other stick to your budget. This tip for couples and money can help you achieve your financial goals sooner than you think!
6. Keep a joint household spending and savings account. Some couples prefer to keep their money separate – but simply having separate financial accounts doesn’t solve all your money problems. Most couples benefit from a joint checking account to pay the rent or mortgage, household bills, etc.
7. Stick to your savings and investment plan. You can’t achieve your financial goals unless you set goals and stick to them. One of the best tips for couples and money is to have a common goal that you both support. Then, you’re better able to handle money problems without destroying your love life.
To learn more about fiances for married couples, read How Do Couples Get Rich? 7 Tips for Growing Wealth Together.
How do you handle money problems as a married couple? Comments welcome below…