With mounting credit card debt and other financial obligations, managing one’s own financials is a major challenge. Having to do it with your spouse can be even more challenging if you are not on the same page. When managing finances with your spouse, it is important that you take the time to reevaluate your budget to suit both parties.
Managing Finances With Your Spouse: Tips & Tricks!
Managing finances with your spouse is all about those difficult choices. Some items that you thought were essential once may no longer appear that way in your family unit. Given this dilemma, the likelihood of partners being dishonest about money is common.
Too much debt is often a cause of misunderstanding and disagreement among couples. However, what many couples don’t understand is that by avoiding conflict and not being completely honest about their finances, they are essentially not addressing the problem at hand or being proactive about finding a solution together.
Managing Finances With Your Spouse: Steps to a Healthy Relationship
There are steps that you and your spouse can take together to address spending habits and create a budget that works for both of you.
- The first step is to get a firm sense of your current finances by adding up all of your assets and debt. This will help to lay out a solid foundation which you both can work from.
- Be open about your spending habits. Know why you are spending money on something and weigh the benefits short and long term. How will this impact my family? Is it going to put us in a deficit and make it difficult to pay for our real needs versus wants?
- Create a realistic budget that you both agree to. It is important to know where your money is going. By laying your finances out it is easier to track your spending. Eventually, the conversation won’t be so hard.
Realize that you are not alone. All couples encounter financial difficulty at some point in their relationship. Financial outlooks and scenarios for most families are tough and by being open and honest with your spouse or partner about your spending, it can make this difficult period a little less stressful.
Talk with a certified counselor at ACCC about your budget and debt consolidation. Call 800-769-3571.