Money is one of the most common instigators in arguments between couples. But, if you know where to look, you can avoid the common pitfalls many couples run into. While it is highly unlikely that you will never fight about money again, these tips can help you at the very least communicate about your finances with your spouse in a more productive way.
Merging Both Your Finances
One of the earliest concerns that a lot of newlyweds face is how to handle the new issues of finance between the both of them. People tend to get confused about whether they should amalgamate everything they have (savings, loans, salaries) into one joint account, or whether they should keep up with their individual accounts and open a joint one for aspects like house repairs, cars, etc.
For many newlyweds, the correct choice maybe somewhere in the middle.
Over time, once things like children and mortgages come into play, many couples find that integrating all their finances is simply easier. But unless you’re both comfortable with the idea, there’s absolutely no need to rush things.
Keeping Money Secrets
A lot of couples, unfortunately, do tend to keep money secrets from each other. These secrets can include things like gambling, secret investments, and debt. But could also be as simple as lying about the total of the grocery bill to ease the blow. If you do end up finding out that your partner has been keeping money secrets from you, or if you are holding secrets about your finances back, it may be time to seek the help of a family financial professional.
Dealing With a Partner’s Debt
For those couples who are not yet married, it may be useful to think about a prenuptial agreement if one of you is in debt. This is to make sure that assets that one spouse brings into a marriage will always be protected from the other spouse’s credit accounts.
But it’s important for those who’ve already tied the knot to try to find a way to pay off any debts brought into the marriage as swiftly as possible, and without any delayed payments.
Don’t Spend, Spend, Spend
What if your husband or wife keeps nagging that you spend too much on impractical things but then they come home one day with something like a new TV, games console, or brand new coffee machine. Considering they have been nagging you about your spending, this isn’t likely to go down well. If something like this has happened to you, you are not alone. It is common in most relationships. The resolution here is to recognize the genuine problem, and that is that you are both likely spending too much money on tight resources. It may be a good idea to take the time to sit down and decide how much money you will allocate for essential things, and how much you intend to save for holidays and emergencies.
Arguing about how much risk to take if you’re planning on setting up some investments does not do much good. Take time to sit down and talk about your investments and the time expected to earn from them. Whatever your investment choices, have another look at your investments together at least once a year and make sure that, overall, your investments balance each other out.