How to Work as a Couple to Manage your Money

How a couple successfully – or unsuccessfully – manages their money easily tops the list as the most common cause of marital disharmony. Contrary to the myth that disagreements about money is really about the amount of cash or credit one is spending, such disagreements are really about fear or trust on the part of one or both couples.

Fortunately however, there are four keys to successfully managing money as a couple…

1.) Calm and Rational Communication.

2.) Agree On How Income Will Be Spent.

3.) Put Your Financial Plans Down In Writing.

4.) Determine Who Will Assume Responsibility For What.

* Calm and Rational Communication.

Often due to differing backgrounds, couples tend to view money and how it’s spent very differently. This only adds to the challenge of discussing money matters with your mate. To combat such challenges:

a.) do not wait until a problem arises before you talk about money

b.) set aside a specific time to discuss financial issues (a time where you are both likely relaxed)

c.) avoid discussing financial issues at certain times (such as meal times or when relaxing with your spouse and children)

d.) explain to your mate how your upbringing has affected your attitude toward money

e.) strive to understand how your mate’s upbringing has affected their attitude toward money

* Agree On How Your Income Will Be Spent.

Whether one spouse works or both earn money, viewing whatever money is earned as family income, is vital to effectively managing money as a couple. This is accomplished by:

a.) disclosing your income and major expenditures to each other

b.) discussing large purchases with your mate

c.) never hiding your purchases from your mate

d.) agreeing on an amount you each can spend without having to consult each other

* Put Your Financial Plans Down In Writing.

Effectively managing your money as a couple, involves creating a family budget. Once your income and expenses are put down in writing, the reality of the facts are hard to ignore.

In addition, obtaining a signed and documented family budget, will force ownership from both couples, thereby enabling them to achieve financial unity.

* Determine Who Will Assume Responsibility For What.

Depending on the couple’s preferences, some husbands choose to care for the finances, whereas other couples prefer the wife to take care of the financial responsibility. Others have found it best to share the responsibilities.

For instance, one couple may take care of the rent, utilities, and the taxes, while the other may take care of keeping tract of the shopping expenses, or repair work expenses. Whatever your preference is, teamwork is the key.

Similar to any other problem experienced in a dedicated relationship, financial problems should be addressed in a way conducive to keeping it happy and healthy. Using these keys will enable any couple to effectively work together to manage their money – making for a happier and peaceful life together.