There are a number of things that can cause friction in a marriage. One of the number one cause of arguments in a marriage is money. You and your spouse probably have a different style when it comes to handling money depending on your education and upbringing. I am going to share a few things I have learned to help better manage money as a couple. If you are single the majority of these tips can apply to you as well.
- Money is amoral: Money is neither right or wrong it is all how you use it.
- Don’t go into debt: It is much easier to go into debt than it is to get out of it. So if you don’t have the money for an item you want, you can’t afford it, and you shouldn’t buy it. If you are in debt now… then get out as soon as possible. This is not an easy way of life but it is more stable and rewarding.
- Save up your money: The best way to afford items that you may not have money for is to save up. Think of it as your own personal layaway, without any fees. You should also set aside some money for emergencies so that when the unexpected happens you are not financially ruined.
- Have a monthly budget: Pick one person who is great a keeping up with money to make a budget. The other spouse should have to say in the budget and should look over the budget to see if there is any need for change. When you are making your budget have all the bills there and a little bit of fun money so that you don’t ruin your budget.
- Take a money management class: As a couple goes to a money management class so that you are both are on the same page. My favorite class it Financial Peace University. You can on the website to find a class near you
- Don’t lie: Do not lie about what you are buying which includes not hiding purchases from your spouse. This can harm your relationship and your financial standing by doing so.
- Get insurance: The unexpected is going to happen and if you have insurance you will be better prepared for those moments.
- Give: The bible says it is more blessed to give than to receive. Give to charities and your church if you belong to one. This gets your mind off of yourself and onto other people. A full and vibrant life is not spent on one’s self but in the glorification of God and the love of others.
- Partnership: If you and your spouse are not sold on managing your money are not going to be able to function properly. As you live your lives together you can not overlook your finances.
- Keep up with your credit score: You should be looking at your credit score yearly to make sure there are no errors and that no one is using your information illegally.
- Give every dollar a name and place: You should know where your money is going every month. Every dollar should have a place to go. This way there is a plan and it is easy to follow it.
In the end, your finances say a great deal about what you value in life. Money does not bring happiness but when you have control over it you have less chaos and the lesson of controlling your money moves into other areas of your life. All of my tips require discipline and if you do not master them at the beginning doesn’t mean you should quit. It takes time the change habits and mindset but the quicker you decide to get in control of your money the better.
Ps. Dave Ramsey really knows what he is talking about, and the principals he talks about can help a couple in any financial situation!