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8 Tips For Facing Your Financial Issues

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8 Tips For Facing Your Financial Issues

On August 18, 2023, Posted by , In Finances,Money Problems, With Comments Off on 8 Tips For Facing Your Financial Issues

Photo by Josh Appel on Unsplash

Money issues in a marriage are the leading cause of divorce. If you and your partner are struggling in this area, it’s time to sit down and face the music before things get worse; make this a high priority.

Here are some tips to help you deal with money issues:

Be relaxed and calm. 

Never discuss money issues when one or both of you is upset or angry because it makes things worse. 

Discuss money issues when you’re both calm. You’ll be more receptive to each other’s point of view and have an easier time sharing your financial worries. Otherwise, tempers will flare, and you’ll butt heads. 

If you can’t address this successfully, you may need help from a third party, such as a financial counselor.

Put ALL your cards on the table. 

Discuss your thoughts and feelings on saving and spending; even discuss how your parents dealt with money issues. Encourage your partner to do the same.

Be frank about your spending habits. 

If you are a free spender and the other is a saver, prepare for rough waters because getting the spendthrift to tame their spending is just as hard as getting a miser to open up the purse strings. 

But knowing each other’s philosophy is still better than not knowing. The important thing is this: Be prepared to compromise.

Monitor your spending. 

You’d be amazed how spending money on small stuff like subscriptions, Starbucks, snacks, fast food, and impulse groceries can quickly drain your cash. Once you know where your money goes, you will see ways to plug the hole!

Separate bank accounts. 

Some couples consider separate bank accounts, but you don’t have to. The advantage is that it removes guilt when buying something not in the household budget. 

Each of you will have a certain amount of personal money set aside; when it’s gone, it’s gone.  

Have a budget. 

This doesn’t have to be detailed or complicated. There are budgeting systems for every kind of person. But setting a spending limit slows the leak and makes you and your partner more aware of where your money is going.

Decide who’s responsible for paying the bills. 

If one of you is better and more responsible at handling bills, then maybe they should be in charge of managing them. But if that’s too much pressure for one person or trust issues exist, then compromise who will pay what bill and when and from which account.

Agree on long-term financial goals together. 

Financial goals can change throughout a marriage and may need to be revisited periodically. But if you know your financial goals, such as buying a house, overseas travel, retirement plans, etc., you can be focused and work towards your saving goals together. 

Money issues rarely, if ever, get better on their own. So, face them. The good news is that after you’ve rolled up your sleeves and done the hard work of turning things around, you can enjoy the fruit of your labor! 

The financial pressure will ease over time. 

And you will feel less anxious and stressed; you’ll be happier and more relaxed. 

It’ll take a lot of work, but it is worth it because once you’ve righted your financial ship, you have the joy and privilege of appreciating and enjoying each other in a financially secure relationship.

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