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A quick look at the statistics reveals that money is one of the top reasons for divorces around the world. It doesn’t matter if a couple is strapped for cash or has more money than they know what to do with – they will still experience disagreements about money at some point.
There can be some major financial stresses in marriage, but if you have the right solutions, you can hopefully avoid a painful breakup.
(1) Choose Less Expensive Personal Items
Have you and your partner ever argued over how much she spends on shampoo or how much you spend on razors? It might seem like inconsequential spending to you but an absolute necessity to her.
The key here is recognizing that you’ll both have personal items you’ll want to purchase, some of which can be costly. Instead of getting angry, make provisions in your budget for these extras. It may mean that you need to cut back on something in order to allow her to get what she finds important.
For example, if your partner is absolutely set on getting the latest iPhone, and you aren’t quite as invested in technology, you might choose a more affordable alternative for yourself. You could spend a hundred bucks on a Samsung Galaxy S3, one of the older, but more reliable devices on the market. In doing this, you’ll save hundreds and reduce contention.
(2) Allocate Personal Spending Funds
Another part of avoiding arguments over spending habits is allocating a certain amount for personal spending each month. Then, you can both spend your money on whatever you want without judgment from your spouse.
It doesn’t have to be much – $50 to spend on whatever you want each month will do wonders. If you choose to save it and purchase something bigger at the end of the year, it’s your prerogative, and you’re less likely to fight over the outcome.
(3) Budget as a Couple
When one person has total control over regular spending, it’s easy for arguments to erupt. The solution is to budget as a couple. Once you’ve agreed on a budgeting method, sit down weekly to allocate spending and save for the future.
As you participate in this weekly activity, you’ll grow closer together while preventing future arguments. Carefully take priorities into consideration and make sure each party gets their say when making decisions. Then, make sure each party is held accountable for going outside of the budget.
(4) Join Bank Accounts
Some married couples have separate bank accounts. They make their own money, the money goes into an individual account, and they split the bills 50/50. It seems like a good plan at first, but there are many problems that can lead to serious arguments.
One person could make more money than the other, requiring a different bill split. It’s also easier to spend money behind the other person’s back. When tax time comes around, arguments may arise when one party has to help the other with taxes.
By joining bank accounts, you create complete transparency in your finances. As the two of you allocate spending, you’ll create stronger bonds. “Yours” and “mine” become “ours,” and you’re able to work harmoniously.
(5) Eliminate Debt
Debt is a huge burden in marriages, particularly if one spouse has incurred more debt than the other. Debt comes in many forms and volumes through credit cards, car loans, mortgages, gambling, student loans, or other personal debts. The feeling of being shackled by your owed balance can place a heavy and unnecessary strain on your relationship.
Develop a plan to reduce debt and lift that heavy burden. Here are some of the top debt elimination strategies that can help heal financial stresses in marriage.
- Cut up your credit cards and don’t spend more than you earn.
- Try the debt snowball or debt avalanche methods for whittling away debt.
- Use your tax refund and any bonuses to pay down debt.
- Sell unneeded items for cash that will go towards your balance.
- Consolidate or refinance debt to reduce interest rates and stay on top of payments.
- Budget regularly with your spouse with a focus on eliminating debt.
Don’t let money rule your marriage. With some basic parameters, the two of you can handle the stressors of money and prevent serious problems that could lead to divorce. It all starts with you. For a better future, discuss ways that you can be more financially one with your spouse.
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For more related, check out Columnist Steven Goodwin — My Family on a Budget — here on GMP.
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Photo credit: Getty Images