One of the most difficult things to do with money is to handle it in a marriage relationship. What I like to call the marriage money dilemma. Two people, perhaps born into different circumstances and situations, and different cultures, with different thoughts about everything including money. And now they have to come together to effectively manage their money – the marriage money dilemma.
How do you take two different people, with two different attitudes about money, and bring them together to effectively manage money? It is the love of money that is the root of all evil, not your spouse or potential spouse. Below are some tips to help you and your spouse manage your money and avoid the marriage money dilemma.
Learn Your Partners Attitudes about Managing Money
You may be very compatible in other areas, but if not compatible financially, it will be much better for both of you to know up front. Once you know the others attitude about money, you can develop a plan for the two of you to work together. Money differences in a marriage have real consequences, and you cannot assume that your partner’s stance on money issues will change after marriage.
As you are planning and thinking about your finances, understand that trouble often ensues when people with different attitudes about money and other things live together and share their future and finances. Find out what your partner or prospective partner’s attitude about money is. Are they a spender or a saver, or do they respect money? The answers to these questions will help you find out. You must realize that both of your money attitudes were formed long ago, probably as children, because of the different situations and circumstances that you were both raised in.
Managing Money Together to Plan for your Financial Future
When you are planning, or already married, think about and plan for your financial future as well. Set financial goals that you mutually agree upon and work together toward those goals. Using your differences as strengths and looking at your finances from both points of view, could give you insight into a better way of managing finances that you would not have seen apart.
It’s Our Money in a Marriage Relationship
Once you get married you must realize that it is not your money anymore it’s our money and you must act accordingly. Both partners’ money needs to be used to accomplish the goals both of you set and agree upon. Additionally, you can probably do more with the money together in one pot than to have two smaller pots of money.
Participate in Periodic Money Meetings To Manage Money Together
Communication in a marriage is critical and when managing money in a marriage it is doubly so. Make time to sit down together and talk about your money. Call them money meetings. Have a money meeting, before each pay period. You can create a spending plan for the pay period together and talk about how well you are doing. You can also present financial goals and discuss future financial goals as well.
These tips can help you and your spouse come together over money and begin to effectively manage your money together. Using both you and your partner’s strengths, you together can conquer the world and your finances.