Marriage And Finances – 4 Money Habits That Can Ruin Your Marriage

It’s a sad fact that many marriages break up as a result of some form of dispute over money and finances.

This is mainly because two individuals with completely different backgrounds and financial habits come together without much thought about how they will work out the dynamics of combined finances.

Handling the topic of marriage and finances as a couple early in a relationship can prove very helpful when it comes to establishing financial expectations.

If you want to create some form of financial compatibility with your spouse, here are four habits you must avoid:

1. Lying to your spouse about money

Never lie to your spouse about the status of your finances, especially when they are not in good shape, as this will only lead to mismatched expectations.

Hiding bills or bank statements from your spouse is equally as bad.

Attempting to conceal your debts or your spending habits is also pointless because the negative effects of your behaviour will eventually emerge, often with disastrous consequences.

Always tell the truth about your finances, and if there are any issues that need to be resolved, you will both be able to come up with realistic solutions.

2. Failing to find the time to discuss your financial matters

Many couples struggle to get on the same page financially because they do not discuss their financial matters.

Why? They simply don’t have the time or rather won’t make the time.

Having a candid discussion about your finances on a regular basis can help you monitor your progress towards attaining your financial goals as a family.

Scheduling time to talk about finances can help create a healthy avenue for ironing out sensitive money issues that affect you as a family.

3. Leaving all the financial affairs for your spouse to handle

This is especially common where individual financial roles within the marriage are not defined.

Where both couples are earning an income, there needs to be clarity on who pays the bills, especially in the case where one party earns a lot more money than the other.

In marriages where there is only one bread-winner, there is a tendency to leave all the money matters to the person who earns the money.

Choosing to be unaware of the family’s financial matters can have devastating circumstances in the event of the demise of the financially astute spouse.

4. Failing to create a family budget and making it work for you

Creating a budget and making it work is essential to organizing your finances, although many people avoid it altogether and wonder why they can never seem to get ahead financially.

Being vigilant about monitoring how you spend your money can go a long way in helping you improve the way you handle your personal finances as a couple.

One of the most important things you can do for your relationship is create a budget, and stick to that budget.

If you do not know how to get started with creating a budget, you can click here to download your budgeting guide risk free.

When it comes to combining marriage and finances, your success predominantly depends on your dedication, desire and motivation to get on the same financial page with your spouse.