Marriage has several challenges over the years, from family pressures to work stresses. Although two people may love each other deeply, everyday household habits can grind a marriage into an argumentative state. Debt is often a stressful conversation between spouses, making its impact on marriage a huge one to handle if spending is out of control. Consider some of these ways to work on debt management while shoring up a strong marriage.
As a marriage begins, it’s critical to talk about monetary goals alongside other dreams. From saving for retirement to purchasing a dreamboat, every couple has different goals in life that should be discussed. Based on available funds, couples can devise a long-term plan to achieve as many goals as possible. Both sides, however, must be able to concede some desires to make money and debt management work.
Working on a Budget
Two people charging out of the same checking account is a disaster waiting to happen if a budget isn’t agreed to beforehand. Couples should sit down together and figure out a reasonable budget. They must look at all aspects of life, from mortgages to Friday night outings. When both spouses understand their spending limits, there won’t be any major purchases that upset the marriage balance.
Facing the Hard Facts
Even with the best planning, one-half of the couple may not be agreeable to spending wisely. They may simply like shopping or lack respect for the other spouse to curb that spending. Dealing with this issue can be partially solved by splitting assets into two separate accounts. Each spouse has their own spending money, removing money problems from the marriage discussion table. This solution may not be for everyone, so separation and divorce are possible with continued money problems.
Getting the Kids Involved
If a couple has children, involve them with healthy spending habits. When both spouses are controlling their spending appropriately, these habits should translate to the kids. Talk about budgets and smart spending to help their future adult lives become easier to handle on that level.
Trust and honesty must be part of every marriage aspect, even when it deals with money management. If a large purchase is desired, talk about it before any charges are incurred. Every marriage must have some compromise and flexibility to meet life’s challenges with a happy couple as the result.