Relationship Tips: Don't Let Finances Hurt Your Marriage
Relationship Advice: No matter who brings home the bacon, or which one of handles the monthly bills, you and your partner both need to be fully informed about your household finances—even if you stay at home and don't earn income. In fact, I'd say even more so! Money can equal power in a relationship, and you need to be able to share that power and have a say in financial decisions. You need to be partners in money as well as partners in love.
Here are some relationship tips when it comes to family finance:
- Set shared money-goals. It's important to work toward some common goals to maintain a happy household. Is it an annual vacation? Buying a home? Putting the kids through college? Decide what your priorities are, and plan together how you're going get there.
- Determine your money temperaments. It's OK if one of you is very organized, the other more impulsive, but you need to be on the same page when it comes to values, goals and your money.
- Agree on a set limit. To keep some autonomy, determine an amount that acts as a spending limit for the both of you. Anything below that limit—whether it's $50 or $100 or more—you can spend freely. Anything above that limit, you need to check in with each other first.
- Don't argue. It's not about nickel and diming one another, or pointing fingers. It's about sharing and working toward some common goals—for each other, for your children.
Raising a family in these tough economic times isn't easy. It's only natural that you'd have some relationship questions about how to deal with finances. The most important thing is that you and your partner are on the same page when it comes to your finances. So be honest with each other and make a commitment to be financially responsible together!