Talking about money is not a preserve of entrepreneurs or financial institutions. It’s equally an important subject matter for every marriage institution. And it doesn’t have to wait until kids are born and need to be taken to school, buying their insurance or when there’s need to acquire family property. Money matters should be dealt with from the early stages of every relationship and always be kept alive throughout the life in marriage. Although discussing money in marriage may seem a little bit complex especially in the early stages of life, couples should get used to talking about it from the word go to avoid reacting to management crisis later in their life.
The following are some of the areas every couple should focus on when talking about money in marriage.
Saving and Spending
As a couple, it’s always important to come together and agree on balancing between spending and saving for the good of the family. Life in marriage involves a lot of things and indeed it’s a long journey that requires proper short term as well as long term planning.
It may not be easy to always come to consensus on how to go about your savings or expenditure. But there isn’t anything that can replace quality financial management in a family. Unless a couple is planning to fail, or doesn’t care at all about the future.
One of the issues that make it difficult to talk about money in marriage is when couples fail to agree on how to get involved in sharing financial responsibility. This may happen in a situation where one partner feels that he or she earns more money and doesn’t want to be restricted by the one making little or no money at all. It’s therefore important for a couple to lay their egos aside and agree on selfless undertaking of their financial responsibilities.
It may not always be possible for a couple to have equal sources of income. And it doesn’t mean that the one bringing in a smaller cake should feel inferior to the one who brings in the lion’s share. One of the most misleading misconceptions about handling money in marriage is where couples believe that marriage ought to be 50-50 and that each partner should only provide a half and expect the other to do the remaining half.
It’s a fact that there are tasks that are important to the family and may not necessarily be measured in monetary value – Like giving birth and bringing up the kids. Sometimes the wife is the one on the payroll. She goes out to work, carries the pregnancy for the whole long nine months duration and has the biggest responsibility in bringing up the kids. Now, how does she talk about money with a husband who earns less or nothing at all? I’m not trying to say it’s easy. It’s not. But with maturity and quality communication skills, a couple can come up with strategies where each one can get involved differently and still feel he or she is a contributor of the family money . Even if one doesn’t have a job, he or she can still get involved in providing certain duties or responsibilities that may as well serve as economic input.
Strive in sharing Values
In any relationship, couples who share the same ideologies, dreams and values will also find quick solutions when it comes to talking about money. It’s easier to invest on a project that you both relate with and one that you believe in, both in terms of necessity and priority than when one person is pushing his or her interests down the throat of their partners.
Have Laid Down Goals
Putting down your goals in black and white will act as a guide on a couple’s talk about money. Unless there are such guiding principles, couples will most likely misuse money or constantly disagree on what to do with it.
Seek Consensus When Handling Money in Marriage or Relationship
It may not always be possible to agree on priorities and that’s why talking about money in marriage has never been easy for many couples. However, just like any other matters in a relationship, it’s important to approach issues aiming at ceding some grounds for the sake of finding solutions instead of always being rigid on your ideas. But if you still feel that you are right and that your spouse is inconsiderately subscribing to different opinions, you can always seek the help of a financial consultant.