MANAGING FINANCES IN A RELATIONSHIP/MARRIAGE PART 2

Finance (Money) is an area killing singles, couples to be or married peeps in relationship/Marriage. I will be sharing with you steps on how to manage you finance. It works for us and if you strictly adhere to it, it will help you manage your finances as a single or couple. Continue to read the concluding part. Read Part 1 HERE

9. All debts must be discussed before going to it

Debt can be damaging to any one person, but it is a double threat when you’re married because two people are responsible for paying the money back. Start your marriage out right by eradicating debt and not racking it up again. Work out a plan with your spouse on how to get out and stay out of debt. 

10. Responsibilities Must be Shared

Money management in a marriage is not about having a quick discussion with each other and then one person carrying the bulk for the two. It involves both parties working together and sharing responsibilities equally or base on each income. both must be involved in paying bills.

If this is not done and something happens it can be a disaster. Bills may go unpaid, debt may accumulate, and what once was a solid financial position can deteriorate rapidly. My husband and I share bills and it helps cater for a lot of things as one person is not bearing all the burden.

11. Touchy Subjects about money must be discuss with Love

When a sticky situation arises that makes you upset, don’t do anything rash that might damage your relationship. Bring it up with care and love. For example, if you feel your spouse is overspending, don’t start yelling and accusing. Bring up the matter by pointing out how you’re jointly over budget this month and how you’d like to look at ways to get back on budget. You must be a team.

12. Your Risk  must be for the right reason
When considering your investments and your overall lifestyle, it’s a lot easier if you’re both on the same page. If you are someone who likes to take on risk, you may find your spending and investing habits different from your risk-averse spouse. All risky investment should a joint decision.

13. Be a Team
To properly work as a team, you must have the same goals in mind. Work together to come up with and find ways to accomplish those goals. Be aware of your own weaknesses and strengths, and play off the strengths of your spouse to bring synergy to what you are trying to accomplish. Always encourage each other and build each other too.

14. Honesty in Totality

Honesty is always the best policy, especially when it comes to money management in a marriage. If you mess up, or make a purchase you shouldn’t have, tell your spouse and own up to your mistake. Your spouse may be upset with you initially, but after he or she cools off will respect you and trust you because you were open and honest. Lying about money to your spouse has huge repercussions, including divorce, so don’t even think about going there if you want your marriage to last a lifetime.

15. Trust 

Unless you determine that your spouse in indeed lying to you, trust your new/old spouse to handle money. Withholding responsibilities from your spouse or watching every move he or she makes is condescending and demeaning. Don’t ask how much money your spouse spent or made during the day. Learn to let go of the control and just trust. Combining bank accounts is a great way to practice this.