It’s clear that debt and financial stressors are major causes of conflict in marriage. Below is a list of five things every couple, especially those newly married (or marrying), should know.
1. Communicate about your money.
You both need to know what’s going on with your financial picture. What’s coming in? What’s going out? What debts need to be paid off? What are you saving for? What expenses are coming up? Too often, one person manages the finances alone, leaving the other in the dark.
2. Understand your style as a spender or saver.
Once you both understand your styles, you can begin to discuss how you can each stay in balance and help each other meet those underlying needs. Having this discussion before marriage can help avoid a lot of judgment, criticism, and misunderstandings early on.
3. Agree on a budget.
Most couples believe a budget is a good idea, but they don’t have one. Others have a budget, but they don’t follow it. You need a budget plan that you can both agree to live by.
4. Kick the credit card habit.
A key part of making sure we stay on budget involves the use of cash instead of credit cards. You can see, feel, and smell cash. When it is there, you have money to spend. When it is gone, it’s gone. Credit cards felt like play money to us, we’d lose track of how much we spent and be shocked each month when the bill arrived.
5. Live within your means
Even better, live on one person’s income. This way if you lose a job, go back to school, get sick, or decide you want to stay home with kids, you can do it without experiencing a financial crisis. This takes real discipline. It is so easy to feel entitled to those nice things we see everywhere. But despite what our culture tells you, there’s a huge gap between wants and needs. Sure, it’s possible to charge cool stuff on your credit card, finance that new car, and stretch for a bigger mortgage.
(Adapted from a blog by Dr. Peter Larson of Life Innovations)
