Money and Marriage
It is difficult to manage the family’s / household’s expenses if the entire family has separate spending patterns. A marriage is a partnership for life and finances play a major role in successful marriages.
A high majority of marriage failures are related to poor money management skills. Here are some tips to consider, no matter what stage of a marriage you are at…
- Schedule monthly budget sessions with your spouse. During these sessions you will establish a budget or review your budget and/or compare actual expense with the budget.
- Complete combined Personal Financial Statements
- Question any large purchases not listed in the budget or the existence of new high priced items in the home.
- Share information on Bank and Credit Card accounts and reconcile these accounts regularly
- Encourage the use of Debit Cards or Check Books. It is extremely difficult to track cash transactions.
- Include a weekly cash withdrawal amount in the budget. This will be used to purchase exceptional items where debit card use is not possible
What about my privacy?
Individuals may be concerned with the lack of privacy after following these tips, but a marriage is about sharing and also maintaining strong communication.
Potential spouses may wish to practice these tips prior to marriage. It can be a deciding factor for the BIG day!
By Ralph Lewis