According to surveys, the number 1 cause of marital problems is MONEY. If you want to protect your marriage then this is one important area you would like to cover you and your spouse of. You can prevent financial issues from ruining your relationship by discussing the money matters as soon as possible and settle the areas on which you can mutually agree upon. Below are some tips to AVOID CONFLICTS WITH REGARDS TO MONEY:
1. LIFESTYLE CHECK
Checking your lifestyle and spending habits can save you a lot of money and save your relationship from a lot of headaches.. If both of you want to save then changing your lifestyle is the key. You should both spend LESS than what you are earning to increase your cashflow. Make it a lifestyle to LIVE BELOW YOUR MEANS. You two have to remember,
It’s not how much you earn but how much you save.
Spending less means gaining more money, and more control over your finances.
2. OPEN A JOINT ACCOUNT
NEVER keep a separate or secret bank account from your spouse. Separate bank accounts might tempt each one of you to hide money for “extra-curricular” matters. The foundation of marriage is TRUST, HONESTY, and ACCOUNTABILITY, even in money. These are the building foundations of a long lasting financial “relationship” with your life partner.
4. KEEP YOUR INCOME PRIVATE
Some things are meant to be just for the couple, and this goes with your income. Even close relatives are advised not to know your income, more so your real financial standing. If an immediate relative asks how much you are earning you and your spouse should have a standard answer: “JUST ENOUGH, WE ARE MAKING ENOUGH MONEY JUST ENOUGH TO MEET OUR NEEDS”.
Discuss and decide a portion of your money that can be appropriated for helping relatives.
5. SEEK HELP
If both of you have tried and failed to reconcile your financial differences, Both of you should seek help from a financial coach so that you will be properly guided.
The wisdom from the coaches or people who are successful with their finances will make your learning curve shorter and faster.
6. DESIGNATE A PERSON WHO WILL HANDLE HOUSEHOLD FINANCES
According to Mellody Hobson, financial coach, couples should designate a person who will be responsible for household finances. In most relationships, typically there is one person who is better at paying bills.
On-time bill payment is critical to the preservation of a good credit standing. Both should talk about household expenses and how to pay the bills so that the two of you will be able to take responsible actions about this matter.
7. DISCUSS DEBT OPENLY AND RATIONALLY
It is possible that one spouse have one debt or more before tying the knot. If this is true, both of you should be open about it. Hiding debts is one of the worst secrets that a spouse can hide. Talk about the debt you have before you tie the knot and think of a plan to pay it off.
Whether you like it or not, your spouse’ debt will be and is your problem as well, so why not settle it as early as possible.
8. START AN EMERGENCY FUND ACCOUNT
Building an emergency fund can save a lot of fights from ever taking place between spouses. If you have emergency fund, you will have a financial cushion if any financial calamity arises, meaning you will have a money source where you can use to pay for emergency situations.
9. BUDGET BUDGET BUDGET
A written budget is a key to be debt free and organized finances. It helps you know how much money you can devote each month, and it helps you manage your money, how much is coming and where it goes. list every expenses you have and don’t forget that your SAVINGS should be under your Expenses.
Pray together. This is the most important thing you should do first. Pray for wisdom and faith to be upon you. Remember, God still owns everything and He is the only one who can and will provide provide for your needs.
2 Corinthians 9:8 says” And God is able to make all grace abound to you, so that in all things at all times, having all that you nee d, you will abound in every good work”.
Philippians 4:19 (New Living Translation)
And this same God who takes care of me will supply all your needs from his glorious riches, which have been given to us in Christ Jesus.
Do not worry. Because the more you worry in life, the more your life will not move. Worry causes not only fear but paralysis. When you feel worried or you are worried, put your faith in God. God knows the primary concern of man is money .