Marriage beats having a partner on a long-term basis. I am no expert on love, but my goal is to make sure that you understand the financial obligations that you each bring to the table. Otherwise, arguments can occur. Arguments about money hamper many marriages. Do not let it happen to you!
#1: FIGHTING OVER WHAT’S MINE AND YOURS
Sometimes, couples split the bills or allocate a fair amount of cash and settle everything in an equitable manner. Each spouse can spend what they have left as they see fit when the bills have been covered. This process of splitting what’s mine from what’s yours can often build resentment. It also divides the spending power, which eliminates the financial value of marriage.
#2: COLLECTING DEBTS
From student loans to credit card bills, many people come to the altar with financial baggage. If one partner has a habit of incurring debt, the other can feel the burden. People in such situations may take some solace in knowing that debts brought into a marriage stay with the person who incurred them.
#3: PLAYING WITH POWER
Power plays occur in many ways such as controlling the allowance of the unemployed spouse and comparing oneself from a spouse who came from money. It is important that both partners cooperate as a team. Joint account offers greater access and transparency, which can aid the unbalanced power dynamic in your marriage.
#4: SPENDING HABITS
Personality can play a crucial role in discussions and habits about money. The age-old conflict between spenders and savers can play out in many ways. Many of us may display more than one of these characteristics at a given time but will typically revert to one main category. Know your spouse’s money personality and discuss your differences openly. Recognize bad spending habits and address them.
#5: LOANING YOUR FAMILY MEMBERS
Do you have a habit of loaning money to your friends and family members? Respecting each other’s goals, needs, and expectations can be especially tricky. For instance, your partner’s mom may need money because of a serious illness, or your sister just gave birth. You need to allocate your travel fund to the medical expenses instead.
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The joys (and sorrows) of having a bigger family often extend to your wallet.