Money and Marriage-What Couples Need to Know

Many couples avoid talking about their finances, as they know a fight will ensue. Communication is essential, however, to a good marriage, and money matters must be discussed to prevent a strain on the marriage. How can couples prevent money matters from coming between them? Following are some tips every couple can begin making use of today.

Establish A Budget

Set a budget with input from both parties. Start with essential items, such as the mortgage, utilities and groceries. Once these have been put into place, determine which extras to include. This is where both couples need to participate, as it helps to prevent fights when the husband needs money for poker night with his friends or the wife goes to have her hair done. When these items are in the budget, the money will be there for them.

It’s not enough to simply establish a budget though. Couples must adhere to the budget or problems will arise. Knowing how much is coming in and going out helps to ensure one or both partners do not overspend.

Be Honest

Couples should not hide things from each other, and finance are no exception. Know what each party owes before you get married, and don’t take on debt without the other person knowing after you say I do. Although one person may think they are protecting the other, they are actually doing more harm than good. Make certain all financial matters are discussed and understood by both partners at all times.

Avoid Debt

Although most families have a mortgage, car payments and credit card debt, this does not have to be the case. The average couple will finance a home, but can purchase second hand cars with cash and avoid credit card debt. Don’t wait until the debt has become so overwhelming that all credit cards are maxed out and a new one can’t be obtained. Pay off the debt now and secure a better financial future.

To learn more, read the information at Money can quickly turn a happy marriage into a very unhappy one. Don’t let this happen. By talking about your finances, you go a long way to ensuring fights don’t occur in this area.