Tips For Couples To Handle Money Effectively

It is known fact that money is like a magnet that brings friends and family together. It is true that when you have no money you have no friends too. Money is a very sensitive topic and needs to be properly managed. It has been seen that there are higher instances of divorces in family which has a history of monetary issues.

Money is like a beast and can cause serious problems in any relationship if you do not have enough. Helen Gurley Brown says “I could write my own check but I prefer my husband to give it to me” this indicates that however independent women might be but they expect to get their expenses from their husbands.

According to Dr Judy Kuriansky, author of The Complete Idiot’s Guide to a healthy relationship states that money is one the major source of tension between couples. Those couples who handle any given monetary circumstance with the same zest remain together for a longer time.

There are some tips on money management which can be used by the couples effectively

1.    Handling special occasions like birthdays and anniversaries.

Special occasions like birthdays and anniversaries are events which are always celebrated followed by giving away gifts to one another. If partners have different opinions about the reasonable amount that can be spend on such special occasions then such smaller issues can snowball into a marriage problem

If you are disturbed as you are going through a similar phase it is suggested that you should meet at a desired amount halfway. For e.g. if you feel it is ideal to spend $ 200 on a birthday or anniversary gift and your spouse thinks $100 is an ideal amount. I suggest that you can come over at a mutual understanding and spend $150 which would suit both of you. You can also check out non monetary ways to celebrate special occasion.

2.    Unemployment or lay offs.

This is very sensitive issue that needs to be handled with care. When you are unemployed you are already undergoing stress coupled with a low self esteem and lower confidence levels, and above all you are prevented from reaching the financial goal that you had drawn. It is suggested that you handle financial problems resulting in relationship difficulties with care. You should try to have regular discussions and look out a t different ways to curb your expenses. At times you may also need to undergo lifestyle changes

3.    Promotions or salary increments.

Promotions are times when your salaries are increased thereby increasing your chances of achieving your financial goals faster. There are different ways to achieve your goals. At such times it is advised that you have a discussion with your spouse as how you suggest using the finances it is important to take practical discussions considering the point of view of your partner.

4.    Children

It is known that raising children is the second known reason after finance that is a reason of conflict between couples. Education, sports, entertainment, doctors bills etc are all the issues that stop you from achieving your finance goals, solving these money problems for couples involves budgeting, teaching your kids how to earn your own money when they have grown, and having on- going discussions.

5.    Buying assets: houses, cars etc.

Buying expensive assets can have along term effect on your goal. It is important that you discuss not only the practical details but also the emotional implications. A money management tip to couples involves tracing the roots of your money matters and expressing your feelings towards any big purchase. This not only helps you achieve your financial goal but also helps in increasing the family bonding and makes the relationship healthier.

6.    Paying your dues and taxes.

Deadlines for paying your taxes and frustration of paying up the money can be an added reason for problem in marriages. It is important that you discuss you financial standings with your spouse to prevent your marriage from rocking. . Trust is an important factor that needs to be handled while paying your taxes, if your partner suspects you if hiding your assets then you need to be prepared for a hard time. It is advised to be honest to avoid such situations.

7.    Step family expenses.

Alimony and/ or child support payments that need to be paid by your spouse can lead to financial problems that are faced by a couple. It is important that as a couple you jointly accept this responsibility of your extended family. You can sit together and draw plans to make arrangements for the step family expenses and separate the resentful or competitive feelings from the reality.

8.    Weekend getaways or family holidays.

Planning a family holiday is tough job if the decision of the couple does not match the one another. By taking a joint decision you will be able to enjoy your holiday and have memories to cherish or else the holiday can turn out to be a nightmare.

Before planning a holiday it is important to keep the budget in mind, start with the list of holiday destinations that you choose and finalize the one with the consent of your partner. You can take move toward your travel, whether you would prefer traveling by first class or economy would be ideal. There are smaller fine prints which should be discussed and you should always respect the opinion o f the partner and have a healthy discussion to make the most of our free time.