Money Management in Marriage
Money problems in marriage is a common issue for many people in the world. Over the years, we’ve come to understand that money management in marriage is something that calls for a lot of attention. Learn how you can effectively manage money in marriage.
Click here to read the introduction: Newlyweds and Money Management
It’s never easy to understand money problems in marriage until its too late.
From the real life story of newlyweds, Rick and Rachael in the introductory post, you can see that they understood the misery of debt and bad money management first hand.
But can they turn their life around again, or is it too late? And can you learn a lesson from this story about money management in marriage?
After having a long conversation with each other, Rick and Rachael convinced themselves that they might have to tighten their resources henceforth. The maddening rush of shopping at sales and clubbing in exclusive pubs were given up and their focus was now diverted towards making ends meet.
But it was extremely hard for them to overcome the money problems, especially for Rachael, who had an urge to pick up even the most expensive jewelry in a second, if she found it appealing. This started several tiffs and spats of anger within the household.
Both of them couldn’t understand why the other person couldn’t listen to them. The happy couple found it tough to adjust their money management. Spendthrift by nature, both found it tough to change their routine.
Their regular visits to cozy coffee shops, buying expensive gifts, movies, and other expenses now had to be curbed, and their money had to be put into calculative use. They were accountable and answerable to each other, and this put a severe strain on their relationship.
Money Management in Marriage
The marriage of two lovers is eternal bliss, but if it is not carefully nurtured, it can turn into a dreadful nightmare. Matters can get worse if effective money management skills are lacking. After marriage, life is no more about being single, without a care in the world, and money is no longer for the sake of one-self.
As you settle down to a new life, you’ll talk about your dream house, your family, your career planning and other dreams. Very rarely do couples discuss money, even though it is a vital issue for a day to day living.
An important aspect for a successful marriage free of money problems is the ability to handle money together. Life of the couple takes a paradigm shift after marriage and especially newlywed couples fail to realize this responsibility of theirs. As Rick and Rachael realized, each one of us need to understand that a marriage is not a clip from any movie, where success in the courting days is symbolic to living happily ever after. Rather, marriage is just the beginning…
It is always better to get some solid money management based marriage advice before taking the plunge. Legally speaking, marriage splits your combined assets and liabilities right down the middle. Everything gets shared. Hence, before marriage it is better to consult a financial planner who is familiar with the laws in your state.
Initially, it is difficult to adjust with money management in marriage, and manage the home by yourself, but planning is a must. All the dreams of romantic bliss after marriage gets shattered as financial money problems creep in.
In most cases, the primary reason for the squabbles over money management amongst couples is due to their different perspectives over money. Both of you should understand that even if you’re earning a barely modest sum, you could live comfortably and free from consumer debt as long as the both of you handle money and live within your financial capabilities.
Just like Rick and Rachael, who perhaps thought that money was too small an issue to be discussed, most of us these days brush aside crucial discussions over financial issues and money management. A good marriage is about finding the balance and most of all, it is about sacrifice. That means being less selfish, willing to negotiate and compromise, and for all this, good communication is the key.
Click here to continue reading: How to Manage Money in a Marriage