Money Management to Stress-Proof Your Marriage
Posted by jamella in blog/Lifestyle on February 5, 2020
Money buys us our basic needs – food, shelter, and clothing. But does money have anything to do with marriage? Studies have shown that money management concern is the number one issue that married couples fight about. Marriage is the coming together of two unique individuals. Husbands and wives contribute their own set of personal finance mindset, attitudes, and behavior into their marriage. That is why it is helpful for couples to plan their marriage’s money management.
Knowing your money personality breeds better money management
Spenders, savers, shoppers, debtors, and investors are personality types that point us to particular attitudes and behaviors toward money. Spouses can support each other by identifying ways to modify their financial mindset and behavior. Identifying what adjustments to do can help couples identify their money management plan. Identifying needs versus wants before any purchase, and planning steps on how to be debt-free are simple steps to start with.
Spend a little less, save a little more
Couples who find time to get in touch with their money personality lay a stable foundation for an effective money management plan. Most of the time, a good plan leads to wise execution of goals. Home ownership, child-rearing plans, paying off debt, travel, leisure, and investment plans become possible to achieve. “Spending a little less and saving a little more” when done together as a couple can pool together not just more money, but also a stronger conviction in becoming better financial stewards. A couples’ money management plan cultivates effective money handling habits.
Communicate to sustain effective money management habits
Any process takes time. Adopting a money personality that reflects good financial stewardship attitudes and behaviors is not overnight. Knowing that you have a partner journeying with you in your financial stewardship is an advantage for married couples. Synchronizing your goals together will let you reach your financial goes faster compared to working on it by yourself. Good money handling habits take time to develop, just like how habits take time to cement. Giving feedback, listening, and actively communicating with each other will get you a set of good money management habits that you can pass on to your children. Doing so gives you a priceless purpose more precious than any hefty money.