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Made Easy: Discussing Finances With Your Spouse

In any marriage, it very important to have financial discussions every now and then. Hiding financial investments from your spouse or taking a loan without their knowledge can create a big crack in your relationship. It is absolutely necessary to stay on the same page with your spouse when it comes to finances. A house where partners can have an open discussion about money is a home where happiness and peace prevails. One of the top reasons marriages fail is when they are not open about their secrets, especially so when it involves money. It causes disappointment between spouses and also breaks their trust in each other. The best way resolve or discuss any financial matter is to simply schedule a day when you can both sit down and openly talk about finances.

Set Weekly or Monthly Financial Goals

Before anything else, find out the exact focal points that you want to highlight. A good start would be to include these in your discussion:

  • Going over monthly expenditures
  • Finding out ways of investing further to increase your wealth
  • Finding out ways to increase your savings
  • Coming up with ways to pay off your debt faster, if any
  • Deciding and establishing the amount each can spend every month
  • Discussing possible large purchases

Though finances are a serious matter, the conversation should be impersonal. The idea of setting a goal is to never lose track of the discussion. Also, make sure that you have this conversation every week or month according to your needs. Be serious about it and don’t let anything interfere in your discussion. Keep the kids busy or have the conversation past their bed time. Switch off your phones or don’t take calls.

Make A List Of Things To Do

Next, you need to make a list of things to do. This can range from discussing credit score updates to money challenges in the relationship. It is also a good time to assign chores related to finance to each other. If there is over-spending, this is the time to discuss why it happened, as well as find out some ways to do damage control. Initially, it may be difficult to keep track of everything. But in time, surely it’ll be more doable and organized.

Communicate Effectively

Money is a very sensitive issue. When talking about it, it is important to remember that you are talking about your joint finances and for the betterment of your future. One wrong word here, and your spouse may get upset. Regarding spending habits, make sure you do not blame the other person of overspending or being too cheap. Don’t let the discussion turn into a full-blown argument. At the same time, in order to avoid fights, do not hold back the truth or your own opinion. If you do not speak up when necessary, it will only make you feel more resentful towards your spouse.

Try To Find Solutions To Your Problems

Now that you know what your goals are and what you are doing to realize them, your next step is to find the right solutions to your financial problems. For example, you may not be happy with the amount you can spend each month, so you need to come up with a compromise where you can spend the amount of your choice while at the same time, it won’t affect the monthly savings. If you are planning to pay back your debt and need to cut down on certain expenses, find out which aspect of your finances might get affected and how you can deal with it. If your spouse is overspending each month, you might want to gently remind them of the rules you both agreed to and help each other come up with a flexible budget that won’t hurt your savings.

Once you are done with your money talk, set up the next date so that there is consistency. If, by chance, you cannot make it on that date, reschedule. When it comes to money, it is necessary to make it look like a professional meeting even though it is just a discussion of your home finances. Being accountable to each other will not only improve your finances but will be amazing for your marriage as well!

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