While many people may not believe that money - or its lack - can have a material impact on their marital relationship, perhaps surprisingly a good 80% of divorces are the result of conflict over money woes.
Marriage and money, however, can be compatible. Couples, though, need to work at it, bringing their expectations, historical spending habits, personal needs, and lifestyle desires to the table for open discussion.
Following are some tips that can be used to prevent marital problems spurred by financial issues:
1. Learn your spouse's spending style, and determine whether it is compatible with your own. If you discover issues that may lead to problems in the marriage, address them up front, or at the very latest as soon as they are uncovered.
If you ignore differences in your separate spending habits, they can easily lead to arguments that literally have the potential over time to become the end of your marriage.
2. Save money and shop wisely whenever possible, even if you have money to burn. Regardless of what you commit your finances to, it never hurts to spend time unearthing the best value for your dollar. Doing so may even prevent needless conflict from developing in your marriage - although admittedly, doing so might also stir it up if one of you loves to spend. In that case, back to point 1 above...
3. When you are out as a couple evaluating potential purchases, don't be afraid to discuss money issues to make the best decisions for your financial situation. While these discussions may not prevent all financial disagreements, they have the potential to at least diffuse some of them - and to keep open the lines of communication in your marriage.
4. Marriages require trust to be successful - and that also includes trust in financial matters. So be realistic when dividing up financial responsibilities based on individual capabilities and interests rather than on who earns what. For example, maybe one of you is particularly good at generating income while the other is great at investing. Exploit your talents for the greater good.
5. Never underestimate the importance of budgeting your income rather than simply pulling out a plastic card first and asking questions later. Most people who fail to commit time planning ahead regret their impulsiveness later, winding up in otherwise easily avoidable financial binds - and added marital stress.
In addition to preserving your financial security, budgeting your finances is a great way to spend time together as a couple as well as improve your communication skills. You learn a lot about your mate during a budget discussion.
There is absolutely no need for that 80% of marriages which fail to do so because of money issues. Taking simple steps to handle your finances as a couple can help your marriage endure and thrive over the long-run.