Here are a few universal truths to keep your money management plan for a happy marriage from falling apart as rapidly as your marriage.
Make Sure Both Partners have Some "Fun" Money of their Own
Invariably there is one person who makes more money than the other in the relationship. Neither partner should be investing 100 percent of earnings into the bill, family, and grocery till. Both of you need a little extra money to pursue things that are important and enjoyable to you without jeopardizing the entire family budget. In order words, you need to plan a set amount for fun money, for each of you, before you do anything else.
Don't Overlook the Children
Invariably when this happens, the responsibility of giving the kids fun money falls on one parent or the other and it almost always comes from the "fun" money fund - rendering it not so fun. Whether it's setting aside funds for allowances, school needs, clothing, entertainment, sports, etc. those expenses need to be factored into the family budget and a set amount of spending for these things needs to be determined as well.
|Relationship Help - Money Management Communication is Key to Happy Home|
Choose Areas of Drastic Spending Restraints Together
Both voices in the relationship need to chime in where major spending cuts are concerned. Sacrifices need to be made on all sides of the equation if you're going to set financial goals and plan for a financial future together. Otherwise, why are you working to save for the future at all? It's about togetherness and shouldn't feel as a punishment for one person while the other person is making few, if any concessions.
Put it All in Writing
Iron out the details. Write it down. Make a copy. You both must be on the same page when it comes to the new family budget and money management efforts if either of you are going to be happy with the outcome. More importantly, seeing the revised plan on paper gives you both the opportunity to see if there are any spending weaknesses, forgotten expenses, or other concerns that have been overlooked in your plan.
It seems like such a simple step, and yet, so much can be riding on working it out amiably. Don't let your relationship go down without a fight because one of you has a hard time managing money. Sit down and work on a plan that promises success.