Every marital relationship can have conflicts, and the only way to save a marriage is to learn how to handle conflicts. Irrespective of how rich the couple is, the biggest reason for marital conflict continues to be money. Increasingly complicated lifestyles, mothers getting into and out of jobs, low savings, debts, and many other similar financial issues can trigger such conflicts. So how to get around these problems and save the marriage?
Talk Openly About Financial Issues
Money has become a taboo subject in today’s world. According to a USA Today’s poll, almost 75% of married couples did not talk openly about their finances before marriage. The first step that you should take to keep your marriage free from financial conflicts is to openly talk about financial issues.
You should regularly discuss each other’s credit reports. Take note of improvements or failures. Discuss financial decisions frankly with your partner, like the financial priorities for your children or how much debt you should take.
Be candid and clear about your financial hopes and ambitions. It will make talks over money pleasant and will lift the taboo from the subject. You can make plans for a holiday or how you see your future together.
Make Financial Plans Together
An important aspect in the life of every couple is making financial plans. Make sure that you make financial plans together. Whenever you move in or decide to get married, you need to sort out a budget together to keep track of your collective income and expenditure. Prioritize on things such as the amount of savings, how much money to spend and on what, and so on.
Try Joint Accounts
Talk about the advantages of having a joint account with your partner, and giving each other access to personal savings and investments.
Joint checking accounts will allow for greater transparency when it comes to your financial lives. If you decide to keep separate accounts, you will have greater privacy and independence, but that will also keep your partner out of an important aspect of your life. Make sure that both of you come to a unanimous decision about whether to use a joint account or separate ones.
Be Prepared For the Future
Take financial decisions together, keeping the future in mind. Try to establish independent credit histories and go easy on joint credit. This is important because surviving spouses find it difficult to get credit if they do not have a good independent credit record.
Think about having a prenuptial agreement if any of you has substantial financial assets or certain fixed notions about allocation of money. Finally, plan ahead for safety nets such as emergency funds and wills to save yourself from financial troubles later.