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Managing money as a couple can be challenging when two paychecks and two financial conditions collide. If you’ve ever wondered why it’s so difficult to bring up the subject of money with your significant other, you’re not alone. You’re not the only one who feels this way.
According to statistics, finances are one of the leading causes of divorce. This should come as no surprise to you at this point. No matter how hard you try, you won’t be able to ignore this matter. You don’t want that, either, because it will create more problems than it would solve.
I’ll explain why and how we did it.
Table of Contents
Combine Our Incomes
We agree to keep a joint account primarily for basic expenses such as rent, food, clothing, and utilities. We’ve set up an automatic deposit arrangement with our banks to deposit a specified sum every two weeks. We also have our own accounts, which we refer to as our allowance accounts.
This can help you avoid 75% of your money arguments if you and your partner are on the same page.
Acknowledge Your Personality Differences
A person’s relationship with money can be influenced by a variety of factors. What you think is rational may not be the same as what your significant other thinks is logical. And that’s just fine because you both came from different backgrounds.
The Wife is more of a spender, but not in a wasteful sense. If she wants something, she’ll go for it and consider the expense later, even if it means foregoing a large portion of her allowance. In my case, it’s the opposite way around. It ought to be within my budget and long-lasting. Otherwise, I’m not interested – it must be my frugal ways.
We complement each other well, she recognizes that I’m the number-guy in the relationship and she’s the go to person when it comes to bargains. She can get a good deal on practically anything she wants.
Aside from that, we’re on the same team and have identical long-term objectives.
Don’t Forget About The Extended Family
It can be particularly difficult to respect each spouse’s goals, desires, and expectations for their extended family.
For example, when my mother-in-law died, our financial situation changed. She was the only source of financial support for the wife’s younger siblings who remained in Haiti, where it can be difficult to obtain a stable employment in the midst of political upheaval.
You might want to consider whether you’re just marrying your soulmate once you are married. As a husband and father, I can attest to the fact that this is not the case. They’re all incorporated in some way or another.
Protect Your Credit Score
If one person is not financially responsible, I would advise against using a shared credit card because it may affect your credit score and make obtaining new credit or loans more difficult.
I despise having to owe anyone anything. I’m very sure I would’ve never gotten below a 700 if it weren’t for my financial mistakes. As a result, I think it’d be better if we each had our own credit card. It can be utilized as leverage when handled wisely. However, if one of you is the type of person who only pays the bare minimum each month. Then having a shared credit card is clearly not worth it.
You can get your free credit score with CreditKarma
Guard Your Inner Peace
With everything going on in the world, even the simplest thing can change your attitude and spike your blood pressure in an instant.
According to research by the American Psychological Association, the stress level in America has risen since the epidemic, and the next generation, GEN Z, is navigating maturity at a time when the future appears uncertain.
For the benefit of our mental health, we must occasionally slow down and take a break. Concentrate on the important things, such as making memories with your family.
This will not only benefit your body physically, but it will also benefit your spouse.
That is why, before responding, it is critical to listen and analyze.
The Bottom Line
Managing money as a partnership takes a lifetime. We’re not perfect, and we still disagree on certain issues, but with time and patience, we’ve come a long way. I wouldn’t be who I am financially if it weren’t for The Wife. She is my most avid supporter. We are complementary to one another.
My motto is to avoid becoming another divorce statistic due to financial difficulties. Money is merely a tool for me, and it does not define me. However, as parents, we have a responsibility to our children.
Everything is made easier when you marry well.
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Gio founded TheGrowthFocusedGuy in January 2020 because he was fed up with debt.
His mission is to document his journey to Financial Independence in order to motivate and inspire others to get out of debt and begin building generational wealth.
