From my last post, I talked about the top ten money problems that destroy marriages. In this post, I will be sharing with you ten steps to resolve money problems in your marriage.
Knowing these money solutions can help make your marriage financial planning and goals achievable and also remove the strain these problems could have on your home.
Related: 10 Top money problems in marriage To Avoid
Let’s go:
10 Steps To Resolving Money Problems In Marriage
1. Have a joint financial vision
It is important for you as a couple to have a clear picture of what financial success looks like. Include in your vision, things that have to do with spending, giving and investing.
2. Have a plan for achieving your vision
First, break down your vision into goals and then discuss as a couple, the best way to go about achieving those goals.
At this point, you will also need to discuss both the income and expenses side of your plan.
Also, talk about how you both can make more money so you can make ends meet. However, make sure that your set out goals are specific, measurable, actionable, realistic and time bound.
3. Set ground rules on how you will discuss potential money issues
Perhaps, you could both agree on a trusted third party to consult when there are issues. Make sure you decide these ground rules early on – way before any conflict occurs.
4. Create a budget together
This is a subset of your plan but basically more short term. I recommend a monthly budget. Pool your resources together to see how much you have and then prioritize your spending, saving and giving.
Make sure this is in line with your plan and vision.
5. Hold periodic budget meetings
This could be weekly, monthly or quarterly. The more frequent the better and make sure the interval whether weekly, monthly or quarterly is consistent.
At this meeting, you review the previous budget, see how you’ve performed relative to your current budget and then make plans for the coming period.
6. Discuss plans for personal spending
This is important. Don’t neglect the seemingly small things. Include the vacations, the night out and the shopping spree in your financial plan and stick to it.
7. Tackle money goals as a team
Work together with your spouse to tackle money issues and needs. Whether it is paying down debt, investing or giving. Make sure you both are on the same page when it comes to money goals.
8. Don’t keep money secrets
Be completely open to each other. No hidden credit cards, no secret investments or a recent shopping spree stashed in the basement or somewhere in the closet downstairs.
9. Play to your strengths
Let the spouse who is stronger with numbers and details be in charge of book keeping and bills. Divide the roles based on your strengths and be comfortable with it.
10. Pray together about your finances
Pray together with your spouse regularly about your financial vision, goals and needs if you believe in prayer. It works.
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