Money Matters: Strengthen Your Marriage by Putting Finances in Order

Did you know that 43% of all married couples argue over money issues, making it the major reason couples fight? If you and your spouse handle money differently, now is the time to talk, establish expectations, and draw up a financial plan.

Money is a very big part of a marriage. Having enough to spend, and to do the things each wants to do, is important to both parties. When couples are not able to do that, then other issues pop up in the relationship. When husband and wife are not on the same page as far as family finances go, other difficulties inevitably arise.

Effective communication often emerges as the most difficult obstacle to establishing goals and expectations, and developing a financial plan. Many of us have been taught during childhood that discussing money is somehow inappropriate. Couples must understand that it is not only appropriate but absolutely necessary to managing finances in a marriage. Just as finances must be planned in a business, they must also be planned in a marriage. You must communicate in spite of any difficulty.

For example, how do you get your spouse to understand that he or she will need to curb their spending habits so that you both can begin putting money away?

There s got to be a viable agreement, because most couples discover that a lack of money, a lack of spending control, or a lack of fall-back savings eventually causes other problems in a marriage. Little things grow into much bigger things. However, as emphasized by Daniel Smith a noted financial expert cited in The Marriage Medics, future arguments over finances can be avoided by simply communicating, creating an understanding of expectations, setting objectives and agreeing on a financial roadmap.

The Marriage Medics outlines the following financial plan of attack for couples of any age:

1. Stop living beyond your means.

2. Treat the household like a business.

3. Create an income-and-expense statement.

4. Create a balance sheet.

5. Create a budget.

6. Figure out how to pay down your debt. Agree on a plan of action in which you both share equally in cutbacks.

7. Find ways to cut expenses.

8. Go on a debt diet starting with the little stuff.

9. Have only one credit card for your entire family.

10. Celebrate when you pay off a debt.

There are many resources for help in creating family budgets and living within them. For instance, Jim Miller, a Registered Investment Advisor, author of Retire Dollar Smart, and the host of a financial advice radio show is an excellent source. Visit his web site at: www.retiredollarsmart.com. In sum, married couples have an important opportunity to plant the seeds for a healthy marriage by simply talking with each other, being realistic about expectations, and making that financial plan. Money matters!

Copyright 2005 Cynthia Cooper

NOTE: You may run this article provided you run it with the bio box intact. Please email a copy of your publication with article in it to ArticleDeptBill@rtir.com

Cynthia Cooper, Ph.D., is a clinical psychotherapist and co-author of The Marriage Medics which you can obtain via http://www.themarriagemedics.org

The week's top Personal Finance stories
MarketWatch - Jul 5, 2008
By MarketWatch In today's world, no one is guaranteed a secure retirement. But you can enjoy the comfortable, soul-satisfying retirement you envision. ...

"Of Mutual Interest"-Christine Benz, Director of Personal Finance ...
Nightly Business Report, FL - Jul 4, 2008
OF PERSONAL FINANCE, MORINNGSTAR: Paul, it's nice to be here, thank you. KANGAS: First let's look at which fund sectors did the best between April and June ...

California Check Cashing Stores and NetSpend Offer Personal ...
FOXBusiness - Jul 2, 2008
"I didn't realize how much high school seniors think about personal finance until I started giving these presentations," said Allyson Holmes, ...

Future of private wealth management bright in Nigeria - Rado
Vanguard, Nigeria - 4 hours ago
There were many people from the banks that are looking to develop personal finance. They are looking to develop wealth management. Definitely, the demand is ...

MarketWatch
More Personal Finance Daily stories
MarketWatch - Jul 2, 2008
"But there also are reasons to stay put, even if your ARM is guaranteed to jump. If you don't plan on staying in your house more than a few years (yes, ...

MarketWatch
More Personal Finance Daily stories
MarketWatch - Jul 1, 2008
I know some people don't like this political slogan, but ... 'it's the economy stupid!' Objectively, what have Bush and the Republicans brought us? ...

Training teachers in finance
Baltimore Sun, United States - Jul 2, 2008
The organization works to improve economic and personal finance understanding among Maryland students. Hewitt works closely with curriculum supervisors in ...

Top Personal Finance Stories for 2008
istockAnalyst.com, OR - Jul 3, 2008
... the year behind us, it is an opportune time to review the past six months and to look ahead to the rest of the year in the world of personal finance. ...

Mutual Funds & Personal Finance
Investor's Business Daily (subscription) - Jul 3, 2008
BY DONALD JAY KORN If you're a recent college graduate, repaying your variable-rate student loans is about to become less expensive. ...

SNEAKY FEES | Part III Avoid Investing Charges By Trading -- Firms ...
Washington Post, United States - Jul 5, 2008
By Thomas M. Anderson Kiplinger's Personal Finance shows you how to avoid the most annoying fees and save thousands of dollars a year. ...

Wind Chimes and more...

Windchimes for great gifts!

Grocery Savings - Your Kitchen is a Goldmine!