Money tops the list of the reasons why couples fight or divorce. Couples may not be aligned on priorities and taking the time to establish common goals is the first step in understanding how couples can participate in achieving them.
The key is to talk about what money means to both of you, what you wish for yourself and your children to accomplish. Share your hopes, feelings and experiences about money. The conversation can serve as an empowering first step to forming a healthy relationship with money and strengthening your marriage.
To lay the groundwork couples have to:
1. Communicate - financial challenges occur due to lack of communication and not having a united front. Drawing up a family budget is a key cornerstone to achieving your short term and long term financial goals. If you want to stop fighting about money in your relationship and have successful conversations instead, sit down with your partner prior to receiving your incomes every month to draw up a budget that works for your relationship. Have regular meetings with your partner to keep your spending in check. Combining finances increases the financial value of a marriage. Keeping money secrets may ruin your marriage.
2. When dealing with debt the right approach should be it is both our debt lets decide how to pay it off together. Like it or not, especially if you get married in COP, your spouse's debts become your problem. Your spouse's credit score will affect your ability to get joint credit.
The bottom line
Like many marriage problems, lack of communication is often the underlying issue. Talk about it, plan, implement, stick to your budget, invest wisely, and be open and honest with each other. A financial advisor can help you make the best decision for your money, from budgeting to investing to saving for retirement. If you are already in debt and cannot keep up with your monthly repayments, our debt counsellors can help you get back on track.
Call our debt counsellors today to find out how we can help you or contact us using our form online.