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 [email protected]

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

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

U.S. News & World Report

The Downsides to 'Extreme' Personal Finance
U.S. News & World Report
There are dozens of blogs, books and articles dedicated to people who've used extreme methods to reach their financial goals. And while the stories and strategies these hardcore budgeters use can be inspiring, experts recommend thinking twice before ...


KUTV 2News

Utah educators learn personal finance concepts to better teach students
KUTV 2News
(KUTV) -- Utah teachers are getting a refresher course in financial literacy to better instruct students and apply financial concepts in their teaching. Approximately 65 elementary, middle and high school teachers are attending the free, day-long ...


Engadget

Why is a celebrity personal-finance guru suing Facebook?
Engadget
The consumer champion has seen his face co-opted by nefarious types who use his name (and brand) to sell cryptocurrency scams. These get-rich-quick ads are often posted on Facebook, and because the social network doesn't seem to have a handle on them ...
Facebook sued by personal finance guru Martin Lewis over 'scam' advertsThe Times
Facebook sued by personal finance guru over 'scam' adsThe Australian
Facebook: How much of a problem is personal finance guru Martin Lewis' planned libel action with results due?The Independent
The Guardian -The Irish Times
all 106 news articles »

Forbes

PODCAST: How Suze Orman Went From Waitress To Personal Finance Wizard
Forbes
Listen to the full episode here: When Suze Orman was waitressing at the Buttercup Café, she might not have realized she would one day be a household name for financial advice. Suze Orman is a powerhouse stockbroker and author. (Photo by Riccardo S ...


The Southern

Houses Selling For More Than Asking Price
The Southern
Did you sell your home last year? If so, there's a decent chance that you did well on the exchange. According to a recent release from Zillow Research, 24.1% of homes that sold in 2017 yielded more than the list price – up from 17.8% in 2017. In some ...


CNNMoney

6 personal finance habits everyone should get into
CNNMoney
Though Americans are slowly but surely ramping up their savings game, most are still falling short in that arena. An estimated 57% of US adults have less than $1,000 available in savings, while 39% have absolutely no savings at all. Clearly, this means ...

and more »

New York Times

A Personal Finance Book Based on Happiness Instead of Money
New York Times
I've always believed that the beloved personal finance book “Your Money or Your Life” (Penguin, $17) was slightly mistitled. Written by Vicki Robin and Joe Dominguez, the book was updated and rereleased this month, but even when it was first published ...

and more »

FOX43.com

Personal finance myth busters
FOX43.com
YORK COUNTY, Pa.-- There are many misconceptions that come with personal finance today. Many people think you must be rich to be an investor among many other common financial myths that exist. Tracy Burke of Conrad Siegel Investment Advisors is ...


The Sentinel

Video: How Students Can Start Building Credit
The Sentinel
Credit card marketing to students has been curtailed drastically. In our video above, former NerdWallet Credit Expert Sean McQuay explains the changes and how young people can still establish good credit. If you want more credit, check out our list of ...


The Times

Personal finance guru's Facebook case could lead to flood of suits
The Times
As reported in The Times, the personal finance expert Martin Lewis is suing Facebook for allowing scammers to use his name and photograph in fake adverts. It is alleged that the social network has published more than 50 fake Martin Lewis ads in the ...
Facebook urged to use face recognition to block scam adsThe Guardian
Martin Lewis sues Facebook over fake adverts with his nameThe Guardian
Martin Lewis to sue Facebook for defamation in groundbreaking campaigning lawsuitMoneySavingExpert

all 75 news articles »
Google News

When do You Need a Financial Management Company on Your Side?

We live in a crazy world. Someone ought to sell... Read More

7 Simple Ways To Save Money

Each of us knows how to spend money, but do... Read More

Retirement Income Needs---Less Than You Think?

It is widely written that you need 75% of your... Read More

Healthy Eating On A Budget

It is possible to eat a healthy, balanced diet without... Read More

Identity Theft is a Major Problem: Whose Responsibility is It to Protect the Consumer?

We have heard a lot about consumers' personal information getting... Read More

The Origins of Check Writing

People haven't always written checks to buy goods and services.... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a... Read More

10 Steps to Take if You Are a Victim of Identity Theft

There have been an estimated 9.9 million victims on America... Read More

Honor Those Who Serve with Checking Account Supplies

Our global society has had a wake up call in... Read More

Save Your Money, Dont Give to Charity Scammers

**If it's Spam, it's a Scam!- If it sounds too... Read More

Can You Afford Not To Look After Your Personal Finances?

Investing is a subject a lot of people don't want... Read More

Benefits of Personal Finance Software

In this age of information, keeping track of your finances... Read More

First Checking Account ? When is it Time?

We all know that money doesn't grow on trees, but... Read More

Stretching Your Grocery Dollars

Shopping for groceries is an inevitable fact of our ever... Read More

Kundalini Lessons - Money

I've been going through and interesting growth period lately that... Read More

Financial Fitness - Are You Exercising the Right Muscles to become Financially Fit?

Are your financial muscles well toned and healthy or flabby... Read More

10 Tips to Make Sure Your Financial Budget Will Succeed

You've analyzed your past expenses, put them into spreadsheets, loaded... Read More

What is ChexSystems?

Commonly referred to as the first of the three major... Read More

More Money? My Cup Runneth Over...But Im Still Thirsty

Most of us, especially those of us who have debtor's... Read More

Knowing Me, Knowing You: Why ID Protection Plans Are Flawed For Fraud

ID theft is a major consumer concern, though there is... Read More

Im Broke, How Can I Afford...

I'm still amazed every time someone comes to me complaining... Read More

Why We Are Never Satisfied with What We Have

I have to admit, I do it too. I complain.... Read More

How To Free-Up 10% to 15% of Your Income

Would you be interested in freeing up 10% to 15%... Read More

Your Dry Cleaner?s Double Standard

Women are charged more for dry cleaning services. Don't fume,... Read More

Budgeting is Bothersome

It doesn't take much for you to get behind on... Read More