Some 50% of American marriages end up in divorce. The number one reason for divorce is arguments about money. Especially during these tough economic times, a job loss, debt or financial disaster can spawn endless amounts of anxiety and stress that can cause tension in a relationship. Here are some ways to prevent financial arguments:
1. Set Up a Time to Talk Money: Even when we broach the subject of money, tensions flare! That’s why it’s best to set aside time every week to discuss the family finances. In fact, this is a great time to pay the bills and track your expenses. Work together with your spouse to ensure that you are both on the same page, financially speaking. Use our Expense Calculator to help!
2. Get Organized: Part of the stress that is associated with money management is the immense amount of papers and clutter from all of your bills and financial statements. Get organized! Purchase a multi-pocket folder to hold all of your bills – categorize your bills – make a folder for each type of bill (utilities, cell phone, mortgage, car payment, etc.).
3. Create a Plan: Arguing about money is not going to help! Creating a clear plan of action will! If you’re in debt, work with your spouse to figure out how to pay off that debt. Maybe you need to cut your expenses to allocate more money towards paying down the debt? Maybe you need to transfer your credit card debt to a card with a lower interest rate (balance transfer)? Use our Credit Card section for help.
4. Set Goals: We always suggest setting goals! Goals will prevent financial arguments. Set a realistic time frame for your goal. Visit our Goals section for more help.
Financial problems can be solved. Arguing about money is not going to help – it will only make things worse!