Marriage often means the partnership of two incomes. It can also mean the joining of two debts. To an extent, it’s an oil-and-water mix of spending habits. Even the closest of couples can find it difficult to manage their finances, especially when one isn’t good with money. In this article, we’ll explore what to do if your spouse is bad with money.
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Talk About Your Goals
As a black couple, it’s essential to discuss your financial goals with your partner. Doing so will help your spouse understand and visualize why they need to be better with money.
You have to understand that saving for saving sake isn’t fun. However, having a goal in mind while saving can make the whole process fun. Do you guys want to save for your children’s education? Or do you want to save to quit your jobs and go on more vacations?
You and your partner need to be specific about your money goals. It’s impossible to measure success rate or see the effect of your bad money habit if you don’t have a goal. To succeed financially, you and your spouse need to sit down and set your money goals. If you’re unsure about how to set your household financial goals here are books on Amazon to help guide.
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Create a Budget Together
Most times problem starts when one partner spends an amount that the other partner considers to be too much. To avoid this from happening, sit down with your spouse and create a spending budget after setting your goals.
Agree on the amount you’ll allocate to daily life spending and how much to save for your financial goals. Here are easy-to-use budget templates on Amazon that can help you and your spouse create a great financial budget.
Hold Weekly Budget and Goal Review Meetings
If one partner manages all the family’s money, it’ll be difficult for the other party to know the present financial state of the house. Even with a goal and a budget without clear communication, it’ll be difficult to know the amount left for transportation or groceries.
You should pick a night within the week and review your finances. Review the amount spent, how much is left, and the categories where you spent the funds. The meeting doesn’t have to last for hours. You devote 20-30 minutes without interruption to do the review.
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Deal With the Debts
You’re not legally responsible for the debts your spouse owed before marriage. However, even with separate finances, your partner’s credit score can affect you when you try to get a joint credit. That’s why it’s essential to work with your partner to figure out ways to pay off their debts as quickly as possible.
Build an Emergency Fund
One of the most important things you can do for your family is to build an emergency fund. Within your financial budget planning, allocate a portion for savings, emergencies, and retirement.
Nothing stresses couples out more than running out of cash before all the bills are fully paid. Build an emergency fund to cover up for unforeseen circumstances, such as loss of job, emergency medical bills and auto repairs. The rule here is that you and your partner must agree not to touch your emergency fund without the other’s consent.
Don’t Keep Money Secrets
While most people don’t engage in gambling or secret trading, men and women alike, at one point in time lie to their partner about the price of something they bought or the amount they earn. Whether it’s transportation, entertainment, or dinner, it might be tempting to lie to your partner about the price or choose not to say anything at all, hoping they won’t notice.
Sometimes, money issues in marriages go unchecked for a long time. If your partner isn’t good with money, it can become a critical issue and a major source of strife in your marriage. Knowing what to do if your spouse is bad with money is crucial to having a peaceful marriage.
Besides managing your money effectively, you should also work toward increasing your household income. Here are books on Amazon that teach how to increase your family income.
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