One of the major causes of divorce among Americans is money. Almost half of married Americans say they have disagreements with their spouses over money.1 So what is the key for couples to be on the same page about their finances?
Consistent communication is crucial. Setting aside time every once in a while to discuss your finances with your spouse is a great starting point.
Here are 3 more tips to money matters in your marriage:
1. First thing’s first, when you said “I do” that means “y’all do” (if you will allow our southern colloquialism) -this means that everything you own, your spouse also owns. Combining all of your assets into one pile can be a helpful way to keep you and your spouse on the same page because you’re pulling from the same basket of eggs.
2. If possible, both parties need to maximize contributions to their retirement plans. Having a plan in place will help eliminate the stress of worrying about the future of your family’s finances. Another part of this is to make sure that you and your spouse are taking care of tax circumstances for your family's specific needs.
3. Set aside time regularly to evaluate your checking account and budget. Focus on paying the bills, paying off debt, and then set aside your discretionary money for him to get his Diet Mountain Dews and her to get her facials.
And always remember,
“You don’t have to keep up with the Jones’” - Lance Hocutt