Financial problems may not be the worst thing, but they can have a terrible effect on a marriage. If you’re married with children—and already frustrated by your partner to the point of divorcing—financial difficulties may very well be the straw that breaks the camel’s back.
This post is about common money issues experienced in marriage:
- what causes them
- how to solve financial problems
I’ll try to give you some practical tools and exercises to help solve these problems and strengthen your relationship. But first, let’s talk about money and why you are having difficulty in the first place.
Causes of Financial problems in Marriage
If you have financial struggles, it usually boils down to one of these things:
Your Partner has a Problem with Money
If a partner has a problem managing money, it can lead to financial stress for both parties.
It might be an addiction, such as compulsive shopping, gambling or a series of bad spending habits might be as shame and humiliation, such as keeping a secret stash of cash at the back of a desk. It might be a lack of trust, such as fear of spending money they know you have.
You are Unhealthy About Money
You might obsess over the money issue, have financial disagreements, and eventually resort to blaming games.
You might have financial infidelity, and lack the time or energy to deal with financial issues. Sometimes spouses get too self-centered to care much about their partner’s point of view.
You’re a Recent College Graduate
The average cost to marry someone in the United States is over $23,000. There’s no shame in being young, but it’s best to have savings and investments under your belt these days. Recent graduates often worry about how they will make ends meet, and many don’t think about how their monthly expenses will change after the wedding because of student loans.
A study found that a person married to someone with student loans is more than four times more likely to split. The financial burden of a loan puts pressure on paying one more bill on a couple. Sometimes, it’s just not enough to cover all the expenses.
Solutions to Financial Struggles in the Union
According to the American Institute of Certified Public Accountants, the total average debt incurred by a married couple is $125,000. To get out of debt, seeking the help of a financial expert might be a good idea for a couple who has difficulties getting out of the situation.
Financial woes often become one of the most significant sources of stress for couples. However, there are many solutions to this problem. The first thing that spouses need to do is recognize whether the financial troubles come up due to their spending patterns or if they have not been keeping up with their bills or finances.
Financial problems are a common occurrence that can stem from many different sources.
However, you can fix these nuisances with the right solution.
With the ideas in this article, you’ll learn how to solve financial couple problems for good and make your relationship more robust than ever before. You’ll learn how people deal with money problems to save their marriages.
Save Money on Your Bills with a Budget
No one likes hearing they must adjust their spending patterns to save money. However, the sooner you start working on your budget and discovering ways of saving money monthly, the more likely your union will stay strong. You mustn’t spend more than you earn monthly and pay your bills on time.
To do this, you should devise a budget and stick to it. After setting up, your budget should cover all the monthly expenses you regularly see. The list might include phone and cable support, gas and electric bills, coffee shop visits, movie tickets, restaurant meals, etc.
If you’re planning to save money to spend it on vacations or something fun (and memorable), then your budget should allow for that.
Finally, you want to ensure that the money in your bank account is sufficient to cover all the monthly bills. This way, you won’t have to worry about constantly dipping into your savings.
Determine Which Bills to Pay First
You ought to prioritize the bills that need to get paid immediately. Prioritizing will give you more time to save money for other expenses and time to pay off this debt. When making this decision, consider your financial statements, such as credit card statements, car registration, and utility bills.
These are very important and you ought to settle them first. The longer these bills go unpaid, the more severely they will affect your credit score. Avoid this hassle by paying off the most critical bills and getting them paid on time each month.
Cut Back on Unnecessary Expenses
Many people end up spending money that they don’t need to pay for. They might have a high cable bill and take another trip to the coffee shop daily or buy bags of chips for open house parties that never use up all their bags. Why do you need to buy these things? While sometimes it’s fun to go out on a Friday night or walk to the coffee shop for some conversation, this is unnecessary.
Instead of buying these things, make homemade snacks that won’t cost you extra money. Why? Because it’ll save you money and won’t adversely affect your health. It’ll also teach your kids good money management.
We’ve already talked about how important saving for vacations and other things you don’t use daily is. Saving money on these expenses will give you more time to save for the things that are truly important to you, especially kids.
You can do this by setting up a simple strategy of paying yourself first before you can spend the money on anything else. The money you pay yourself goes into a specific account or investment you won’t touch until you accomplish your objectives. Then, use the extra cash to put toward your financial goals.
Seek the Aid of a Financial Expert
A financial advisor can help save your union! Keeping your head above water can be hard when buried in debt, even if you have a full-time job. Many people realize they are in over their heads with debt right as they are about to marry the love of their life. That is not ideal for anyone and can easily lead to stress, insecurity, and arguments over money.
One of the biggest concerns for getting married is discussing money and handling their debt and finances. Two incomes, two student loans, two cars, and two credit cards can quickly turn a household into one that is drowning in debt.
A financial advisor can help you see the situation clearly, devise a plan to get out of debt and ensure you are ready to start your new life together.
Financial problems are pretty common in marriages. Nonetheless, there are multiple solutions. Adopting some of the strategies listed in this post is crucial if you want to have a good and friendly environment in your household.
All the stress could even lead to depression and create another problem. Nevertheless, the issues could be worked out. Try to stay positive and go through these difficulties with less headache.
Suggested Books Read for Educating Yourself Financially:
- The Total Money Makeover Workbook: Classic Edition: The Essential Companion for Applying the Book’s Principles
2. Personal Finance QuickStart Guide: The Simplified Beginner’s Guide to Eliminating Financial Stress, Building Wealth, and Achieving Financial Freedom
3. SimpleCents Guide to Manage Your Money: How a 7-Day System Can Help You Get Out of Debt, Save 1000’s and Build Security – Without Limiting Your Choices, Even if You Can’t Budget
Frequently Asked Questions
1. What Causes Financial Struggles in Marriages
The main cause of financial troubles is poor planning. With clear financial strategic plans, it is possible to steer clear of the issues in marriage.
2. How Can Financial Struggles Affect a Marriage?
Financial struggles often cause frequent conflicts because some needs won’t be met.
3. How Do You Resolve Financial Conflict in a Marriage?
The ideal way to resolve marriage financial struggles is to seek expert help. Financial advisors can advise couples about ideal ways of resolving issues.
4. Is Financial Struggles a Cause for Divorce?
Financial struggles can lead to divorce because partners become unsatisfied. When you cannot pay bills and meet other financial obligations, you and your partner can get overly stressed, leading to fighting.