Money is one of the leading causes of divorce in America. The problem is that many couples don’t talk about money until things get out of hand. Soon, there are fights about money and who’s spending what. It’s a horrible situation that can be avoided.
When you sit down and talk to your spouse about money, you’re able to help avoid problems. Let’s look at money talks you should have with your spouse.
Where Should Our Money Go?
You need to discuss where you and your spouse think your money should go. If you have debt, should you focus on your debt or focus on building an emergency fund? If you’re out of debt and have an emergency fund, where should the money go then? Should it go to retirement or a college fund for the kids? When you’re on the same page, you’re better able to communicate.
How Can We Live Debt Free?
Debt can be a serious issue. Not only is it stressful, but it can be the cause of many marital problems. Both you and your spouse need to be on the same page about debt. You both need to know the benefits of living debt-free and the problems that debt can cause.
Are We Spending Too Much?
Individually, are you and your spouse spending too much? In other words, are you spending too much on personal items that aren’t for the household? It might be manicures or clothing. If one of you or both of you are spending too much money on items you don’t really need, there’s a problem. You need to discuss what’s an appropriate amount for you and your spouse to spend on whatever you like.
Should We Cut Expenses?
You also need to discuss if you and your spouse may be spending too much money on household expenses. For example, you may find that spending $150 a month on satellite TV is a poor choice. Or, you may find that your grocery bill has grown out of proportions. Look at your expenses and see if you need to cut expenses.
Would It Be Better to Pool Our Resources?
Last, but not least, you need to discuss whether or not it would be best to pool your resources. Should all of your income go into the same account or should you keep separate accounts? You need to understand the pros and cons of making this decision and whether it works for your family.
Communicating with your spouse is so important, especially when it comes to finances. Spending a bit of time working together to make the right choices can help you build a stronger relationship.