Do financial arguments characterize your marriage?
Well the digest source of these disagreement and aggravation is brought about by either one or all of these family financial mistakes that most couples make.
For many couples the money coming in never seems to match the money going out. Then off course there always follows the stress of what to spend the money on, when, how much and where. Another common financial mistake made is that most couples live paycheck to paycheck and don’t take a long view of their finances. Most married couples in spite of talking about money on a weekly basis they do it from an emotional angle instead of being strategic in their attempts to discuss their financial problems. Leaving your finances “to chance”, what I personally refer to as “god will provide” type of financial attitude is a sure fire path to allowing your finances to get out of control and possibly end up in large amounts of debt.
These plus many more family financial mistakes are the cause of family disagreement and aggravation. A couple has to be serious and methodical just as it is in running a business and their financial tactics will become wiser and more successful.
Getting control of your finances means a lot more that just getting control of your money. It means getting a handle of your habits, both in thinking and spending. Not only can getting control decrease much of your stress, it can also help you efficiently prepare for the future.
So, what should you do?
Family Budget
Without a family budget you will most likely find yourself in a constant uphill battle with the financial gremlins. Begin by taking time to work on and live by a family budget. Everything else flows from there. You can refer to our previous web post: That Realistic Budget for more information on formulating an ideal budget.
After that you can concentrate on how to save money on what you own or buy, and how to get the most purchasing power possible.
Eliminate Wasteful Spending
Stop paying large sums of money on things that you rarely used. Those expensive dishes that sit on the kitchen shelves unused or things you bought for hobbies that you never took up. Quite “investing in” wasteful items and get rid of those that you have and convert them into cash.
Paying off Debt
Avoid falling into unnecessary debts and if you already have then concentrate of a plan to reduce your debt exposure. Consider consolidating your debts into one lower interest loan.
Spend less and Save more
Start a program of saving money instead of spending. Not only will you have the benefit of eliminating wasteful spending, you can begin to focus on long term goals instead of those short term spending. If you are not already involved in an investment program, then get started now.
Money-saving tips
Going hand in hand with smart purchasing is saving money on those things that you truly need. To start off, take an inventory of your current needs to see where you can begin to cut costs. Start with the biggest items, first where the most potential of savings lies, and move down the scale to the less expensive items. Even a moderate saving on one of the largest items, for example cutting down on the car usage and instead opting to use public transportation could bring a big reward.
Banking
If you have separate accounts and one joint account for household needs, it doesn’t mean absence of unity in your marriage or that you demonstrate lack of trust in one another. It shows your wise approach to your family financial affairs and that you give each other freedom.
It is amazing the difference getting control of your finances will make in your life. Less money will be wasted, so you may find you don’t have to work as long or hard to make ends meet. This means that you’ll have more time to spend on the important things in your life. Your stress level will most likely decrease in direct proportion to the decrease in bickering over family money.
