Financial stress in a marriage is one of the leading reasons for divorce. Financial stress can affect almost every part of your life. If one partner comes into a relationship with more or less money, if one partner is a bigger spender, or if you are in debt, it can lead to a lot of anxiety. Begin by educating yourself on how to be financially savvy. Talk about money often with your spouse. It shouldn’t be a secret in your relationship. Know how much money is coming in and going out so that you can make a budget together. And finally, take baby steps. If you are drowning in debt, set a small goal and go from there. Hopefully, you’ll be able to build up savings and establish healthy spending habits so that financial stress doesn’t lead to relationship problems.
How to Handle Financial Stress in a Marriage: Don’t Let it Tear You Apart
The first important step to handling financial stress in a marriage is to educate yourself on how to be financially savvy. Learn how budgeting works and how different types of retirement plans can benefit you. Speak to a financial advisor, or take a class online to help you understand the ins and outs of being financially literate.
Talk About Money
Another way to help handle financial stress in a marriage is to not let money be a secret between you. You should talk about money often together. Even if one partner makes more or less than the other, you should both be included in important financial discussions. Both partners should have a firm understanding of your financial health as a couple. In addition, both partners need to have a say in how finances are handled.
Know Your In/Out
It can help you manage financial stress in a marriage if you have a clear budget. The best way to do this is to have a detailed picture of the money coming in versus the money going out. For example, for a month or two, track all of your spending and all of the money that you bring in. You might be surprised at how much you spend on things you don’t need. Then, make a budget that takes into account as many expenses and possible future expenses as you can remember. You’ll still have unexpected things come up, but hopefully, you’ll be better prepared for them.
Take Baby Steps
Finally, one last way to help manage financial stress in a marriage is to take baby steps when it comes to your financial health. If you are in debt or struggling, try to pinpoint one quick way to save a bit of money each month. You don’t have to solve your entire financial problem at once. Take it little by little. Start with an emergency fund. Next, begin to work on getting rid of debt by building a budget and sticking to it.
Managing the financial stress in a marriage can be difficult, but it is so important. Oftentimes financial stress can lead to marital problems, anxiety, depression, arguments, and even divorce. If you are suffering from financial stress, try to educate yourself on healthy spending. Then, sit down and talk about money with your spouse. You both need to be on the same page when it comes to your financial health as a couple. Get a clear picture of your spending by making a list of money coming in and going out. From there, create a budget and stick to it that gives you small attainable saving goals so that little by little you build your wealth. Hopefully, you’ll be able to tackle any debt that you have as a couple and learn to have a healthier relationship with your finances.