Updated! – two simple strategies to curb over spending in your marriage finances
Issues with money and finances are the #1 reason for couples to give up on marriage and get a divorce.
Finances are a major issue for any couple. We know that controlling, spending and managing money is difficult. Some partners shop impulsively, which can happen way too easily and without intentionally causing harm to the family budget. For the more frugal partner, this is often frustrating, and can be difficult to understand.
We use two simple strategies to curb spending without feeling like we are trying to control or restrict each other:
1.) Cash and 2.) Prepaid debit cards.
With either method, as a couple, agree each month on an amount you can each afford to spend without regret.
Using the cash method, we have found that putting the money in an envelope and writing on it what the money is for (i.e: Allowance; Mad-Money, etc) makes it easier to see how much you have. We like to write our expenses on the envelope for quick reference as to where it all went (because we will forget!), or simply put the receipt in the envelope once we make a purchase.
Using a prepaid debit card is also easy. You can easily find these cards in department stores nationwide and use them in place of cash. Some people put a piece of tape on the back of the card where they write the “balance left” for quick reference.
Both of these solutions are easy and practical.
And believe us, using this method has saved many couples countless arguments over where they’ve spent their money.
Saving up and paying cash for purchases can be difficult, but it solves a lot of problems. It also gives a sense of great satisfaction.
Let’s say for instance that you want a new sofa because the one you is a hand-me-down from one of your parents. You and your partner go to the furniture store and browse. (Quick tip: Leave all your money, credit cards, debit cards and checks at home. Don’t even put them in your car! You cannot do any impulse buying this way!) You find one you both adore. It is $900.
You panic. Is it even possible to save that much cash?
You bet it is. By saving $50 week ($200/month) you can have that sofa in 18 weeks. When you walk into the store with a set amount of cash, you may be even able negotiate down the selling price.
This system isn’t flawless, and it requires good communication between partners. Nevertheless, it’s a good way to get started with managing money in any relationship, and get a handle on financial issues before they land you in divorce court.