Fighting about money puts a strain on any relationship, regardless of how long you’ve been married. Fortunately, newlyweds can set themselves up for success by using specific strategies right from the beginning. Here are three ways newlyweds can resolve financial issues, as well as prevent them in the first place.
1. Focus on Honest Communication
Communication is critical for resolving financial issues in a marriage, as well as maintaining a healthy relationship in general. Each partner needs to be honest about their financial decisions, existing debts, spending or saving preferences, and general financial goals. By being open with each other, it creates opportunities for a dialog. Then, couples can work together to identify and address differences to ensure both partner’s primary needs are met.
When discussing money, it is critical to avoid the blame game and remain solution-oriented when tackling financial problems. While putting a method in place to avoid making the same missteps is wise, chastising each other for past decisions won’t improve things currently. By focusing on finding solutions, positive strides are more likely, making it the better approach.
2. Create a Plan (and Revisit It Regularly)
Whether a couple needs to resolve a financial issue or wants to avoid one, having a financial plan is generally a must. Start by working together to create a budget. Determine how income is split or combined when it comes to handling shared expenses and personal spending. Additionally, consider whether limits need to be in place that state how much a partner can spend before they need to discuss a purchase with their partner.
After creating a plan, make sure to revisit it regularly. Reviewing it together every quarter creates opportunities to see if the current one is working and make adjustments if necessary. That ensures any budgets or other aspects align with your current situation, which can help couples avoid future issues.
3. Maintain Visibility
Financial issues are often more likely if only one partner is tuned into the household’s finances. The uninformed partner may later learn of monetary decisions that don’t align with their preferences or values or might only find out about a challenge well after it’s become difficult to solve.
By ensuring that both partners maintain visibility into their shared financial picture, these sorts of issues are less likely. Everyone is apprised of what’s happening and how money is being used or saved, for one. For another, they both have the information they need to understand the financial situation, as well as can ensure that they ask questions quickly if something catches their eye.
Ultimately, maintaining visibility prevents either partner from ending up left in the dark. That makes it a simple but crucial part of the equation, making it easier for both members of the couple to monitor shared financial activities and take action when problems arise.
Do you have any other tips that can help companies resolve financial issues and avoid fighting about money? Have you tried any of the techniques above and want to let others know how it worked out? Share your thoughts in the comments below.
Read More:
- The Real Reason Newlyweds Can’t Budget Their Money
- Here’s How Newlyweds Can Avoid Money Conflicts
- Should You Go to Couples Financial Counseling to Avoid Common Money Fights?
