Preventing Financial Conflicts with Your Spouse

According to a recent poll, money is one of the top three things couples fight about. Oftentimes, one spouse will have a different spending style than the other, and this can cause long-term conflicts. Here are some ideas about how to overcome and/or prevent financial conflicts:

1-Talk openly about your finances. It helps to communicate your own needs and also to listen openly to your spouse to hear about his/her needs. A person who hides his own spending from his spouse can cause his spouse to feel resentment.

2-Consider establishing separate budgets for personal expenditures. If both partners agree on an amount that each person can spend on personal items each month, then both people can spend within the budget and be transparent about the amount they are spending.

3-Meet periodically to discuss goals. It helps for couples to meet once or twice a year to plan out financial goals. For example, if your goal is to save a certain amount for retirement, are both partners contributing to their 401k plans and how much money is being contributed? If the goal is to save to buy a new home, how much is each person saving and where is the money saved going to be invested in the meantime?

Open communication and establishing goals help a great deal toward creating successful money management for couples.

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