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Spendthrift husband and careful wife? How to strike a balance in your lifestyle spends
Jan 25, 2021
2 mins | Views 15609
Having disagreements about money can do a lot of harm in a marriage. Every individual has a different relationship with money; how they spend, save, or plan for financial goals. However, when you’re married, there is often a difference of opinion among spouses.
How do you strike a balance and prevent money from ruining your relationship? Here is a short guide to help you with money matters.
Don’t resent spending behaviour. Try to understand each other.
It’s quite common to have one spouse overspend while the other is cutting on necessary expenses to save more. However, if this continues for a prolonged time, issues could arise. Instead of being resentful, talk to each other.
You must understand how your spouse built these habits and whether there are any reasons for them. Once you understand each other, create some ground rules, and stick to them.
Establish a common ground when it comes to savings.
Every person takes a different approach to savings. While some may cut on once-in-a-life experiences to save more, others may want to splurge a little on life-long experiences. It is okay to go on an occasional vacation or have dinner in a restaurant.
A couple can become financially successful only with a balanced savings approach. A good strategy is to set apart funds for investments (including mutual funds or other accounts) and set them on auto-mode (ECS). The goal should be to save sufficient money for future goals.
Never let income disparity affect your marriage.
Income disparity could do a lot of damage if handled in the wrong way. It is quite normal for one spouse to make less or more than the other. However, that does not entitle a spouse to make the other feel inferior. Instead, an excellent way to eliminate income disparity is to divide financial responsibilities. For instance, one spouse can pay for utilities, whereas the other can take care of rent or loan EMI.
Create financial goals together.
You’re in this life together, so it only makes sense if you create financial goals together. In most cases, one of the spouses is responsible for making all the financial decisions. While it may work in most scenarios, but when it comes to financial goals, we recommend a team effort. Both the spouses should sit together to discuss their financial goals, including saving for retirement, a child’s education, or buying a property.
Once you both have curated a list of your goals, create a budget to achieve them.
Always be honest about money.
The only thing that can do more harm to a marriage than financial disagreements is dishonesty. Never hide anything related to money. If you overspent or had a minor lapse of judgement, come clean about it. It is always good to put these matters in the open.
Conclusion
Money is a delicate subject to talk about. However, it does not mean that you should avoid talking about money at all. Have a thoughtful approach and build a financially balanced life together. The only way forward is with your spouse.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
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