Like every couple who have been together a significant amount of time, my husband and I experience the occasional tiffs and quarrels. However, surprisingly, we have never sparred over financial matters in the course of our 8+ years together. Maybe it had to do with the fact that we tied the knot at a young age, integrating our bank accounts when we were just 22 and 25. Perhaps our prudent budgeting habits played a role, or maybe it’s because we navigated the choppy waters of credit card debt as a team. Regardless of the reasons, something has clicked for us, and here’s my insight on why we’ve managed to avoid the stormy seas of financial discord:
1. PERIODIC FAMILY BUDGET MEETINGS
Every couple of weeks, I sit down with my husband to provide a rundown of our financial situation. It’s my hope that we will both participate actively in maintaining our budget, but his current commitments make it more practical for me to handle it. Secretly, I admit I’m better at it. However, he’s always kept in the loop regarding the status of our bank accounts, our financial progress and areas where we need to tighten our belts. He’s not a big spender, so at times, I even need to remind him that it’s entirely alright for him to splurge on a cookbook or something he fancies.
2. COMPREHENDING YOUR PARTNER’S FINANCIAL HABITS
Even though my husband seldom spends, he is less deliberate than I am about plotting his expenditures. That required some getting used to. Occasionally, he takes me by surprise with a sudden need for new running shoes after a lengthy hiatus. For purchases exceeding $100, I prefer a heads-up and time to plan for them. I’ve adapted by setting aside a small amount every month. Inevitably, it proves handy when he unexpectedly needs an espresso machine or new work shirts after a long spending lull. Being the sole earner, I strive not to deny him these infrequent purchases. It turned out to be an agreeable solution.
3. ALLOWING EACH OTHER TO HAVE THEIR WAY
Usually, we’re on the same page regarding finances. From time to time, though, he reins in my excessive zeal to expedite payments. I don’t always pull rank with my financial blogger hat and respect his input in vital financial decisions. It not only respects his opinions but also sends out a clear message that we share financial responsibilities equally. We consult each other beforehand for purchases over $50, record our expenses on an online program and stay informed about our loans and income. To my mind, ongoing, transparent communication is the secret sauce. It worked wonders for us—I hope it does for you, too!
How do you avert financial arguments with your spouse?
SmartAsset.com
