“For richer or for poorer, for better or for worse…”
Truth be told, there are marriages that suffer for worse because of poor money management. It might be because of failed expectations, unclear priorities, or different family backgrounds on handling money.
So, how should husbands and wives manage their finances?
To avoid headaches and arguments, Beyond Small Talk hosts Peter Kairuz, Marvin Germo, and Randell Tiongson share 5 practical tips on successful money management:
Tip #1: Define your roles
Who should handle the money? Should it be the husband or the wife?
In the Filipino culture, it is a norm that the wives handle the money. But according to Randell, handling money must be conjugal. It is a matter of defining roles on who pays for what or who does what.
Who, then, manages and executes the budgeting?
“It should be the one who is more disciplined, wise, and reliable,” Randell suggested.
Tip #2: Be transparent
One of the most important things spouses can do to manage finances effectively is to be open and honest about it with each other.
As a start, list down all your expenses to have an overview of where your money goes and avoid unwanted surprises in the future. At the end of the day, it all boils down to proper budgeting.
Tip #3: Combine all your resources
When you and your spouse got married, the two already became one. This is also true when it comes to your finances. You must combine both of your resources and treat your money as one. Practice conjugal spending.
Therefore, before making any decision on that conjugal money, it should be agreed on by both sides.
Tip #4: Give yourselves an allowance
While it is essential to manage your money jointly, it is also good to give yourselves allowance that you can spend for your personal needs or wants – after you have addressed your financial responsibilities.
Just make sure that your spouse knows where that allowance goes, which leads you to Tip #5.
Tip #5: Let your spouse know about your expenses
Regardless of the amount, it is crucial that your spouse knows all about your cash flow.
Asking their permission and mutually agreeing on how you spend the money is one way to show your spouse that you respect and value them.
Budgeting and setting financial goals in your marriage may sound difficult but they don’t have to be. It shouldn’t be about the money – it should be about communication, mutual respect, and love.
“Above all, clothe yourselves with love, which binds us all together in perfect harmony.” (Colossians 3:14 NLT)
Are you experiencing financial struggles in your marriage?