Finances is said to be one of the main reasons why couples argue.  Money is not everything, but it definitely does matter.  It is important to speak with your partner about how he/she spends their money.  You want to make sure that you and your partner, know how to prioritize financial expenses responsibly.  There are items that you buy that should be categorized as “wants,” versus “needs.”  Your wants should not impact your needs, but your needs might impact your wants; depending upon how much money you make.  One of the important questions to ask yourself about your spending habits is, “Can we financially afford this expense and still pay our monthly bills, without struggle?” This question should be asked, before making the decision about whether or not you should proceed with the purchase.  If the answer is, no, then you want to re-evaluate your spending habits.  Your spending habits matter. 

​

Married couples tend to want to have a joint account, but be mindful when you are joining your money with someone who might not have good spending habits.  To avoid financial arguments, couples should have several accounts; a joint account for strictly paying bills (needs),  a separate account (personal) for buying what they want (wants), a joint savings investment account to grow their money (needs), and a joint vacation account (wants) to be able to vacation when and where they want to.   

 

Setting up these different types of accounts could save you from arguing about how you spend your personal money.  You also have to establish the rules for how each account must be used accordingly.  “Needs” accounts, as referenced above, are usually deposit only accounts, no withdrawals unless there is a mutual agreement.  Some “wants” accounts could be withdrawal accounts, but as a couple, you have to decide on how the accounts will be used by both parties and under what circumstances can money be withdrawn, if applicable.  Some couples will argue against this strategy, because they want to be able to track (control) every dollar spent, but those are usually the couples who argue about money.
 

If you cannot afford to buy it, don’t buy it, until you can financially afford to do so.  Before making large purchases, it is best to speak with your partner about whether or not the purchase fits within your monthly budget plan and bill cycle.   It is not good to live off of credit, because of the interest that accumulates.  The best way to determine when to make purchases is by tracking your spending habits through a monthly budget system.  One of the ways in which you can track your spending habits is to keep copies of your receipts in one neutral location, and at the end of the week, review where you spend your money.  If you are spending more money on your “wants” and not your “needs,” you have the wrong type of spending habits that could be detrimental to your debt to income ratio as well as your relationship. 

​

You don’t always have to have what you want, immediately, especially if you cannot afford it at that present time.  If it is something that you want, you have to make sure you meet your needs first, then save up the money to get what you want later.  Your spending habits matter and could be the death or life of your future.  When spending money, it is better to invest in opportunities that are going to generate more revenue, rather than spending money on material things that do not produce any type of revenue for you.  Aren't you tired of making someone else rich?  Think about what you need to do with your money, so that you can be rich too?

 

These suggestions are what some would call, "having a broke mans mentality."  But, that type of thinking is so far from the truth.  If you really think about it, rich people are usually the most frugal.  Just think about how you spend your money.  No, you can't take money with you when you die, but when you spend your money wisely and invest wisely, you can leave some money behind for your children, instead of leaving them your debt.  Monitor how you spend your money and spend your money wisely.

​

By Lynnette Clement