The current inflation across the globe has continued to impact many lives, especially those of families with children due to the excessive costs of living and the apprehension of satisfying the needs of the family in this challenging situation. Only couples who are financially stable and budgeting savvy are going to be less anxious about the current situation and unfortunately, only a small fraction of families in this society can be classed as self-sufficient. Therefore, if you are thinking of making room for someone else to fill the gap in your life, you may also want to consider how he/she will influence your life and financial status too.
Identify your deal-breaker
Even though marriage has the capacity to give and receive love in pursuit of happiness, today, many marriages can only be successful when the couples have a good knowledge of their individual financial strengths and compatibility in their marriages. Gone are the days when money consideration in choosing a potential partner is seen as selfish. However, it takes more than love to sustain a good marriage, and it is important to identify your deal-breaker if you really want to prevent an undesirable marital outcome in the future.
Many marriages break up due to a lack of clarity on what everyone can give and take and how much compromise is acceptable, whether it is combining your finances or separating them, or starting families early or later. It is important to have an agreement that works for all if you desire to enjoy a healthy marriage.
Identify potential obstacles
Many financial problems in marriage can be prevented if couples were honest and sincere about their capacities to manage money and whether they are money compatible. Combining your finances or not should be an individual preference and no one should be forced to agree unless they are comfortable enough to do so as what works for one couple does not necessarily work for another. Your spouse may decide that she wants to keep her own money due to an experience.
Communicate your feelings and fears about joining your finance together if you are in doubt. You can start by encouraging the good aspects of your spouse’s financial habits even if you consider them self-centred, and then identify those elements making you apprehensive about the future so that you can both produce the finest strategy to manage the finances together without leading to conflict.
Leave room for negotiation
Even though marriage has the potential to preserve and restore your personal values and goals, understanding your partner’s financial discipline right from your courtship stage is key to enjoying financial harmony in your marriage many years down the line. It is often quick to criticise a spouse who has a bad financial habit and has no discipline when it comes to setting priorities. However, when you already have a good insight into the cause of the problem, you will be able to dialogue and help your spouse set reasonable financial goals.
Even if you do not share your spouse’s financial discipline, you may be better off working together to set your family budget so that you can both have a good understanding of the rising costs of living and be on a similar page to save and take financial decisions too.
Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
