There are many things that couples who have good marriages do. They communicate successfully and respect and love each other. However, there are things that couples who have good marriages and manage their finances successfully do. Below are several characteristics of couples that have good marriages and manage their finances successfully. These couples have characteristics all couples just do not have or do things that other couples just do not do.
Communication is Key
Married couples with good marriages and who successfully manage their finances communicate effectively with one another. There is a genuine frank communication about the family unit and the family finances. Effective communication is of paramount importance when it comes to family finances. The management of the family finances must be talked about and agreed upon by the couple. Financial wants, needs, and goals must also be discussed and agreed upon. Once the couple agrees work can begin on the goals. Communication is the key to agreeing and it should be frequent between the partners.
Day-to-Day Finances
Second, one of the partners in the marriage needs to give up control to the other partner to handle the day-to-day finances. This does not excuse the other partner from contributing and to participate in the weekly/monthly money meetings; however, to cut down on confusion between partners, one partner should be responsible for working the day-to-day finances of the family. This is an essential part of couples that have good marriages and manage their finances successfully. One of the partners needs to give up day-to-day financial control. This requires trust, communication, and understanding between the partners. The partner giving up control must trust that the partner managing the day-to-day finances is working for the best of the couple. The partner in control must communicate to the other partner about issues that arise and both partners need to understand the others point of view.
Little or no Debt
Successful married couples have little or no debt. Additionally, if they have debt, they have a plan for tackling and paying off their debts. They are successful at managing their money and that is why they do not have any debt. They agree the debt is not good and are working together to eliminate it. These couples have decided together that they are going to get rid of this debt and they have developed a plan to get out of debt. These couples are working the plan together and are accountable to each other for results.
Living within their Means
Couples that have good marriages and manage their finances well are frugal and live within their means. The word is not cheap but frugal. According to Dictionary.com, Frugal means economical in use or expenditure; prudently saving or sparing; not wasteful: like a frugal manager. These couples are working together to get the best deals on items they want and need and careful not to spend money wastefully. Additionally, these couples also live within their means. They do not buy stuff that they do not need or that they cannot afford. If you have more month than money or you cannot pay all of your bills with the money that you make, maybe you are living above your means. Write down and track your expenses for a pay period and see where you can cut expenses.
Couples that have good marriages and are successful at managing their money communicate effectively about money. One of the partners has given day-to-day control of finances to the other to stop confusion. These couples have little or no debt. And if they have debt they have a plan to eliminate the debt. Lastly, these couples are frugal with their money and live within their means.
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This was a great post! I completely agree with all of your advice. My parents have an outstanding marriage, and they fit all of your listed qualities above. I’m going to share this post with my husband.
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Communication is a must. Other things will fall into place.
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I agree about the importance of communication.
I let my husband run the our weekly financial meetings. We started holding them a year into our marriage. It took us another year to perfect the meetings. But wow, has it sure made a difference in our finances. We actually know where our money is going, our spending patterns, and we are both accountable to each other for our purchases.
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Weekly financial meetings are such a good idea. Sounds like it certainly helped in your marriage.
This was a great post! I completely agree with all of your advice.
Thanks Jack.
I agree communication is the key.
What to do when we have zero debt, very good savings everything is perfect but what do we do if we do not agree to what is frugal and what is not ? the defination of wasting money is different for the partners allthough they are both spending well within there earnings ?
Sam,
You’re exactly right about different spending priorities. Getting on the same page through communication is essential.
The two people that make up couples often have different values about money. Find out what your values are…a better understanding for both of you of “why you do what you do with money” and I think it may become easier to agree.
Absolutely brilliant post indeed. Communication is the key success not only to manage finance but to have a perfect interpersonal understanding. Each every point is extremely justifiable all the way. I got to learn a lot of good tips from your post. Thank you so much.
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