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Money and Relationships

The following is a special post from Shondell from Call Me What You Want Even Cheap as part of the Yakezie blog swap. This week, we are all discussing how to handle money when in a relationship. You can read my post on the same topic at Nickel by Nickel.

There has been much talk about money and marriage lately, and so there should be considering money is the number one reason for divorce. Money is one of those topics that can be so uncomfortable to talk about, but once you start talking about it with your significant other the easier it gets. Here are my tips for a long lasting relationship with your honey and money.

Be open and honest

Too many couples miss the boat on this one. Hiding money from your spouse means there is a breakdown in the relationship. I know way too many people that do this for a whole bunch of reasons that they've justified in their head. Honesty is of course the best policy.

Do a monthly budget TOGETHER

Once you stop hiding money, communicate and do a budget together. This helps each person to have a say in what is going to happen with the money. Usually there is a nerd in each relationship that doesn't mind writing down all the numbers, or inputting them on the computer. That's fine as long as your spouse is involved with the plan for the money that month.

Combine your finances

Although I know this may not work for everyone, it's worth a try. Being on the same page with your honey about money will only help the both of you to be in sync in other areas as well. If you could master one of the biggest things that cause divorce, imagine what else the both of you can master.

Review financial goals together

Where do you and your spouse wish to be in 1, 5, or even 10 years. Make some short and long term goals and create a plan to get there together. It's amazing what two people on the same page can accomplish. Reviewing your goals at least once a year, ensures that you both are on the same page and on track.

Compromise

You may be married to a control freak, or maybe you're it. These are people that want things done their way, or no way. That just won't work if you want to be married for a long time. There has to be some wiggle room. Be open and willing to budge a little for your honey. Besides, life is much better when you're not in control of everything.

Image: The Sean & Lauren Spectacular/flickr

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