Marriage can be all fun but when money and finance are involved between a couple, it becomes a different ball game. Money issues and problem in a marriage can lead to incessant fight which can lead to divorce. The best way to avoid money issues in marriage is good and constant communication between spouses. Here are money issues that can affect your marriage;
As couples, you will definitely have different personalities. You don’t just create a personality overnight, you develop your personality from a young age. When it comes to money management, your personality can also influence your money decisions, which might affect couples if they are not on the right track financially.
For example, if a husband spends a lot and the wife is more of a saver, issues are bound to happen. It is important to know each other’s personality when it comes to financing before getting married.
When it comes to how much money couples make every month, and who makes more money or only one spouse is working and has an income, then it is possible for issues to come up in such relationships.
Couple keeping track of their expenses
When one spouse makes more money than the other, then there is a high chance the spouse has an upper hand to make and give money decisions. As a couple, you should work hand in hand when it comes to money and finances.
Accumulating debt can cause serious quarrels between couples which is a bad debt habit. If couples bring in debt into a marriage then problems might occur in such marriage.
Debt can affect financial growth in a marriage which would not accounts be good for a marriage so before you get married, discuss with your fiance or fiancee about debt and how you can sort it out before or after getting married and also try to avoid getting into debt not to cause financial quarrels.
4. Joint and separate account
Just as it is good to have joint and also separate as couples, this could still cause quarrels between spouses. Since there is a joint account, couples feel their significant other doesn’t have to know how they spend the money in their separate account. But this can stir up resentment in couples.
Consult your spouse before taking any financial decisions.
It might feel like you don’t consult your spouse before taking financial decisions and you don’t respect your other half. Not consulting your spouse before taking financial decisions would not only cause resentment but it might also affect the saving power of couples which might affect future financial goals. To avoid this, before taking a financial decision on your separate and personal account, consult your spouse before doing so, to avoid money issues.
5. Third party
Third parties involvement in couple’s finances can cause serious issues in marriages.
For example, the husband wants to get a new car for his mother and wants to dip into the finance of the family or the wife wants to pay for her brother’s overseas trip. This might become a serious issue. To avoid such, spouses should plan how much they want to spend on big projects for their extended family which they have to agree on.
Oluwole Olusanya is the Founder and Chief Executive Officer (CEO) of one of the fastest-growing lifestyle and entertainment website in the country. He is a banker, writer, blogger, public affairs analyst and a tax consultant. He anchors Trending Topics on SHEFFA where he shares his thoughts and opinions on trending issues.
He is currently studying for a Master’s Degree in Business Administration at the University of South Wales, Wales, United Kingdom. He has diplomas in Banking and Finance, Investigative Journalism, Creative Writing, and Linguistics from Lagos State Polytechnic, Isolo, Lagos, University of Strathclyde, Glasgow, Scotland and The Open University, Milton Keynes, United Kingdom.