Financial Problems in Marriage

It is said that marriage is the best thing that can happen to two people in love. It is true, provided the spouses understand each others needs and are aware of the responsibilities that come with a marriage. However, married life can suffer greatly if there are financial issues in relationships and the spouses do not communicate properly to solve these problems. In studies conducted by experts, financial issues have been included as one of the top reasons for divorce. So, it is always better to be aware of financial problems, if any, in marriage and find effective ways to deal with them. So, let us discuss the problems and their solutions below.

Problem 1: Lack of Money
Solution
Lack of money can be one of the biggest financial problems in a marriage. Every person cannot have a six figure salary, or be a genius business person. However, this does not mean that he will not be happy and successful in life. Couples having very less money should keep each other motivated to get better jobs and earn well instead of blaming each other for their situation. Strictly avoid comparisons with other married couples who are living a lavish life and instead, concentrate on improving your financial condition. If income of the man is not enough for meeting rising households expenses, the wife can consider taking up a job to make ends meet.

Problem 2: Excessive Spending
Solution
Among the various money problems affecting marriage, spending habits is contentious issue. Many times, one of the spouse is inclined to shop and spend more than he earns with the help of loans and credit cards. Mounting bills and high interests can really make things difficult for the family. So, my suggestion would be that people need to talk to their spouse and fix a spending budget for the month. Both of them should follow the budget and not spend more than the greatest amount allotted for a month. As far as possible, use of multiple cards should be avoided. When going through tough financial times, couples need to cut down on entertainment and leisure expenses.

Problem 3: Mounting Debts
Solution
Taking loans only as per one's need and repayment capacity is the first solution to avoid the problem of mounting debts. One should have realistic aspirations and dreams and think twice before applying for loans and pledging assets with the lenders. Also, both spouses should contribute equally to pay off the equated monthly installments (EMI's) if both are working.

Problem 4: Who Will Pay for What
Solution
Yeah, this is a big issue! Most couples are seen fighting about who should pay for the various expenses every month. The best idea would be to divide the expenses based on one's income. So, the spouse who earns more should handle the larger expense of the household. While finalizing who will pay for what, you should take each other into complete confidence, so that there are no issues later on, and your home runs smoothly.

Problem 5: Transparency
Solution
Transparency is undoubtedly one of the biggest financial problems in marriage. Many spouses are seen hiding their financial documents, bank account statements, information about their assets which can be frustrating and heart-breaking for the other spouse. It is always better to speak the truth and show all your financial details to your partner. By doing so, he/she would be able to suggest you ways of dealing with financial problems if they arise.

Some Tips for Managing Family Finances

Here are some useful tips for managing family finances:

• A family begins with 'We' and not I. So, while dealing in money matters, always remember that you should give for the well-being of your family
• If your problems are too big, take suggestion from a financial planner
• When you commit to managing finances, fulfill it at any cost because the other person relies on you
• Think before you spend because money should be used wisely
• Don't allow relatives to interfere too much in your family finances
• Don't be jealous of a higher earning spouse. Instead, motivate him/her to do well in his/her career and earn even more!

After reading the solutions I am sure you will be able to enjoy a happy and tension free life with your spouse So, start working on the plan immediately for goods results. Good luck!

DISCLAIMER: The suggestions given are just for better understanding of family financial planning. You need to assess your financial situation and take decisions on your own by being responsible for them