But, since statistics show that couples argue over money more than another other thing…. we brought in money coach Alan Williams who says there’s a way to make sure you and your spouse never fight about money again.
Q: That’s a pretty big promise! What does it take?
A commitment from each to take responsibility for money and spending, get educated about money, track expenses.
We advise couples to take and share responsibility for the money by having a weekly meeting to review income and evaluate and plan for expenses. These are the ground rules:
1. It is held once a week for about 15 minutes.
2. Held in a private place, but not the bedroom.
3. Husband calls meeting
4. Wife has the agenda – which is essentially a review of spending categories and planning for upcoming expenses.
5. There is no condemnation. Each practices instant forgiveness. If you’d like to know more, be one of the first 20 callers to Money Mastery. Mention Studio 5 and receive a free 30-minute consultation, and copy of their book, “”Money, What the Experts will Never Tell You.”
Of the 50 percent of all marriages in America that end in divorce, 89 percent are directly attributed to arguing over money. When divorce occurs, nobody wins financially — except the lawyer. Expenses double because there is a need for two places to live, with household expenses for each. Childcare is also an issue, since both parents are probably required to work. And what’s more, these financial burdens don’t even account for the “emotional cost” of divorce.
Often when a couple gets married, it is common for one of the partners to earn more money than the other. This tends to make that person feel they are the most important partner in the marriage and the one to handle all the finances. If the couple does not have a “spending system,” they will spend more money than they make. In time, usually around the seventh year, the main breadwinner gets frustrated and throws the checkbook at their spouse and says something like, “If you think you can do better, go ahead!” Even then, without a system for spending that they can both agree upon, nothing ever changes. The arguments get more frequent and louder, until one day, they find themselves in an attorney’s office seeking an end to the mess.
The Secret Principle…
The secret to financial success (and a long and happy marriage) is a good spending system like that taught in the Money Mastery Personal Financial Management program.
With a spending system, couples pull together during tough times. A good system will teach you how to:
• Divide responsibilities.
• Meet weekly to review spending.
• Practice “instant forgiveness” (both will make mistakes, let go and go on).
• Adjust your spending as necessary.
• Hold an annual financial review.
What’s It Worth?
When these money saving secrets are put into practice, couples can predict how much money they will need for retirement, emergencies, and even recreation! The dollar value is immeasurable when you consider how expensive divorce is. Plus, the emotional heartache you will avoid is priceless.