Hi
,
Nearly 80 percent of divorces among married couples under the age of 30 are a result of financial woes. Money issues can really work a marriage over.
Couples who argue about money at least once a week are 30 percent likelier to divorce.
Money problems can create stress, frustration, anger, hostility, regret, discouragement and hopelessness.
How money causes marriage problems...
It’s not just a lack of money that stresses relationships, it’s the financial roller
coaster.
People don’t handle sudden financial change very well, which is why, even when income is lower than desired, marriages seem to do much better when the family income is stable.
Some root causes of money problems...
1. Spouses who are financially mismatched because of differing beliefs about the nature and role of money.
2. Spenders who marry savers and vice-versa. Typically each spouse grows to resent the other’s relationship with money.
3. A spouse addicted to gambling. Often their partner will pull the plug on the relationship to avoid further financial ruin. Before this happens, the one with the gambling addiction must seek help/counseling asap.
4. Helping beyond your financial ability. This happens with retirees. They want to help their kids and grandkids and they should! But not at the expense of financial
ruin.
Besides, allowing children to learn new money skills and how to navigate financial challenges is a life-changing gift.
Married couples should remain in control of their finances at all times. They
should discuss their finances and draft a financial plan for their family.
This plan should include how to deal with debt.
Nothing kills a marriage faster than debt, especially when it's not the result of
mutual financial decisions. Struggling to repay loans and credit card bills gets discouraging pretty fast.
Managing financial woes in your marriage...
Communication is the ONLY way to fix a relationship facing financial ruin.
Find the root cause of your financial woes so you can
fix the situation once and for all.
Communication allows a couple to create a plan together for managing their remaining cash flow. Such a decision should never be left to one person.
Also, please leave your children out of it.
Include them if it might mean they need to change schools. Explain how you're new money management choices are creating a better future for the family.
Help everyone to see the hidden opportunities of the new situation. (It also helps if
the kids see mom and dad sacrificing too. )
If you feel that you lack the capability to fix your financial woes on your own, seek professional help.
This might mean seeing a financial consultant or
credit counselor. It might even mean starting over again with a clean financial slate.
Whatever you do, face the problem head on before it gets any worse. Protect yourself from further financial agony and fights about money .
Until next time, this is Mike Tucker and the Mad about Marriage Crew and we want YOU to be mad about marriage!
