Stop Fighting About Money TODAY
When it comes to budgeting, oftentimes there will be disagreements on how money should be spent or where. According to our research, money or financial concerns are always listed in the top 10 reasons for divorce. It’s no surprise this makes this list, as finances can be a struggle to balance for many couples. Instead of leading to irreparable disagreements, use finances to come closer together.
1. Get on a budget.
First and foremost, the best thing you can do to resolve financial disagreements is to get onto a shared budget. By working together to create the budget, couples can be on the same page and create financial goals together rather than separately. They both have input into how money is being spent and what is being saved. Both parties will have an understanding of the budget and will work to ensure the financial goals are met.
If you’re not sure how to start a budget, or you have a spouse who is not willing to get on a budget, check out these recommended posts:
2. Find a compromise
This tip seems like a no-brainer. But, when faced with a financial disagreement, you need to find a compromise, one that agrees with the budget of course. For example, in our budget we have a “household” fund and a “personal” fund – the household is designed for household projects, organization, decorations, and general household needs. Personal is designed to be used for clothing, shoes, and other personal items either of us may need. Both have the same dollar amount budgeted each week. However, my husband uses the household fund for his “household” projects (building or creating things for our house), including purchasing tools and supplies.
The same can be said for our “personal” fund – I use most of it each month for crafting, clothes, etc. This is a compromise we came to a couple of years ago. However, if one of us needs to purchase something from the other fund, we simply let the other person know and the money will be there by the next pay period for us to utilize.
3. Learn patience.
As a natural spender, this took a lot of time for me to learn. With the finances, I had to learn that the word “no” when discussing finances was not always a hard & fast decline. Instead, it usually meant, “not right now” – meaning we could potentially make the purchase in the future, we just needed to save for it. As a saver, the same can be true. Savers need to learn to be patient with their natural “spenders” by continuing to give grace for overspending, and be patient with the learning process. Speaking from experience, it is 100% possible for a natural spender to live on a budget.
There you have it. These are our tips for resolving a financial disagreement. In the past, these strategies have worked well. What is your best tip for resolving financial arguments?