It is important to be completely honest about your finances with your spouse. This can be difficult at times, especially if you are spending more money than your spouse would approve of. It can also be difficult if you just do not have enough money each month—the situation is stressful and you may just want to avoid thinking about it, let alone talking about it. It may be that you have credit card debt that your spouse does not know that you have racked up. You may be hiding a savings account from a less frugal spouse as well. It really is important to be completely open about your finances with your spouse. Here are some tips that should help.
1) You should begin by having a discussion in which you both agree that you will be completely open and honest with each other. You should avoid becoming angry if you learn about debt that you were not aware of, and you should decide to move forward together from this point on.
2) Once you are aware of the entire situation, and you see how much debt you have as a couple you should sit down and formulate a plan to eliminate the debt. This should really be included in a basic budget that you establish with your spouse.
3) You should begin to hold monthly or weekly budget meetings so that both of you know exactly where the money is going at all times. This can help you to achieve your goals, and it helps to eliminate the pressure that one spouse feels as he/she tries to manage the budget on his/her own.
4) Budget in mad money or fun money. It is important that you each have a set amount of money each month to spend as you see fit. You are not accountable for how this money is spent. You can use it in anyway that you see fit.
5) Agree that any purchases over $50.00 or $100.00 be approved by your spouse before you spend it. You may wish to exclude things like groceries from this category as long as you are not overspending in the category. This rule will help you to cut out frivolous purchases. You should also include monthly membership fees to this rule as well.
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