5 ways couples can end money spats
February 11, 2013
Are you fighting with your spouse over money? If so, you could be doing more damage than you realize. Fights with your spouse are never easy, but evidence shows that arguments over money can be particularly distressing. Communication is the key to resolving money issues, experts say.
Be financially transparent: Financial transparency is the foundation of good communication. If you’re not open with your spouse about your finances, it’s very hard to have an intimate relationship.
Exchange information: Jean Dorrell, a certified estate planner in Summerfield, Fla., who counsels couples about money, recommends that couples share credit reports and tax returns. That way, nothing is kept secret. This would ideally occur before they tie the knot, but it can still be effective if done at the beginning of the marriage.
Establish a budget: Creating a budget for you and your spouse will take the guesswork out of your money arguments. A budget gives you factual information. A lot of arguments around money have to do with assumptions and emotions. If you have a budget, you can take a look strictly at the numbers, which will enable you to have a fact-based discussion.
—Courtesy of MSN Money