If you tend to go back and forth with your spouse about money, you're not alone. Money can be a common source of frustration for couples, but it doesn't have to be! We at Coosa Valley Credit Union want to be sure our members are doing the best they can with the resources they have. Therefore, we've gathered up a few tips to consider if you're trying to get on the same financial page with your spouse:
As a couple, sit down and budget out our finances. How much is spent on bills, groceries, extras, and even travel? It's important that both parties agree on how funds are allocated. Moreover, anytime things change with your budget, both spouses should be involved. An increase or decrease in income, a new monthly expense, or just some rearranging should always involve a conversation about the budget.
You won't agree on everything when it comes to money, so be willing to compromise so that both partners can agree on the final outcome. Money is a difficult thing to talk about, but talking is key. Bring up frustrations when they occur and offer solutions that will work for both spouses!
We get it: finances are hard. There's a ton of lingo, bill amounts can always change, and maybe you like to splurge while your partner doesn't. How do you navigate that? If your finances are getting hard to handle, it may be time to get help from a financial counselor. You are always welcome to come to the credit union and talk things over with one of our Financial Services Officers - we would love to help you look for opportunities to get on track.
The key takeaway: It's important that you and your spouse both know how to deal with the finances. You both need to take part in creating and sticking to your budget, balancing accounts, and keeping up with receipts. Your marriage is a partnership, so you should work as a team to keep up with your finances. Teamwork makes the dream work!