Money management is a crucial aspect of any relationship, including marriage. According to a study conducted by the Institute for Divorce Financial Analysis, financial issues are one of the top reasons for divorce in the United States. This is not surprising, given that disagreements about money can lead to stress, resentment, and ultimately, the breakdown of a relationship. Couples who fail to manage their finances effectively may find themselves struggling to make ends meet, which can put a strain on their marriage. On the other hand, those who are able to work together to create a sound financial plan can strengthen their relationship and ensure that they are better equipped to handle the challenges that life throws their way. In short, money may not be able to buy love, but it can certainly impact the success of a marriage.
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The Get Up! Church’s resident financial expert, Clyde Anderson stops by to talk about the top 3 money problems for couples and how to fix them.
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1: Make appointments
Anderson: We have to run our families and our marriages like businesses. You know, I’m Anderson incorporated. My wife is my CFO and my children are my shareholders. And I have a fiduciary responsibility to them, so I’ve got to make sure that I’m having regular meetings.
2: Get clear on who will manage the money and how he or she will do it
Anderson: Now we all have strengths and we also have weaknesses and we got to be real about it. You got to know who’s the spender, who’s the saver and so you don’t put somebody that’s a spender in a position of a budget, you know, to save it so you got to know who should be doing what.
3: Stay on track and don’t let your desires or emotions take over.
Anderson: You gotta stay on track because it’s so easy this way. It’s so easy to see other people doing things. Maybe we need a trip to. Maybe we need to buy a new car. Maybe we need to do this and that. Keep up with the Joneses and those things can ruin our connection. And so we’ve got to make sure that we’re not. Withstanding on track, but if I don’t, have a goal. If I don’t have a destination of where I want to go. It’s so easy to take any exit that comes up, and I don’t want to do that. I want to have a go. I’m going to stay on track and I want to get to the destination. So together we come up with that thought and know what. It is. We hold each other accountable and we don’t sway because we know where we want to go and nobody’s going to get us off.
The article “Top 3 Money Problems For Couples & How To Fix Them | Money Monday” was created with the help of ChatGPT
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