5 Tips to Boost Your Family’s Financial Health

Dr. Charles and Elizabeth Schmitz

Simply hoping your money problems will go away will not solve them as it takes real commitment from both of you and your spouse to work as a team toward common financial goals. Work together to make ends meet today and to prepare for a financially secure tomorrow.

Get started with these five important tips:

1. Get on the same page with your spouse

You are in this together, so make it a team effort. Communicate openly and form consensus about all financial goals, choices, and commitments. Financial communication and sharing is the best insurance to prevent a serious fault-blaming session after a financial decision turns out badly. The blame game doesn’t work in love and marriage.

2. Develop a realistic budget- one that both of you can live with

The number one cause of stress in marital relationships is money problems caused from running up a  “load” of debt and not knowing how to get out from under the weight of it. Too much debt and not enough money at the end of each paycheck makes it tough to relax and enjoy life together. Work out a budget you can both agree on and stick to it. Put off purchasing anything that you don’t truly need until you save enough money to pay for it.

3. Taking action together is the best way of solving your financial problems

Agree on a course of action to live within your means and pay off your debts. Using the budget you developed together provides the clarity of purpose needed to find solutions to any financial problems that occur. That means not wallowing in self-pity; it is a wasted emotion. No financial problem has ever been solved by feeling sorry for yourself or your situation. Climbing out of financial difficulties takes focus, courage, a positive team approach and consistent action.

4. Never make a major purchase without talking it over with your spouse and then sleeping on it

You will be surprised at the number of purchases you don’t need (or even want) after you sleep on it.

5. Celebrate each time you have financial success such as paying off debt or finding a way to cut expenses

Fiscal responsibility is a virtue and an accomplishment to be proud of. Taking time to celebrate money milestones together creates the feeling that the next goal is even more achievable. (Just don’t spend all that you just paid off while celebrating.)

While finances are the number one cause of marital disagreements, once you solve your financial issues you can focus again on what really matters—being happily married to someone you trust with your money, future, your sacred honor, and with your love.

Source: Yourtango