Disparities in how you and your partner view financial matters can create serious rifts in a marriage. Here we discuss the top reasons why marital ships get beached on the shores of financial incompatibility.
Splitting the income may become a divide and rule game
To prevent disagreements spouses may agree to split the income especially when both partners are working and are wage earners. Such an arrangement may not be conducive to marital bonding as the senior partner may resent the spending habits of the junior earner or vice versa. The best option would be to pool the income and set a monthly budget that takes care of the essentials; then fix a discretionary spending limit for each partner so that they enjoy the freedom to chart their own expenses.
Handling the baggage of your partner’s debts
It is improbable that a man or woman enters a marriage without any financial baggage. Both partners have to sit down, disclose their loan portfolio honestly, and put their heads together to plan a joint debt servicing plan. Any withholding of information can be disastrous for the stability of the marriage.
Tackling deviant financial behavior
Personality clashes are inevitable in any marriage and varying spending or savings habits can let fly sparks that lead to a conflagration. Excessive spending, inability to save money, impulsive purchases, living totally in the present without a care for the future are examples of deviant financial behavior that need to be identified, discussed and ironed out as early as possible.
“I earn the money, I get to decide what’s good!” arguments
The working spouse-unemployed spouse combination has sufficient built-in contradictions to destroy a marriage if partners fail to put their heads together and cooperate in mutually deciding financial priorities and goals.
The financial responsibilities that children thrust on you
It costs an average of $250,000 to raise a kid from his pram through his teens all the way to college. Therefore deciding how many children you will have is less of an emotional decision and more of an economic imperative.
The burden of maintaining an extended family
A marriage brings together parents and relatives that constitute an extended arm of the family and many couples face the problems of funding destitute kith and kin or extravagant parents or relatives that may demand an increasing share of your financial pie.
Immediate solutions to diffuse a marital financial row
- Effective communication solves many problems even before they are born. A confidential chat while dating is great for assessing financial compatibility and a one-on-one session before the wedding ensures a stable marriage. Where considerable wealth is involved pre-nuptial agreements may be in order.
- A sincere effort is required to correct deviant behavior. Partners need to be open and honest in discussing their feelings and suggesting or accepting change.
- Spending decisions concentrated in one individual is fine if both partners are sensible, but if the decision maker is a spendthrift it is better to pool brains and decide finances mutually.
- Pooling of income resources can double wealth in no time if investments are handled carefully. Let one partner take care of retirement planning while the other takes care of healthcare and insurance, for example.
- Children can be taught to handle money carefully and to budget their cash that they get through odd jobs and allowances.
- As for extended families, try and settle a budget or ceiling on the extent of funding for various purposes, so that your own family goals do not suffer.
Deploying the auto collateral loan for handling the odd financial crisis
The loan for vehicle title has saved many a marriage from falling prey to financial catastrophes. The cash loan for title helps you avail up to 60% of your car’s resale value within seconds of applying the loan. The car pink slip serves as collateral for the car equity loan. The pawn car title loan offers multiple repayment options that swill not strain your budget. This money can be accessed within minutes the idea crystalizes in your mind and the cash can be effectively diffuse any financial crisis without costing you an arm and a leg.