Money Management Communication is Key to A Happy Home

Money isn't the root of all evil, but evidence suggests it is the leading cause of separations and divorces

throughout the world. Even if both partners agree to the overall idea that they need to manage their money better, problems arise, when they disagree over how to manage the money or have miscommunications regarding who is or isn't going to do what with the money.

Here are a few universal truths to keep your money management plan for a happy marriage from falling apart as rapidly as your marriage.

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Make Sure Both Partners have Some "Fun" Money of their Own

Invariably there is one person who makes more money than the other in the relationship. Neither partner should be investing 100 percent of earnings into the bill, family, and grocery till. Both of you need a little extra money to pursue things that are important and enjoyable to you without jeopardizing the entire family budget. In order words, you need to plan a set amount for fun money, for each of you, before you do anything else.

Don't Overlook the Children

Invariably when this happens, the responsibility of giving the kids fun money falls on one parent or the other and it almost always comes from the "fun" money fund - rendering it not so fun. Whether it's setting aside funds for allowances, school needs, clothing, entertainment, sports, etc. those expenses need to be factored into the family budget and a set amount of spending for these things needs to be determined as well.

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Choose Areas of Drastic Spending Restraints Together

Both voices in the relationship need to chime in where major spending cuts are concerned. Sacrifices need to be made on all sides of the equation if you're going to set financial goals and plan for a financial future together. Otherwise, why are you working to save for the future at all? It's about togetherness and shouldn't feel as a punishment for one person while the other person is making few, if any concessions.

Put it All in Writing

Iron out the details. Write it down. Make a copy. You both must be on the same page when it comes to the new family budget and money management efforts if either of you are going to be happy with the outcome. More importantly, seeing the revised plan on paper gives you both the opportunity to see if there are any spending weaknesses, forgotten expenses, or other concerns that have been overlooked in your plan.

It seems like such a simple step, and yet, so much can be riding on working it out amiably. Don't let your relationship go down without a fight because one of you has a hard time managing money. Sit down and work on a plan that promises success.

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