Don’t Battle Over Bills Stop Arguing and Start Growing

Money isn’t worth fighting over. the more you fight, the less likely you will be to decide on goals and pursue them as a team. Check out the common husband-wife scenarios below - and read on to understand what you’re really trying to tell each other - and the best ways to stop bickering and start building your net worth.

At almost eight percent of overall household spending, groceries do bite a big chunk out of the monthly budget. But unless you’re indulging a secret passion for exotic vinegars or imported prosciutto, there’s probably no a lot of slack in your bill.

Invite your spouse to come along on your next grocery grab. Once he’s staggered by seeing that a kilo of boneless chicken breasts are on sale for P125 a kilo, brainstorm better ideas for saving on food purchases. Pack your lunch, limit the lattes, whip up scrambled eggs one night instead of ordering pizza.

Couple who make substantial purchases on their own are playing power games - and the big loser is their WALLET.

Set a limit on how much either of you can spend without consulting the other. Then establish a formal process for considering large purchases. Suggested first step: Reasing an agreement on whether the time is necessary. That means you buy a new coffee table only when you have both decided it’s time to fix up the living roo, not when you happen to see one you like.

Subjecting all personal purchases to scrutiny isn’t the way to save money either. “Each partner thinks that he or she only buys what’s reasonable, while what the other buys is frivolous,” says personal finance expert Deborah Knuckey. The result is that you both keep spending while continuing to get mad at your partner or doing the same.

Establish a “luxury” fund with a monthly limit, maybe P1,000 or P4,000, that is the exclusive preserve of each - no questions asked. If one wants to spend it on gumballs and the other on new china, fine. The pleasure of exercising absolute control over a certain amount of money makes it easier for spouses to compromise with each other on big expenditures.

Sometimes the biggest question in life is when to live it. While some money priorities are obvious - better to pay the orthodontist bill on time than to pay the mortgage off early - others are a harder call.

Develop that emergency stash, but earmark extras like tax refunds for your dream fund. In a true catastrophe, you can always tap those savings as well. But barring disaster, you’ll have enough to take the trip of a lifetime in the middle of your lifetime, rather than at the end - or never at all.

When it comes to teaching kid financial responsibility, there are so many theories as there are ATMs. But one fact can’t be ignored: Money handed out to children needs to be treated as what it is - another monthly drain on your resources - and monitored accordingly.

Pay your child a regular allowance, then cut down on parental conflict by designating one spouse the go-to person for additional money requests. (But agree to talk over big purchases together.) Also, be blunt with kids about what the family can afford.

There’s nothing like money to bring out all those trust issues in a marriage, but trust us: It’s harder to stick to a budget and meet savings goals if you’re operating out of two checkbooks.

When couples divvy up payments, neither gets the real overview of where all the money goes. And without that picture staring you in the face, it’s tough to keep savings on track. If you must have a private stash, you can each contribute to a joint account in proportion to your income; pay household expenses through that a count and detour some into savings.

Arguing about little things misses the point and locks you in to money draining power struggles.

Focus on numbers, not behaviour. If you, as a couple, aren’t meeting your savings goals, you’re going to have to turn off the lights and forego manicures. Stop arguing and start growing - your relationship and your cash.

source: thegoodhousekeeping