By Matthias Sim Managing money is a lot simpler when doing it for yourself but a

household of two incomes; debts and different spending habits can take a toll o
n the happiest of relationships. It has been found the money is one of the prima
ry reasons couples fight. However, it doesnt have to be so. Here are some tips on
dealing with money issues in marriage. Understand your spouses spending habits A
ttitudes about money are extremely personal and it is unlikely that two people w
ill ever see eye-to-eye on everything. But there are always ways to compromise.
The first step to compromise is of course being aware and understanding your spo
uses spending habits and attitudes about money. It isnt about finding fault or app
ortioning blame as everyone will have strong and weak points. For instance, one
spouse may be a better saver but the other may be a savvier investor. Discover b
oth of your strengths and weaknesses so you can make the most of the good and mi
nimise the bad. To make this work, you will need to have a serious conversation
with your spouse about money management. Be candid with your sharing and avoid m
aking judgments. If, however, in the rare event the conversation reveals that yo
u are at an impasse and cannot find middle ground between the two of you; consid
er reaching out to a financial counselor for advice. Create a spending plan Once
you and your partner have come to an agreement on where and how each of you can
contribute to managing the household finances; it is time to face the numbers a
nd come up with a spending plan and household budget. Go over your fixed monthly
expenses; the utility bills such as electricity and water; loans such as car lo
ans, mortgages and credit-cards as well as necessities such as groceries, fuel a
nd food. Once those are subtracted from your household income, move on to your v
ariable expenses such as entertainment and leisure. Of course, always remember t
o take into account a sufficient amount of savings. The spending plan is meant f
or both spouses and once it is completed, you can figure out where you and your
partner can cut costs and save money. Live debt-free Having a budget is half the
battle; the other is sticking to it. Sometimes a good budget can be railroaded
by an overload of debt. Although home loans and car loans are unavoidable; consu
mer debt, especially credit cards and personal loans can place a great deal of s
tress on your relationship. Where possible, avoid racking up such debt. Although
it may seem like micro-managing, you could opt for one joint credit card accoun
t so both of you are aware everytime a charge is entered onto the card. Some may
lament the loss of privacy but it is important to note that should one person d
efault on a necessity such as the mortgage, both of you stand to lose your home.
Marriage will leave you a little vulnerable to the spending habits of your spou
se so be as considerate as you would like your partner to be with you. If you ar
e adamant on keeping a private account, be sure not to burden your spouse with r
esponsibility of it later on. It is of course important to remember that with an
y financial best practices; you ultimately tailor it to suit your needs. Communi
cation plays an important role in almost every area of marriage and money manage
ment is no exception so talk about it and come up with the best practice for you.
With some frank discussion and prudent planning, you will likely be able to nego
tiate the money bends of marriage just fine. This article brought to you by Matt
hias Sim from RinggitPlus.com. We believe all Malaysians should have access to f
ree, accurate and independent personal finance information - See more at: http:/
/www.freemalaysiatoday.com/category/leisure/2013/10/08/marriage-and-money/#sthas
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