Personal Finance: Budget, Tax, Saving & Spending Tips for Couples

Marriages break up for two reasons — sex and money. If couples are responsible about these two things then they will have a good shot at a happy marriage.

Like lust, romance comes and goes, but running a relationship is the basis for stability that allows lust and romance to settle in and stay. A shaky basis makes lust and romance foreign acquaintances to marriage.

Running a marriage means that money must be managed. There are many creative ways to structure your money management within a couple. Here are a few ideas:

1. Make all decisions equilaterally.

2. Delegate responsibility and communicate regularly.

3. Assign unilateral money management to one partner.

There is no right or wrong way to do this — there are only ways that are compatible to yours and your spouse’s personalities and others that are not suitable for you two as a couple.

GETTING A TAX REFUND?

Getting a tax refund should be good news — unless a couple has a history of imbalance in money management. Then, getting a refund can be a big source of stress.

Here’ a good plan for getting a refund:

1. Find out how much the refund is for.

2. Agree on a quiet, undisturbed time to sit down and decide what to do with the money. Much anxiety over money comes from one person in the relationship being afraid that the other person will spend the money without mutual consent. If it’s clear that there will be discussion and planning of what happens to the money, there will be ease between the couple.

3. Make a list of possible things to do with the money that include investing it, using it to pay off a debt, spending it, donating it to charity. Be specific. Think outside the box. Listen to each other pitch these ideas as to what to do with the money. Discuss the ideas without fighting or imposing judgement.

4. Make decisions about how to spend the money as one step in your financial life together. Use this discussion as a spring board about ways to handle other money issues in your life.