Everyone knows that nearly half of marriages end in divorce, but did you know that studies have now found that fighting over finances is the number one predictor of divorce? Indeed fifty percent of those that do divorce end their marriage because of financial tensions.
Effective budgeting and planning your finances together can literally save a marriage. I’m not necessarily suggesting every married couple has joint bank accounts but creating a household budget together in a transparent way has a whole host of advantages.
Tim Maurer listed these advantages in his article for Forbes titled ‘10 Ways Budgeting Saved My Marriage’:
- Develops healthy collaboration
- Offers healthy accountability
- Develops a more humble nature
- Develops our ability to reconcile
- Provides opportunities to celebrate
- Reduces surprises and equips us better for the unexpected
- Allows us to consider appropriate levels of spending on children
- Encourages us to depend on our partners and trust them more
- It helps us remain independent meaning partners have equal spending on things like entertainment
- It enables couples to have a date night and spend romantic time alone
Can you think of any other ways that effective budgeting saves relationships? Have you experienced financial disagreements with your partner? Have you considered getting your partner to download the budgeting spreadsheet and have you both create a budget so you can agree how to work together financially? Please share your thoughts in the comments below to gain encouragement, insight and support from our community, we’d love to hear from you.