This is a guest article by Clara Mitchell
Managing The Three M’s: Marriage, Money and Mental Health
Finances are an important part of any marriage, but they can also be a source of conflict and stress. In fact, finances are the number one source of arguments in most marriages. What’s more, financial disagreements are one of the most cited causes for divorce.
But how often does any married couple sit down and carefully think about how to make the financial side of married life a blessing rather than a land mine field of arguments?
Managing finances effectively is essential for a healthy and happy marriage.
In this article, we will explore how couples can avoid marital conflict over finances and maintain a strong relationship. We will discuss the intersection of finances and mental health, tips for teaching children about money, and practical strategies for avoiding conflict over finances.
By following these tips, couples can manage their finances effectively, minimize stress, and build a strong and successful financial future together.
The Intersection of Finances and Mental Health
Financial stress can cause significant mental health problems such as anxiety and depression.
These mental health issues can create even more tension in the marriage, leading to further conflicts. Therefore, it is essential for couples to manage their finances in a way that minimizes stress and promotes good mental health.
One way to manage financial stress is to create a budget. A budget can help couples track their spending and identify areas where they can cut back. By having a clear understanding of their finances, couples can feel more in control and reduce feelings of anxiety or uncertainty.
It’s also important for couples to communicate openly and honestly about their financial goals and concerns. They should set aside time to discuss their finances regularly and work together to create a plan for achieving their financial goals. This communication can help avoid misunderstandings and prevent future conflicts over finances.
Teaching Children About Money
Couples with children have the added responsibility of teaching their children about money. This is no different than teaching them how to manage their time, their homework, their emotions, and other challenges they face during their race toward adulthood.
It is essential to educate children about the value of money and how to manage it responsibly.
Teaching children about money from a young age can help set them up for financial success later in life.
Parents should involve their children in the family’s financial decisions and explain the reasoning behind their decision. It can help children develop an understanding of financial management and become responsible with money themselves.
By providing an allowance, or a means to earn money by doing extra chores around the house, children will quickly develop an even keener appreciation of money and also have a growing desire to be disciplined in how they spend it (at least how they spend what money they have earned).
Tips for Avoiding Marital Conflict Over Finances
Create a budget - Creating a budget can help couples track their spending and identify areas where they can cut back. It can help minimize financial stress and prevent future conflicts.
Communicate openly - Couples should set aside time to discuss their finances regularly and work together to create a plan for achieving their financial goals. This communication can help avoid misunderstandings and prevent future conflicts over finances.
Set financial goals together - Couples should set clear financial goals and work together to achieve them. It can help prevent disagreements over spending and ensure that both partners are working towards a common financial future.
Financial education - As a team learn about the costs and benefits of different approaches to covering essential expenses. This includes renting versus a mortgage, leasing a car versus buying a car, putting money in an IRA versus a ROTH, and even something as mundane as the ins and outs of car insurance coverage.
Understand each other’s financial values - Couples should take the time to understand each other’s financial values and priorities. It can help avoid conflicts over spending and ensure that both partners are on the same page.
Seek professional help - If couples are struggling with financial conflicts, it may be helpful to seek the advice of a financial advisor or therapist. These professionals can provide objective advice and help couples work through their financial issues constructively and positively.
Conclusion
In conclusion, finances are an integral part of a successful marriage, and conflicts over money can create significant strain and even lead to the end of the relationship. However, by taking proactive steps to manage finances, communicating openly, setting financial goals, understanding each other’s financial values, and seeking professional help when necessary, couples can avoid conflicts over finances and build a healthy and happy relationship.
It is also important to remember that managing finances requires ongoing effort and dedication, and working together towards a common financial future can help achieve financial success and build a successful marriage. By following these tips and taking a proactive approach to managing finances, couples can ensure that their finances are a source of strength and stability in their marriage rather than conflict and stress.
