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- Give yourself “free” money every month. Everyone should have financial freedom. Whether it’s a couple dollars or a couple hundred dollars, having your own money helps you feel like you have control in the relationship.
- Be realistic about how much money you have and set an appropriate budget. Do not purchase something if you can’t afford it.
- Do not hide your spending habits from your spouse. Honesty is a key part of any successful relationship.
- Consult with your spouse before making big purchases.
- Never use money as a power play. If one of you is staying at home with the kids or doesn’t make as much money, never hold that against them. Don’t tell your partner that you get the final say because you make more money. You need to be a team.
- Use separate bank accounts. Dr. Phil suggests having separate bank accounts because it is important to have independence and your own discretionary money. Of course, do what you think would work best for you.
- Decide who is responsible for what. Make sure you talk about who’s responsibility it is to make sure the bills are paid. Even if you are living on 1 income, you can still split up who will be in charge of mailing/ calling in payments for miscellaneous bills every month.