Money management: Five steps to improve it in your marriage
Men may be from Mars, and women from Venus – as the 1992 best-seller put it – but we deal with money matters on planet Earth. When a spender marries a penny pincher and they don't talk about managing money, it can strain a marriage. Of all the common things couples fight about, money disputes are the best harbingers of divorce, according to a study at Utah State University. Make it a goal this year to improve the money management in your home by opening up the channels of communication. Here are five steps to get you started:
1. Appoint one bookkeeper
Both marriage partners need to be involved in the decisionmaking and goal-setting duties around money. But once your money management plan is agreed upon and a strategy set, one person should be in charge of executing it. The best person for this job is the one that is the most detail-oriented. Make that person the bookkeeper.