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

  • close
    Howard and Kathy Powell meet with Alan Wardyga, a certified financial planner, in Lincoln, R.I., in this 2000 file photo. The key to money management in a marriage is good two-way communication. But once you have a plan, one person has to implement it.
    View Caption
  • About video ads
    View Caption
of

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.

1 of 5

Read Comments

View reader comments | Comment on this story

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK