One of the most common sources of conflict in marriage is money. How to prevent money arguments with your loved ones, how to save and spend your family budget smartly– you’ll know in this video.
When it comes to family problems, you’ll often find money at the center of it all. According to a SunTrust Bank report, about 35% of all families have tension in their relationship because of money matters. A 2017 study by LearnVest shows that in 68% of American relationships, money causes more problems than sex.
Should Couples Have Joint or Separate Bank Accounts?
What is better? To have a joint family budget or to split the financial earnings and expenses between two spouses, keeping their financial matters private?
According to Washington Post columnist Carolyn Hax, her financial independence allowed her family to pay off their home loan four years earlier.
Hax was responsible for credit payments in their family, while her husband would pay for family expenses such as groceries and clothing. She would secretly pay $150 a month more, and the happy ending came earlier than expected.
How to Reach Your Financial Goals
Authors of the early retirement blog www.1500days.com believe that only shared financial goals, full trust and financial transparency allowed couples to reach their financial goals more efficiently and quickly. Also, the whole world knows about these results from the website, where the readers can follow their story on how to earn $1.8 million by cutting expenses and investing wisely.
While family psychologists are making money on fixing (financially) broken relationships, we can say that it is important to save – and to use the money in the best possible way. Investment for the family’s future and debt payoff looks good no matter whether the source is a personal or joint bank account.