Money problems may not be the #1 reason for divorce. But is fighting over money the first step to divorce? According to a recent survey, arguing over money is a predictor of divorce. Other arguments over kids, in-laws, and even sex do not predict divorce like financial fights.
That is very interesting to me. We’ve had many financial challenges and strains during or 12-year marriage. But I don’t remember fighting over money very often, if at all. We have fought…and fought…and fought. But those fights were not financial fights. So, if you think like me, you are probably thinking, “if financial fights are a good sign a divorce might follow, then how to I avoid financial fights?”
I recently read an article on Your Tango about ways to avoid financial fights with your spouse. I thought it was dead on! As I read it, I noticed some similarities in our marriage, and how we’ve avoided financial fights for the most parts. If money fights are the predictor then let’s do our best to avoid financial mistake which may lead to these fights.
Here are 7 financial mistakes you should avoid to keep your money fights to a minimum.
7 Financial Mistakes Which May Have You on Divorce’s Doorstep 1 of 8
Click through for 7 financial mistakes which may have you on divorce's doorsteps.
Hiding money 2 of 8
Not having an emergency fund 3 of 8
Thinking you know everything about money 4 of 8
Financial literacy is important if you want to do more than just get by. When you or your spouse think you know everything about money you may not seek counsel or advice. Not seeking ways to improve your knowledge of money, saving, and investing may have you making unwise money decisions without even knowing it.
Not living off a budget 5 of 8
Spending more than you earn – aka using debt 6 of 8
Not agreeing to spending thresholds 7 of 8
You and your spouse may not have the same spending habits. Maybe you are frugal and your spouse is a free spender. Avoiding discussing this, or not agreeing to a spending threshold may lead to hidden money, secrets, and stress when it comes to spending, or not spending money.
Not discussing money with your kids 8 of 8
Your kids are going to be one of your biggest expenses. Not clarifying money matters with them may create an atmosphere where they play one parent against the other. Clarifying money matters will let them know you are on the same page, and they should be too. It will also better prepare them to handle finances when they are older and lessen a future potential financial burden for you.
Questions: What other suggestions do you have to avoid financial mistakes and financial fights?