• Thursday, May 23, 2024
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BusinessDay

How to cope with your spouse’s spending habit

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When marriage is contracted between two people, it is not just the coming together of two people from different social backgrounds but it is also the coming together of two different financial histories, two different money spending habits and two different money concepts.

Considering that your concepts of money and spending habit differs from that of your spouse, one of you can be a saver while the other may tend towards spending, spending and spending.

Finding a balance and a compromise between these two different financial habits may result into conflict if not managed properly.

First of all appreciate the fact that the both of you are different and recognise your strengths and weaknesses in dealing with money.

Then discuss your differences, if you are the saver, then know how to keep the family’s resources safe and give advice to your splurging spouse on what you think you should spend on that will be beneficial to the family.

Devise a plan on how the family finances should be spent, saved and managed because if you fail to do so, you will be in for it. Never give it a second thought to be involved in revenge spending or caring less about the family finances because of the attitude of your spouse because it will still hit back at you.

You can patiently press your splurging spouse to consider putting the needs of the family first before engaging in spending. Try to let them understand that they can spend on their wants after meeting the necessities in the family.

It is also advisable that each individual maintain separate accounts in this situation to avoid the splurging spouse spending the family funds on unnecessary things.

Occasionally give yourself a treat so that you don’t become overwhelmed by resentment because of your spouse’s spending habit especially splurging on their personal wants and not the needs of the family.

Hope Ikwe