Beware of your spouse’s expenses! Tips to handle an overspending partner

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By: Phil Bradford
on 26th Oct,2016

Know your spouse’s spending habits to stay financially fit. Also, check out some tips to control your spouse’s overspending habit.
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Going on a long drive and eating out with your spouse can be fascinating. But, in a relationship, you’ve to take care of other things too like your spouse’s spending habits. When you decide to get married, you should be aware of your spouse’s money habits. If he/she has some bad money habits, it can take a toll on your finances as well. The sooner you know your spouse’s spending and saving habits, the better will be your financial future and relationship.

5 Tips to know your spouse’s money habits

How well do you know your partner’s money habits? Is your spouse honest with you regarding money matters? Think again! Well, if you’re confused, you can take help from the tips given below. These tips will help you discuss money matters with your spouse.

1 Know your spouse’s outlook toward spending

Finances are important in a relationship, so as knowing your partner’s money habits. Overspending will drain out your savings and leave you financially barren. So, before marrying, you should understand your partner’s attitude toward spending.

Try to find out the reasons that trigger your spouse’s spending and saving habits.

Knowing your spouse’s monetary behavior will help you deal with many financial difficulties peacefully.

2 Stop the blame game

When discussing money with your partner don’t blame each other for financial mistakes. If you do so, your partner won’t be comfortable in sharing his or her financial worries or mistakes with you. It’ll complicate the situation. So, respect each other's financial decision.

If there is any mistake, try to find a suitable solution instead of blaming each other.

3 Give suggestions

If your spouse is a heavy spender, don’t rebuke him or her. Instead, suggest low-cost alternatives to your spouse. Using coupons and codes while shopping, using cash instead of a card, strategic spending, less expensive entertainments, using envelope budgeting are few options.

4 Share financial goals

Before making a big financial decision like buying a house or starting a business, you must tell your spouse about your plans. Initially, both of you can create a detailed common budget to track your income and expenses. If you and your partner maintain a common budget, it’ll help you to understand your spouse’s spending behavior well. Thus, less conflict over money matters.

If both of your income levels differ, then you have to handle your joint finances carefully.

5 Keep record of expenses and savings

Whether you are married or not, maintaining a record of your monthly expenses and savings is a must. It’ll help you to keep track of your finances. Does your spouse maintain a record of his or her finances? If not, then tell him/her to do that immediately. By doing this, you will understand your spouse’s spending habits. Moreover, both of you will have a strong financial bond.

5 Tips to handle an overspending spouse

Does your spouse’s spending habits leave your finances helpless? Yes? Then it’s high time to take some steps for managing finances better.

Is changing your spouse’s spending habits hard and stressful? If so, then follow these tips. Though these tips won’t change your spouse’s spending habits completely, yet these would at least ease your stress level.

1 Keep a loving approach

Do not charge your spouse for his/her money mistakes. Instead of finding faults, find a solution to your partner’s financial problems. This would help both of you to communicate better. You must approach your spouse in a loving manner for discussing money. Explain how you want to help him/her with managing finances.

If you approach your spouse lovingly, then he/she would be able to believe you and won’t hide anything from you.

Remember, a friendly approach is best when you want to solve your spouse’s financial complications.

2 Plan a budget

If you have not made a budget, then create one with your spouse. Budgeting is the best medicine for any financial injury. If you can plan a proper budget, then it’ll solve most of your financial problems. Moreover, it’ll bring your finances on the right track.

Do you already have a budget? If so, then it’s time to revise it. It’ll help you find the flaws in your previous budget and at the same time cover the loopholes of it.

Make your spouse understand the importance of budgeting.

3 Control expenses

Without controlling expenses, you won’t achieve financial freedom. If your spouse spends too much, then sit with him/her and decide the ways of controlling expenses.

One of the best ways of controlling expenses is through envelope budgeting. This is the most effective way to restrict overspending.

4 Set realistic goals

Once you have planned a budget, you must now pay attention to long-term financial goals.

Try to pay off your debts, if any. Open an emergency fund and work toward saving for retirement.

You must set goals that are easily achievable.

5 Discuss financial matters regularly

When in financial confusion, discuss money matters with your spouse. If you are well aware of his/her overspending habit, then hold financial meetings regularly. These financial meetings will help you monitor finances and discuss progress. Tell your spouse how overspending can affect both of your financial health.

Last but not the least, you can always take help from a financial adviser when in a financial dilemma.

Do you have an overspending spouse? Yes? Then, what are you doing for controlling your spouse’s expenses? Do share your experience with us.
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