In light of the economic challenges that many face, it becomes easy for discussions about budget or spending to turn into clashes that negatively affect the relationship.
But managing money intelligently and transparently can make these difficult times an opportunity for cooperation and building deeper understanding between spouses.
“Don’t let money affect your marriage” is not just a slogan, but rather a call to learn how to manage financial affairs jointly, and find a balance between spending and saving, which contributes to enhancing interdependence and understanding between spouses away from financial pressures.
In this context, a report by the “Economic Times” platform indicates that:
- Things can go very wrong if you don’t know your partner well.
- Before tying the knot, the couple talks about many things. Conversations may revolve around their favorite movies, vacation destinations, and culinary preferences, but crucial conversations about money usually get overlooked.
- Significant differences in financial habits, where one partner is a diligent saver and the other enjoys spending, can lead to friction.
- Some disagreements are easier to manage, but larger disagreements can be a constant source of stress.
“It is necessary to educate each other on financial matters, so that decisions are made mutually, preventing stress on the relationship,” the report quoted Anand Rathi Wealth’s Executive Vice President, Firoz Aziz, as saying.
Financial disagreements can make a relationship worse, as a study conducted by the US-based Jimenez Law Firm found that financial disagreements cause 29 percent of divorces in that country.
He adds:
- The key to preventing financial struggles after marriage is open communication.
- Both partners should feel comfortable discussing financial matters without fear of the other’s judgment.
Finsafe director Mirren Agrawal, advises: “Many couples are reluctant to talk about finances, for fear of sounding like they are money-oriented or controlling.
However, financial issues are a major cause of divorce, so it is important not to avoid these conversations.”
“Instead of asking direct probing questions, treat the topic as a broader discussion about life goals, values, and how finances fit into that,” suggests psychologist Megha Dutta.
Financial decisions are often shaped by a person’s background and past experiences, just as are daily habits. It is important to find a partner whose financial thinking matches yours. The first step is to understand your financial habits.
Honesty and transparency
Financial markets expert, Hanan Ramses, pointed out the importance of frankness and transparency between spouses in managing the family’s financial matters, stressing the need to discuss current capabilities and develop a budget that takes into account priorities, while allocating an aspect to saving to confront emergency circumstances. She also stressed that continuous debt is not a sustainable solution, but rather requires looking for ways to increase income, such as overtime work.
She added that the wife must contribute to the responsibility of the home, even if only partially from her income, but without feeling that all of her income is allocated to the home, while leaving the freedom of choice to her.
In return, the husband must be supportive and not impose full commitment on her. This is because financial participation is normal when the wife feels the difficulties facing the family.
She touched on the importance of saving any additional income, with the possibility of investing it in assets such as gold, the stock market, or fixed assets, if the capabilities are available.
As for families with limited means, they should focus on the basics and avoid luxuries.
Ramses pointed out that absolute frankness in knowing the sources of income between spouses contributes to avoiding financial problems, as a lack of transparency may lead to clashes.
She added that financial disputes are common even in relationships that began with love and understanding, and therefore the wife must be wise in her actions, especially if she is accustomed to a different standard of life in her father’s house.
She explained that success in managing a home depends on careful organization, by recording expenses and revenues just as any company’s budget is managed.
Financial culture
The director of the Roya Center for Economic Studies stressed that managing financial matters begins with instilling the concept of “financial culture,” which is a concept that is not widely spread in the cultures of many societal groups, explaining that the curricula in the basic stages, such as primary and preparatory, lack student education. How to handle money. They are not taught simple concepts such as “income equals spending plus saving plus investment,” which enhances the financial understanding necessary to manage income in a balanced manner.
He added that it is important to teach children to divide their expenses into three parts: one for saving, one for spending, and another for investing, even if the investment is simple. The idea is not only to save or spend, but to learn how to manage money intelligently… and from here begins sound financial education, which later helps individuals manage their family affairs.
Regarding financial matters between spouses, the director of the Roya Center explained that these matters are formed since childhood, and grow with the individual.
He pointed out that Financial crises It does not begin after marriage, but rather from childhood due to the lack of correct guidance about saving, spending, investing, and making purchasing decisions.
He also addressed the problem of the high costs of marriage in Arab societies as a result of increasing material requirements, such as luxury brand furniture and multiple electrical appliances. He stressed that these high costs, in addition to low salaries and high prices, lead to delaying the age of marriage and increasing the rates of spinsterhood.
He advised the need to avoid debt and live simply at the beginning of married life. He also encouraged the couple to work overtime or start small businesses, even from home, using e-commerce or social media, as a way to achieve financial stability and gradually reach a level of wealth.
