What To Do When Your Spouse Is Bad With Money

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The way that we view our finances is largely influenced by our life experiences – How you are brought up by your parents, how much money you have dealt with in your upbringing, and many other factors come into play. When it comes to a relationship, you are highly likely to have a differing money personality from that of your partner. How, then do you deal with a partner that suffers from poor financial management?

Here are 5 things that you can do.

1. Communicate the problem

When you fail to communicate a problem it eats you up on the inside. Bottling up emotions is never the answer so the first step is to bring up the conversation with your partner. Explain to them your concern and your point of view. In some instances, a person may not even be aware of the problem and that’s why you must tell them. Lay the cards on the table and explain how making the wrong money decisions will impact your current situation and any future financial situations – short and long-term.

2. Lead by example

You cannot preach water and drink wine, especially not when you are trying to solve a problem. So, if you’re trying to help your partner to stop overspending, or to start saving, then you have to do exactly that. This will help him to see that it is indeed possible. Sometimes actions can speak louder than words when it comes to getting your partner on board with your financial goals. Be the change that you want to see in your partner.

3. Take financial courses together

In this day and age, we literally have no excuse for ignorance. There is so much information on the internet that can help you to get on track with your financial goals. First, establish what goals you and your partner are working towards, and then find appropriate courses that can help you to attain those goals. You can find contextualised financial courses for the Kenyan economy, such as those by Centonomy, Africa’s pocket or The Legacy HubWhy You Should Consider Taking Classes On Finances And Investments

4. Budget together

Budgeting is a very eye-opening exercise. With the right templates, you get to see just how much money you waste away every month. This can be an epiphany for a partner with poor financial management habits.

Depending on your situation, you may want to dig deeper and recognize why your partner is not good with money. Perhaps he never learned about money growing up. Maybe she thinks she’s good with money when she actually isn’t. Take the opportunity to communicate and manage money as a team. Decide how much money you’ll allocate to daily living expenses, and how much to save for the big purchases.

Finances 101: How To Create A Budget And Different Budgeting Methods You Can Use

5. Learn to compromise

Money personalities can be on extreme ends of the spectrum. If you are a compulsive investor, it’s hard to see the other side of the coin, which is a compulsive saver. In my view, there needs to be a middle ground where you save some, invest some, and even have some extra money for luxury. So while you are trying to help your partner break out of their bad habit, you must also learn how to compromise and reach a middle ground. Finances: The 7 Money Personalities You Should Know About

Also, check out

Money: 7 Financial Issues In Marriage That Could Lead To Divorce

6 Moments When Couples Should Revisit Their Finances

Couples And Money: How To Navigate The Minefield Of Marital Finances

Finances: How You Deal With Debt Can Make You Or Break You! What Are Your Debt Habits?

Why You Should Consider Taking Classes On Finances And Investments

Finances: 7 Budgeting Tips For Newlyweds

Your People Vs Mine – How Couples Can Manage Extended Family Financial Responsibilities Better

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I am a passionate 22 year-old writer. I consider myself a young free-spirited soul whose personality is a mixture of introversion and extroversion. I’m a strong believer in the law of attraction. Everything is a reflection.