Dealing with a Spender Spouse
Dealing with a spouse who spends a lot of money can be tough. Financial issues are one of the major reasons that couples fight. Here are a few tips.
How to Save Money when your Partner is a Big Spender
Having a spender in the family brings financial stress to everyone. It can be very difficult to budget properly or save any money when one spouse is a big spender. But that’s not the only downside to having a spender as a partner.
One of the main reasons for divorce or separation is financial unhappiness and financial stress within the family.
Financial issues are also one of the main things that couples fight about. However, having a partner who is a spender doesn’t mean that your relationship is doomed. Here are a few tips for living with a spender.
First of all, it’s important to remember that we all have different ideas when it comes to saving and spending.
Just because your spouse or partner spends more money than you do, that doesn’t necessarily mean that he or she is overspending.
However, if you’re not able to save any money for emergencies or retirement or if your partner’s spending is putting you into debt, you’ll need to do something.
You’ll also need to speak to your partner if his or her spending is upsetting you. Suffering in silence is a bad idea.
One of the first things that you can do is sit down with your partner and discuss your financial situation. Let him or her know what your financial goals are.
For example, if you want to put a certain amount of money aside every month for retirement or if you are saving up for a vacation, remind your partner of that goal.
The two of you can then work out ways to make changes so that you can meet the goal.
If you’re in debt, work out a plan for how you will pay your debt down. In many cases, this will involve spending less money.
Then, If you’re going to spend less money, you’ll need to know which of your expenses are necessary and which are not.
List all of the things that you absolutely need to spend money on (rent, mortgage, car payments, debt repayment, work clothing, etc.) and then list all of your “wants” (entertainment, extra clothing, electronics, jewellery, etc.)
You can then come up with a plan to reduce spending on wants.
The best way to do this is to set a monthly budget and stick to it. You may need to spend some time working with your partner to determine what “wants” can be cut and which ones should remain in the budget.
Involving your partner in the budgeting process and the bill paying process can make him or her understand the consequences of overspending. Simply saying “Don’t buy this, we don’t have the money” can sound like an attack, especially if your partner isn’t aware of the details of your financial situation.
Once he or she becomes more involved in managing the family finances, it will be easier for him or her to see why certain purchases can’t be made.
Like our blog?
Join FREE smart money club to keep yourself up to date with Prudent!