Talking about finances can be uncomfortable but candid conversations regarding finances are important. Not having sufficient money to make ends meet is one of the many problems couples often face, families are under extreme financial stress. Financial problems are a major source of conflict. We live beyond our means, carry huge amounts of debt and can barely make it through from one month to another.

Money management skills are therefore critical, we need to manage our finances wisely. Here are a few tips

• Set financial goals with your spouse, for example getting out of debt and staying out of debt, saving for the future.
• Set a fixed spending level below your income. As Warren Buffet once said Do not save what is left after spending, but spend what is left after saving. Your lifestyle needs to line up with your income.
• When the expenses exceed income find options to increase your present income.
• Knowing where your money goes is a huge part of managing your finances. Draw up a budget.
• Keep purchases out in the open. It’s crucial to be open and honest about your finances
• Consider lowering your expenses by cutting back on your spending
• Find options to control your future spending.
• Be satisfied with what you have and don’t try to keep up with ‘’the Joneses’.
• Plan for future expenses, save for rainy days.

More money does not solve our financial problems if we continue to mismanage our finances. Habits are easily formed but difficult to break, extra effort and commitment is required to change our poor financial habits.

Remember don’t let money problems put a strain on your relationship but choose to resolve money issues in a way that creates harmony and not divisions. Don’t let salary differences come between you and your spouse. Don’t let unrealistic expectations pave the way for financial problems. You are on the same team and your marriage is more important than money.