Family Finance


One of the hardest things young couples report during their first year of marriage is getting to grips with joint finances. While most are willing to share what they have with their partner, they are unsure of the best way to bring this sharing into effect with their new partner while maintaining financial security and independence. Some couples resolve this by resorting to separate finances, and others find a way to keep things together. Still, it is generally reported as one of Mexico’s biggest strains on newly married couples.

Family Finance

In addition, many people find it difficult to budget and control their finances. It is one thing to fail to keep track of expenditures when you are single, but you have more to answer than just yourself when you are married. This is especially true once you have children. If one partner fails to control their spending while the other is forced to worry about finances, it can strain the relationship enormously.

Family Budget

Creating a family budget is one of the best answers to this dilemma. This should outline what is allowed for the various expenses, which is to be responsible for what expenses and how much each partner can spend on discretionary expenses. While this may seem like a drastic response that takes away all the responsibility and financial independence from both partners, all it is doing is to get both parties to sit down together beforehand and work out how much they can afford to spend on what then sticking to this. It is about controlling your expenses rather than letting them have power over you.

Another way of addressing difficulties between married couples is to divide the family expenses according to how much each partner earns. This way, both will feel responsible for the family’s security and contribute to the family finances.

Financial Matters

While each partner should have a degree of financial freedom and privacy, finances should be discussed openly and without shame. Past debts or mistakes that one party has made should be put in the past and forgotten. Simultaneously, if one partner shows that they cannot stick to the budgets they have agreed upon, their financial freedom will have to be taken from them, and they should be given a tight leash in economic matters.