HELP FOR THE FAMILY/MARRIAGE

How To Control Spending

THE CHALLENGE

A look at your bank statements and bills reveals that your money is slipping away like sands that slips through your fingers. You have been married for only a short time, and your spending is out of control. Is your spouse to blame?  Not so fast! Think as a team, and consider some factors that may caused both of you to get into this predicament.

WHY IT HAPPENS

Adjustment.  If you were living at home before you got married, you may be new to the world of paying bills and sharing expenses. It could also be that you and your spouse have different approaches to money. For example, one might be more inclined to spend while the other is more inclined to save. It takes time for a couple to adjust  and develop an agreed-upon method of handling money.

Procrastination.  Jim, now   successful businessman, admits that when he was a newlywed, his poor organizational skills  cost him dearly.  "Because I delayed paying bills, " He says, "my wife and I ended up spending thousands of dollars in late fees.  We ran out of money!" 

The "invisible money" trap. It is easy to overspend when you cannot see the money leaving your wallet or your purse.  That may be the case if you handle most of your transactions by credit or debit card, Internet purchasing, and electronic banking.  The lure of easy credit can also make it easy for newlyweds to overspend.

Whatever the cause, money issues can tear at the seams of your marriage.  "Most couples report money as a top problem, no matter how much they have," says the book Fighting For Your Marriage.  "Money is a ripe area for conflict.

Next time: HELP FOR THE FAMILY/MARRIAGE-How to Control Spending

From the jw.org publications