Financial Conflicts of Marriage

Monthly bills, finances and credit card debt can be features of an awkward marital conflict. Fortunately, the foundation of your wedding vows - trust and responsibility - allow for great money decisions. Learning how to handle money together and figuring out your financial goals as a married couple will contribute to a healthy marriage.

According to Natalie Jenkins' You Paid How Much for That, a good marriage provides:

• Healthy checks and balances on each spouse's spending
• A pooling of resources
• Security for investing long-term

So, how much should a couple save for their shared desires? As an example, David Bach, author of Smart Couples Finish Rich, explains that if your combined gross income is $100,000 and together you want to save $10,000 a year for retirement and $10,000 for a house, then you now know you will need to set aside $20,000 a year. You will use the remaining $80,000 to cover living expenses, debt payments, taxes and discretionary spending. This is a topic that should be agreed upon by both husband and wife.

Money management can be a cause of stress for most couples, which can also be a reason for divorce, according to Prep, Inc. One difference between people who stay together and those who split can be how they manage their financial conflicts.

It pays to learn about your options. Below are several resources that can help:

Local Resources

• WECO Fund, Inc.
• Cleveland Saves: Saver Strategies

State and National Resources

• 360 Degrees of Financial Literacy: Couples and Marriage
• Federal Trade Commission: 66 Ways to Save Money
• My Money: Financial Planning
• MyVesta.org: Saving Money Step-by-Step

Support for MoneyWatch is made possible by Charter One Foundation. Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration