Communicate With Your Spouse About Debt!
Whether you’re the one in control or the one in the dark of the finances in your relationship, you’re not doing yourself any favors by being one or the other. Both people in the relationship need to know what’s happening with money. Why?
• If only one person is controlling the finances, the other is likely to overspend.
• If you have financial goals, you both need to work at them in order to meet them.
• For your own financial safety you need access to all your financial records.
• If your spouse becomes ill or dies, you need to know absolutely everything so you can manage.
If one spouse tends to manage the bulk of the finances, the other spouse should at least have access to everything and be kept regularly informed about the family’s financial situation. This way, overspending won’t happen, goals are being met and if necessary, both spouses have the ability to keep things afloat.
