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5 min readAug 21, 2022

Fkuro.blogspot.com is a blog about relationship, marriage, parenting and other related matters

Sunday, August 21, 2022

FINANCIAL MANAGEMENT IN MARRIAGE.

Financial Management is planning, directing, organizing, and controlling financial activities such as procurement, utilization of funds for family, organization, or enterprise. Managing finances is vital for planning, execution, and sustainability of project, commitment, goals, objectives etc. Efficient financial management is necessary for couples in other for them not to be under financial pressure, stress, and difficulties.

Marriage comes with lots of responsibilities, and as couples wisdom demand that they have a robust, achievable planning skills for better, and stress free marriage devoid of undue financial pressure.

CAUSES OF FINANCIAL PROBLEMS IN MARRIAGES.

Some of the causes of financial problems in marriages are,

1. Unwise financial decision making process. When couple make unwise financial decision without considering the negative effect, they are bound to be in financial crisis.

2. Health and medical related issues. Health related issues is one of the causes of financial problem in marriages.

3. Retirement. A retiree will suffer from financial challenge if he fails to put up mechanism in place to sustain him after retirement.

4. Family related issues. Sometimes in other to assist family members, and relatives that have problems; couples may encounter financial challenges.

5. Loss of employment. When a partner lose his means of livelihood as a result of unemployment, it may affect the financial strength of the couples.

6. Living above your income. Anybody that lives above his income without an alternative means of livelihood will go bankrupt.

7. Failure to seek for an alternative means of income. Due to the harsh economic situation confronting some countries, some couples have devise means of sustaining their finances through an alternative means of income.

8. Drug addiction. Drug addiction and other related issues can cripple the finance of couples if urgent step is not taken.

9. Irresponsible Investment. When couple decided to invest without proper investment advice, they are bound to suffer loss which might affect their finances. So many families have gone bankrupt due to irresponsible investment.

HOW TO REDUCE FINANCIAL CHALLENGES IN MARRIAGES.

There is a popular saying that”money has wings”. It’s easier to spend money than to earn. Taking proactive measures is needed in other for couples to reduce financial crisis in marriages. Some of these measures are,

1. Maintaining

saving culture.

2. Have an alternative means of income.

3. Don’t spend more than your income.

4. Be investment driven.

Financial crisis has negative impact in marriage; and taking necessary step aim at reducing undue financial stress is needful, and important. Couples should avoid anything that will make them be under financial crisis.

at 10:32

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