Unless you want to consult debt settlement services, you need to control your spending. In most cases, you may be carried away with your spending. This may not be a huge problem when you are single but it can become a huge problem when you are married. Here are a few ways you can save money by controlling the spending habits of your spouse.
Control Both Ways
One mistake most people make is by imposing money saving methods on a single spouse. This should not be the case. When you are married, you are together ‘till death do you part’. If one person spends more money than they should, both of you will be affected. When both save money, your future will be bright.
As such, the information below pertains to controlling the spending habits of your spouse. Remember, they can do the same to you so do not be shocked. Learn to understand their point of view rather than fight over who spends more. It is important to lead by example. Don’t be a hypocrite and control your spouse’s spending habits but not your own.
It will take Some Time
To be honest, your spouse’s spending behavior will not drastically change overnight. Considering the fact that you want to change their spending habits, it will take some time. During this time, it is important that you remain firm with your control methods, support them during the times they need money and help them spend money better. With your help, your spouse will be able to change their bad spending habits.
Decide an Allowance
One of the most important things you can do is to limit the amount of money your spouse can use every month. If your spouse has been allowed to spend $200 on personal luxuries every month, that is all they should spend.
Rather than giving them cash in their hands, give them a Debit Card. This card only allows them to access the money they have in their debit account. You can easily load money into this card every month. Not only is this easier than handing them $200 in cash, it is safer too.
They can carry the money over to another month, put it into their savings or spend it all; it is their choice. Just make sure no more than $200 is being given to them for personal monthly spending. If your spouse exceeds this amount or wants to use credit cards, don’t worry, we are about to put an end to that too.
Take Away the Plastic Goodness
One of the biggest problems with most people is resisting the plastic goodness. One of the main reasons why they need debt settlement services is because of their inability to resist. If your spouse is spending more than their allowance, take away their credit card. That way, they will never be able to spend more money than they should, even if they wanted to.
Make them Understand the Financial Situation
In most cases, people spend their hard-earned money assuming that they have an abundance of it. In this day and age, most people have a problem with their finances. Unfortunately, there may be times when one spouse does not completely understand the financial situation.
One of the most important things you need to do is make your problematic spouse understand your financial situation. Sit down with them and let them know how much money is in your bank account, savings accounts, retirement fund, college fund, etc. They need to truly understand how much money is available. This has two main advantages.
One of the biggest advantages of knowing your financial situation is that your spouse may end up spending less than they normally would in order to save more money. The other advantage is that of a second job. If your spouse does not have a job, and you have financial problems, they may get a job to help improve the financial situation.
So long as you support your spouse and remain adamant with your methods of control, you will be able to change your spouse’s bad spending habits. It is better than hiring debt settlement services.