People often say that it is stupid to let money get in the way of a good relationship but still many a good relationship have turned sour due to money issues. In fact it has long been established that one of the of the frequent reasons for divorce is money. The sad thing is that it isn’t even always the lack of money that’s the issue but the difference in money management.

What I have found to be true is that for any family the style of money management will be different since it will depend on the different personalities involved, the amount of money the couple makes, and the projected monthly expenses. However if you can just follow some of the tips below it will definitely help with the money issue and hopefully save you from destroying an otherwise good relationship.

1. Agree to sit down and talk about the issue seriously and calmly. When you do talk forget about the past issues and set your mind in coming up with a consensus.

2. Figure out who should hold the purse strings. This is pretty easy to figure out by simply answering the question: Who is more responsible when it comes to money? If one you has a habit of blowing off money then face the fact and give your partner the purse strings. If both of you are pretty responsible then you could divide the responsibility between you.

3. Money management style. This will be determined by what you came up with in number 2. You can have one person doing all the accounting and budgeting or you can share the burden. Just make sure that if you decide on having just one person holding the purse strings that you both really agree to it. Sharing the responsibility comes in different degrees. You can share the burden of budgeting and still just have one person be the “banker”. You can actually separate the expenses from the very start and have each person be responsible for certain bills. You can also have one person take care of the expenditure part while the other takes care of savings and investment. In the end the important thing is that the style you come up with is a compromise you both agree with.

4. Leeway. Always give leeway to each other. If one of you slips up don’t renege on your decisions and automatically grab the reins. Make adjustments and simply do your best to follow your budget again. To minimize frustration be sure to be realistic about your budget and to give each member of the family extra money to spend on whatever they want. In the end it is still JUST money and money should NEVER get in the way of a good relationship.

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