Most adults do what is responsible and try to save money, invest money in things that will generate a return, and build their own financial situation. However, there are some people who do the exact opposite, splurging money here and there with no thought to the future or current responsibilities. If you have a spouse who looks a lot like this, here are some tips on what to do when your spouse splurges.
Create a financial plan
Sit down with your spouse and create a financial plan. Make it something you can both agree on: having money to save and some extra money to spend. You can take 10% of your income and save it, or you can allocate a certain amount for additional items or “play” money. Whatever you decide to do, talk to your spouse about it and make sure they understand the plan. When you make a budget and get your spouse to agree to it, you’ll be less likely to waste money on useless or unnecessary items.
Reward yourself and your spouse
When your spouse sticks to his financial plan and doesn’t waste so much money, reward him. Of course, you also get your reward. Maybe the two of you can buy something for the family that you want or can do something that you want to do. You can make it a nice game with your spouse to see who can be rewarded more often and this can make it seem less like you’re ‘raising’ your spouse. By rewarding yourself, it makes saving all that money less daunting. Even though you know it belongs to you, not being able to touch it can often discourage you. So pick something you both like or want to do and give yourself a reward. This can further encourage your spouse to keep more of her money.
save the money
For the money you save, be sure to save any cards, checks, or bank account information. When your spouse does not have this information, you will not be able to use the money for unnecessary things. Of course, you don’t want to hide anything from your spouse, so you may want to discuss this with them. Many times, people who can’t save money know they aren’t doing a great job, so they will consent to you taking care of it. This is an easy way to make sure that the money you have worked so hard to save is being saved and that you will have it for your future!
While it’s hard to deal with a spouse who spends money left and right, there are many different things you can do to stop the wasteful behavior. By using the tips and tricks above, you are allowing your spouse to have some extra money while he or she learns to be more frugal and save more money. It’s a win-win situation!