Scholars have identified several factors that drive financial behavior, including emotions, personality, and an individual's attitude toward money. Research examining the causes of family financial problems shows that money problems are caused by a lack of financial understanding, personal behavior problems, and relationship problems.Īlthough some financial problems are simply caused by poor financial understanding resulting in unwise decisions, research suggests that most financial problems are caused by non-financial, behavior problems such as: Money can enhance or destroy your marriage and can lead to mistrust, name-calling, selfishness, dishonesty, and even divorce. Beyond physical survival, a family's emotional survival depends on financial stability and tranquility.
Money management is a key to a happy family. The Family: A Proclamation to the World states that parents have a sacred duty to provide for their children's physical needs. Money management is critical to the success and happiness of any relationship, including your marriage.
#Family finances how to#
"Me?! Selfish?! I bought this DVD player for both of us! Why are you always such a tightwad?"ĭo you and your spouse argue frequently about money? Do you disagree on how to spend or save your paycheck? Does paying the bills escalate into an argument with your spouse that isn't related to money at all? Do you wish your spouse wasn't such a "tightwad" or an impulsive buyer? Sarah became flooded with emotion and yelled at Bob, "How could you be so selfish!" So why not enjoy the money now? Plus, think of all the movies we can watch together." "There's no way we're ever going to have enough money for a down payment. "We were supposed to save our tax refund towards a down payment on a house!" When I saw it in the electronics store I just couldn't wait to buy it." "Of course we do, we're getting our tax refund soon. "We don't have money to be buying DVD players," she said.
Bob came running into the house and called out, "Honey! Look at the new DVD player I bought!" His wife, Sarah, exited the kitchen and entered the living room with a frown on her face.Īs Bob anxiously opened the DVD player and described all its features, Sarah became more and more aggravated.
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