I have been able to sit down with hundreds of couples and help them put together a sound financial plan. It is fairly common that I see situations where spouses are not working together on their finances, and it has led to financial and relational penalties. In fact, I have often said that marriage counseling is half of what I do!

It is vitally important that couples work together to maximize their finances. I believe that couples who do not work together on their finances can still win with their money, but they will not be able to reach the full potential that could be achieved by working together.

There was a time when I managed all of the family finances. You might be thinking that this “financial expert” surely managed the family’s money well. I would tell you otherwise. The facts show that I managed the finances so that I could get what I wanted. While we were never late on our bills, I managed to acquire a load of debt and successfully spent nearly every available dollar. In fact, our bank account ran an average balance of $4.13.

In December 2002, my wife and I both decided it was time to start working together on our finances. From that day forward, our financial situation has improved.

One of the greatest benefits of working together is the fact that both people know the financial situation. Jenn and I began preparing a written budget every single month, and it was imminently clear that money was limited. It was immediately obvious to both of us that if we continued to manage money the way we were, we would not be able to accomplish our hopes, plans and dreams. In fact, it would be the exact opposite. We would always remain broke.

Another benefit is improved communication. Because Jenn and I prepare a written spending plan every single month, it provides a great opportunity to talk about life. We talk about birthdays coming up in the family. We discuss our daughter’s involvement in a variety of activities and review the costs.

The discussion also helps us solidify which hopes, plans, and dreams will be funded. Please understand the fact that I am a spender. I love spending money, yet I am ranting and raving about how great it is to have a written budget! I love it because Jenn and I agree together how we will spend each month’s money, and I know that some of our dreams are being funded.

I have seen many cases where lack of participation in planning the family finances has led to marital turmoil and strife. Much of this frustration is eliminated when the couple takes the time to work together to develop a financial plan.

Check out JosephSangl.com this week

for a more detailed series on this topic.