Dealing with a Financially Irresponsible Spouse

Dealing with a financially irresponsible spouse can be incredibly frustrating, and it could put you and your family at risk. While everybody splurges occasionally, if you are dealing with a partner that consistently abuses your finances, it can cause irrevocable havoc in your life. It’s important to confront the issue head-on and be honest about what’s going on. Try to pinpoint where the actual problem is and focus on fixing it. You might need to take over control of your family finances, at least until your partner can be more trustworthy with money. And finally, in extreme cases, you might need to take further steps to protect yourself like opening your bank accounts. Hopefully, you and your partner can work through any money issues and get things back on track quickly.

Dealing with a Financially Irresponsible Spouse: Protecting Yourself

Be Honest About the Issues

When dealing with a financially irresponsible spouse, it’s important, to be honest and upfront about what’s going on. Sit them down for a discussion about why you feel there is a spending issue. Hopefully, they’ll be honest with you about what’s going on. Seeking help from a marriage counselor or therapist can help make discussions like these go more smoothly.

Try to Pinpoint the Problem

Try to brainstorm together to figure out what the source of trouble is for a financially irresponsible spouse. For example, is it eating out at restaurants, spending on clothes, or impulse purchases? Is it not being able to foresee bills coming up and saving properly? Or is it something more serious like a gambling addiction? Finding the source of the trouble might help you find solutions for fixing it.

Take Control of Finances

If you have a financially irresponsible spouse, it might be time to take control of family finances. However, this doesn’t mean that you have to cut your partner out of decisions. Just make sure that you are the one paying bills, and overseeing spending. Move bills to your name so that you can be sure they are paid on time. Tell your partner when you’re paying for things, and for how much.

Protect Yourself

Finally, you might have to take more drastic measures if your spouse is out of control with their spending. Failing to pay bills on time, or maxing out credit cards can seriously hinder your credit. You might consider getting them a secured credit card, or even opening up bank accounts in your name where you can pay household bills and begin saving. You might love your partner very much, but they could be devastating to you and your children financially. It’s important to take steps to protect yourself and your family if you are living with a financially irresponsible spouse. It might be issued with overspending, failing to save money, or lapsing on bills, but regardless, it can do a lot of damage to your life and credit score. Try to sit your partner down for an honest conversation about finances, and let them know your concerns. See if they can help you find solutions to the issue, or commit to making changes. Consider taking over family finances so that you can ensure bills are paid on time. And finally, you might need to think about opening up your bank accounts, or removing your spouse’s name from bills so that you have more control. Hopefully, the two of you can seek counseling and work through this issue so that you can set and reach financial goals together.