Most adults do the responsible thing and try to save money, invest money in things that will bring a return and build their own financial situation up. However, there are some individuals that do the exact opposite, squandering money here and there without a thought for the future or the current responsibilities. If you have a spouse that sounds pretty much like this, here are some tips on what to do when your spouse squanders the money.
Create a Financial Plan
Sit down with your spouse and create a financial plan. Make it something that you can both agree with – having money that will be saved and some extra money to spend. You might take 10% of your income and save it, or you might allot a certain amount for extra items or 'play' money. Whatever you decide to do, talk to your spouse about it and make sure he or she understands the plan. When you make a budget and get your spouse to agree to it, he or she will be less likely to squander the money on useless or unnecessary items.
Reward Yourself and Your Spouse
When your spouse sticks to the financial plan and does squander as much money, reward them. Of course, you get your reward too. Perhaps the two of you can purchase something for the family that you want or can do something you want to do. You can make it a cute game with your spouse to see who can get rewarded more often and this may make it seem less like you're 'mothering' your spouse. By rewarding yourselves, it makes saving all that money less discouraging. Although you know it belongs to you, not being able to touch it can often make you feel discouraged. So, choose something that you both want or want to do and give yourselves a reward. This may encourage your spouse even more to keep more of his or her money.
Keep the Money
For the money that you save, make sure you retain the cards, the checks or the information about the bank account. When your spouse doesn't have this information, he or she 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 talk this over with them. Often times, individuals who aren't able to save money know that they aren't doing a great job so they will consent you looking after it. This is an easy way to ensure that the money you've worked so hard to save is being saved and that you will have it for your future!
While it's difficult to deal with a spouse who spends money right and left, there are many different things you can do to stop the squandering 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!