Do You Have A Spendthrift Spouse?

When you are married, spendthrift spending is destructive to the household budget and the marriage. When you are single and only have yourself to worry about, your spending methods only affect you if you are a spendthrift.

Some people act as if they have unlimited wealth even though they need to live within a particular budget. They get a dollar in their pocket and will spend that dollar right away. Often people who can’t manage their money spend the dollar plus whatever other money they can borrow or find.

There are many divorces which have occurred as a result of one spouse never learning how to manage money. It would be nice if people determined they have the same financial goals and are willing to pursue those goals methodically, but finances are not even included in many pre-marital discussions. That means you have to deal with the differences in spending patterns and philosophies after you get married.

Someone who spends money without regard for the household budget can create a living nightmare. People like this exhibit certain behaviors.

• Spends every dime earned including bonuses or unexpected income
• Purchases items that do not need to be purchased at this point
• Is willing to buy big-ticket items even if it takes every available penny
• Doesn’t think about creating a rainy day account
• Doesn’t plan ahead financially
• Overspends on holidays
• Often spends money secretly
• Is constantly withdrawing any savings that manages to be put away

The net result of living with a spendthrift spouse is that the other spouse must also live with the consequences. It’s not unusual for a household that has one person spending all the money to run into serious financial problems. Even if your husband or wife only spends exactly what is earned, there is no wiggle room for emergencies. When the car breaks down or the roof needs repairs, money must be borrowed to make ends meet.

Talking About Money

Talking about how money will be handled in a household is important. When you have a spendthrift spouse it’s also important to make sure he or she understand the financial structure under which you both are operating. You can review income and expenses and also create a savings plan. If your spouse will not cooperate there are various ways to save money anyway.

• Automatic deductions from a check that go into savings
• Automatic withdrawals from checking into savings
• Separate savings accounts that are difficult to access

With a spendthrift spouse you will most likely have to have the opportunity to spend some money on pleasure items. You will have to compromise because it is his or her money as much as yours.

When talking about money you should not actually call your spouse a spendthrift. In fact you should not call your spouse any name. This is a sure way to get the financial discussion off to the wrong start. Instead you need to have a calm discussion about money that results in a practical budget you can both accept. You should approach the discussion prepared to show how reckless spending is causing problems. You need to let your spouse know how it affects you emotionally and is negatively impacting the budget.

Dealing with Financial Consequences

When you find yourself living with a spendthrift spouse, you may also find yourself dealing with the consequences of the spouse’s poor decision making. There may be collection calls, constant new bills showing up in the mailbox and never enough money to properly take care of the household expenses. There are several routes you can take.

• Get outside help through a financial counselor
• Seek credit counseling assistance
• Work out a financial plan with your spouse that pays past debts and prevents new ones

There is really no magic formula to deal with the problem of someone who spends all the available money. But it is important to take steps to deal with the problem in order to relieve your misery while protecting the marriage. Since financial problems are one of the top reasons why people divorce, you can stop divorce by constructively dealing with the problems as quickly as possible.

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