Question:   Do I need debt management software? My spouse is the financially enlightened person in the marriage. I’m trying to be better with my money, but I’m struggling to be as good. How can I do better?

Answer:      If you are not as skilled as your spouse in finances, there are various financial tools and resources that can help.

There often tends to be one spouse who takes care of all things financial, while the other is not as inclined in matters of money. If you are not financially savvy, then you should take some time to better educate yourself.

There are many websites that offer sound financial information, from handling credit card debt to learning the more intricate aspects of taking out a loan. Our own website, for example, allows you to learn a great deal about personal finance for no fee whatsoever.

Whatever your needs are, you will find the appropriate information. At the moment, if your debt problems lie in the area of spending, you need to examine your available income, your spending habits, and what you can do to avoid frivolous purchases.

Examine your habits when it comes to handling money. Do you mostly use credit cards? Does your credit card bill require large payments each month? Do you have trouble balancing your checkbook? Do you put any money into your savings account?

There is a lot to consider, and it can seem daunting at first. Take small steps such as tracking where your money is going and how to best slow or stop yourself from any unnecessary spending.

Debt management software can help you better organize your finances if you have trouble doing so. Products such as Quicken or even your bank’s BillPay product should provide you with plenty of information - as well as methods of helping you better handle your money.

If you happen to be the person that is able to handle money better, then you might consider purchasing debt management software in order to help educate and support your partner.

Gently approach the subject and avoid making any accusations. Talk to one another in a supportive manner and suggest ways of solving the issue. Offer to help by using tools such as debt management software and assist him/her in using it.

You can even show them some of your own methods of handling finances. When money is saved through better management, be sure to show your partner the difference. He/she may very well be delighted at the new amount in the account.

In order for your marriage to work, both of you need to communicate openly about your finances. If you need help, do not be afraid to ask the one who loves you the most to assist you in this area.

If, on the other hand, your partner is acting foolishly with money, you need to speak up and address the problem before it gets any worse. A failure in communication can be the downfall of any marriage. Do not let money issues control you. Instead, together, you are the ones that will control your money.

» Is having separate checking accounts a good idea?
Some people tend to think that a request for separate checking accounts means one person does not trust the other financially. Of course, this is often far from the truth.

» I am feeling guilty about spending money that I didn’t tell my spouse about, what should I do?
Getting the lie out in the open will be in everyone’s best interest. Once it is out on the table, only then can you effectively deal with it.

» We’ve tried debt management programs, but my spouse will never change. The money is spent as quickly as it is received. Is it time to file for divorce?
If your spouse is simply being childish then perhaps there’s still hope. However, if the spending is more on the level of addiction, then you should seek counseling right away.

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