Money is often one of the biggest points of conflict within the home, especially after bankruptcy. But there a few things you can do to calmly discuss money with your partner and create a sensible post-bankruptcy budget that will benefit the entire household.
“Money is often one of the biggest points of conflict within the home.”
- Have a family meeting. Don’t try to talk to your partner about money issues or budgeting on the fly while they’re getting ready for work or watching the game. Set a date and allocate enough time to discuss the issue thoroughly.
- Determine household needs. At your first family finance meeting work with your partner to determine the financial needs of the household. How much is the rent, utilities, groceries, car payment, post-bankruptcy debts etc. Anything that is shared should be included in this list. If there is a disagreement about how much is being spent, take a month or two to track it.
- Count your money. Don’t play guessing games with how much money you have—get exact. You and your partner should be transparent about exactly how much is earned with each paycheck. Calculate your total income as a household. Getting exact with your money will help quell any disagreements about how much money is really coming into the household after bankruptcy.
- Discuss your personal needs/wants. Each of you should be allowed to discuss your personal needs and wants openly without judgment. For example, if your partner loves video games but you think they’re a waste of money, hold your tongue. Creating a good budget means making room for spending money on the needs and wants of your partner even when you don’t find those things appealing.
Communicate openly and honestly with your partner after bankruptcy to create a budget that will meet the needs of the entire household.