Author: Denise Hill / Source: Wise Bread
Mixing love and money is tricky. In fact, a recent study conducted by Dave Ramsey and Ramsey Solutions found that money is the second leading cause of divorce. Infidelity is number one. The study concluded that debt, communication, and attitudes about money and spending habits keep couples broke and disgruntled.
Money challenges are the ultimate team-building activities for couples. When done correctly, they can expose areas of pain and fear, open or improve lines of communication, and help you become a more disciplined unit.
Whether you are newly married, been together for a while, or are on the cusp of divorce, engaging in a financial challenge — as a couple — could improve or even save your marriage. The challenges themselves aren’t magic. You have to commit and do the work. They can, however, assist you in revamping how you view and handle finances as a pair.
Here are a few money challenges that every couple should try. (See also: 4 Ways Couples Can Tackle Money Goals Together)
1. One Income Challenge
The One Income Challenge is a doozy. This isn’t the type of challenge you wake up one morning and just begin. No, this one takes preparation and planning — which is what makes it such a great challenge for couples. The goal is to get your overhead and bills so low that you can live off just one income for at least one or two months. That doesn’t mean that you only spend from one persons’ paycheck — the goal is simply to save the sum of what one of you brings in monthly.
This challenge will not only save you a ton of money, but will also fling open the doors of communication.
You have to talk during this challenge to ensure things are paid on time and both parties know exactly what they are allowed to spend. It really takes a concerted effort to do this. It will also allow you to see what you could accomplish if you could reduce your overhead and live off one income long term.Becoming a one-income household is also something you could aspire to in the future. So, if you can’t live on one income today, make it your goal to be there this time next year or in two years. Even if you never reach your goal,…
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