How to convince your wife to save money?
By tidaro
@tidaro (49)
Canada
September 3, 2012 9:07pm CST
Hi, I'm married for 7 years now.
The first 4 years of our marriage were very difficult because we didn't have much money to spend. Actually, we just had money to cover our ordinary expenses. After that our financial situation changed a lot and suddenly we were living in great house, with a great car... after that we were renovating our home, changing our car... which was awesome.
But we reached some point that I started to verify our expenses and we're trowing money away... When realized that, I started a plan to invest money in a monthly basis. Then I asked my wife to save money.
Well, it's been 3 years I still didn't get her to save money. I don't know, maybe there's something I should say, something I should promise...
What would you do to convince your wife to save money?
9 responses
@scheng1 (24649)
• Singapore
4 Sep 12
Hi Tidaro, in this case, you can save for her.
Ask her to buy whole life insurance plan, and pay the amount from her salary or bank book.
If she is not comfortable with buying whole life insurance plan, you can get her to buy those endowment policies.
She can pay for three years, receive a certain amount of money back, and then continue to pay for three years, and receive another sum of money back.
At the end of the policy year, which can be twenty years later, she would have a nice sum of money waiting for her.
@tidaro (49)
• Canada
4 Sep 12
Well save for her is a bit unfair in a couple matters... I believe both of us should save money.
I might be able to save more than her and yet she must learn how to do so.
I tried giving her some small bills to pay, which she did for a while. I asked her to put part of her money in a saving account, but again, she did that only for a while.
I haven't lost my faith on her and truly believe she'll overcome this issue she has with money and will develop a health relation with it.
@Inderjeetkaur (944)
• India
4 Sep 12
Wow! Congratulations on your success! Well it is good that at least you thought to provide against the rainy days because you never know when life takes an unexpected turn. Be patient and keep explaining her that it is not wise to burn the candle at both ends. Hope and wish that you both never see any downfall in your life, but always be prosperous.
@jenny1015 (13366)
• Philippines
4 Sep 12
I think what you can tell her is that investing now would make a difference in your life after a year or so. You just need to be sure where to invest your money.
@jricky1 (6800)
• China
4 Sep 12
I think this is such a serious thing to say. While i think most couple will agree on this. First you should let her aware of that if people encounter some financial crisis and then it can be much difficulties to spend all your money without any monthly plan to save some, hopefully can help and still needs you to convince her.
@tidaro (49)
• Canada
4 Sep 12
It is very serious...
And as you mention, having a plan is truly important for financial freedom and that is exactly what I'm missing, a plan.
Doesn't matter how much effort I put into this, I simply don't see it working as I wanted.
We spend too much money in things that we shouldn't.
I am saving some money, yet I believe we can do better, we just need to come with a good plan and make it work.
@sasi1021 (82)
• India
4 Sep 12
This is nice to hear that you had settled well. When I was married I am also in same situation like you we kept ring to pawn brokers we lived life. After some time we had known the value of money now we are saving some money. But not settled well my wife will save money alot as she want to have in good position until our children will not ask us. Now we are planning to buy some lands and invest on gold this is our plans.
@tidaro (49)
• Canada
4 Sep 12
Thank you Sasi!
Good lucky investing on gold. I truly have no knowledge about this kind of investment. The only information I have is the one I read in Kyiosaki's books.
Right now I'm investing in mutual funds. During these days, it appears to be the safest strategic.
I intend to start investing in real estate, yet I have much to learn.
@mac0308 (24)
• Philippines
4 Sep 12
I think it was the same dilemma of my husband before because we don't have savings yet. What he did is that he asked me to list down all our expenses, and assign an envelope to each item. For example, an envelope for Utilities (electricity, water, cable etc) and an envelope for grocery budget and another envelope for other expenses like loans etc. Aside from expenses an envelope must be assign for Savings.
With this she should not spend the money in the envelope of that purpose and your savings will be set aside and will not be spent. Hope this helps.
@raghwagh (1527)
• India
4 Sep 12
It is good that your financial situation has improved and you are in a vary good financial condition now. But I think you should convince your wife that time is not same always. One must save when we have lots for to be used when we don't have have. One must enjoy but at the same time save some part to be used in difficult times. It is very important to save. I think you should take correct steps towards saving it is good for long term.
@tidaro (49)
• Canada
4 Sep 12
Tks...
I've already started to safe.
My mind is truly focused on that.
I want her to ride with me, so we reach our goals together!
Maybe I should work with new ideas, approach her with ideas about the good things we may get in the future if we save now, instead of keeping bringing back our past...
@dorannmwin (36392)
• United States
4 Sep 12
I really don't think that there is anything that you can do to convince your wife to start to save money. In fact, the only way that I've been able to convince my husband to start saving money is that we had to have some lessons from the school of hard knocks. We did some depending on credit cards in the earlier years of our marriage and that did result in us having credit card payments that were higher than we were able to afford. However, we are almost through a debt management plan now and having gone through that, we've learned to live on less money than we are making.
@tidaro (49)
• Canada
4 Sep 12
I think you make a good point: living with less money...
I believe that's the key for financial freedom.
Gladly we almost don't debts from the past. This is something I could managed: the credit cards.
Yet, I want her to help me save money for the future. I know, it's not easy, but my job is to push her to develop a good sense when dealing with money.
Thank you!
@bjc66bjc (6730)
• United States
4 Sep 12
Wow, I think its great that your financial status has
changed for the better...but life has a tendency or
changing in a heartbeat...and your wife really needs
to realize that...she should just think back when money
was a little tight...Keeping up with then Jones is no
longer the way to live...Sit her down and start with the
"honey we really need to cut back on spending" conversationo..
she should definately listen then.....
Good Luck to you!!!!!!
@tidaro (49)
• Canada
4 Sep 12
Thanks a lot for your comments.
I actually have sat not once or twice with her and talked about this subject, but it seems that she has to deal with other things and then she'll be ready to deal with money.
During the last years I realized that this was of dealing with money comes from her parents. They do the same.
But you're right I should keep trying to use reason and make her think that hard days maybe come knock on our door anytime!
Thank you!
