Money is not the word that a lot of couples talk about constructively. They fight about it. They use it as a bargaining chip or a negotiation tool. But, they rarely talk about the concept of their own economy as a couple or as individuals in the relationship. Once divorce is on the table, too many realize that the fights, stress, and tension around money prevented them from taking hold of their finances and financial world, and, now, they are scrambling to figure things out.

What do I mean by personal economy? I am glad you asked!

In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.

Production: what do you produce? What do you want to produce? Food, clothing, lifestyle, etc.

Consumption: what do you consume? What do you want to consume? Quality and quantity (basic life skills, cooking, cleaning, sewing, car maintenance, etc. or ways to affect those things)

Goods: The nuts and bolts of the life you want to have now and once this moment is over

Services: The things that you want now and once this over that will make goods easier to enjoy

So, what do you need for your personal economy to support you (and your children) right now? Yep, right now. Now, here is some controversy but it needs to be said:

You and your spouse may not have the same personal economy and that is a conversation that needs to happen before you say I do. So many people don’t and that leads to a marriage where the money is always a bone of contention.

Why do you need to have a personal economy? A way to sustain your chosen lifestyle that is separate from your spouse? Because life happens. When you first began dating, you had a personal economy. It may not have been a strong one but you had one that supplied your needs, wants, and desires to be fulfilled to the best of your ability.