Got money? If the answer leans toward having a little tucked away for a rainy day or I haven’t yet attained my financial potential, both examples show a sense of financial responsibility to a certain degree. But is that enough to hold a marriage together in good and bad times? You be the judge.
Making good money decisions once you’ve tied the knot takes a little more than just a hope and a dream. Many marriages struggle when the topic of money, how to save, how to spend, how to invest and how to organize isn’t addressed. The start of a good financial plan begins by warming up to handy tips like the ones mentioned below to help your marriage find its desired financial footing.
Premarital Financial Counseling
Let’s just begin by addressing marriage and money in the same sentence. Some folks aren’t particularly comfortable with this type of companionship. If this is you, premarital financial counseling could be the biggest gift you give to yourself and your spouse-to-be.
If this is slightly you or not you at all, premarital financial counseling remains a step in the right direction because money, in all of its splendor, needs to be understood for what it really is after you tie the knot. Otherwise, surprises may ensue. Dare to explore and reap the benefits of premarital financial counseling before you tie the knot. That said…
Post-Marital Financial Partnership
Congratulations! The knot has now been happily tied. Supposing pre-marital financial counseling hadn’t been previously on the horizon, let’s celebrate anyway with a few great tips to help financial issues and this wonderful marriage remain happy, strong and balanced.
ONE – Keep the financial conversational doors wide open. Recognize two incomes may be better than one for a variety of reasons. More income means more expendable money, more benefits and more security in most cases. Strongly consider expenses such as household, home/auto insurance, emergencies, vacations and other extra-curricular variables.
TWO – Make a budget and stick to it. Budgeting may sound old-fashioned; but in today’s financially fast world budgeting is highly effective for keeping heads above water, regardless of how much money there is.
Debit cards are a safer spending tool than credit cards. While credit cards can be beneficial to build a line of credit for larger purchases down the road, they also tack on often lofty interest rates that have enormous potential to drain the pocketbook. Credit cards’ tempting and easy purchasing power is a RED FLAG to danger. Simply, if you don’t have the cash, then you don’t get the stash.
THREE – Talk about steps required that will invite unity, peace and equal partnership now and for the future. Talk about different types of reputable investments that can be utilized now without heavy penalties, tax rates or other savings/investment diversions.
FOUR – Learn about debt brought into a marriage. Eleven community property regulated states like Wisconsin, Washington, Texas, Nevada, New Mexico, Louisiana, Idaho, California and Arizona require any debt brought into a marriage belongs only to that person and is not inherited to the spouse. Any debt created after marriage is a legally bound and accountable mutual debt of both spouses. Common law states work variably differently.
FIVE – Mutually agreeable financial terms such as being a two-income family or having two savings account holders in a marriage doesn’t always mean both parties must be in charge. In fact, agreeing to one spouse taking the lead as far as budgeting, organizing and maintenance can actually simplify life.
Along with this agreement should be another discussion about getting together routinely to discuss and overview how various money decisions are going. Keeping that important open door of communication, application and execution of all monies is a significant partnership plus. If disagreements of money handling occur, find and utilize professional support resources like https://www.mint.com/ for a fresh perspective.
SIX – Plan for the inevitable. Acquire life insurance as soon as possible. The comfort of this financial benefit is an excellent plan before, during and after the loss of a loved one. Learn more about various life insurance coverage at https://havenlife.com/#needs.
Coming together in marriage is a wonderfully bright and exciting step. When it comes to financial success in a marriage, ask questions.