8 Amazing Financial Management Tips for Just Married Couples
Marriage is a new chapter in life. It includes looking at every aspect of life, including finances, from a different viewpoint.
You are newly married and talking about finances is surely the most unromantic aspect to be discussed, but finances play a critical role in setting a parameter for your successful and happy married life.
It is proven that money is the primary cause of stress and a vital reason for many divorces. So, take stock of this dirty necessity and let it not hamper your marriage in any way.
1. Plans for your future
As an individual, you surely must have had some financial planning, discuss it with your spouse. In case you didn’t plan anything then don’t hesitate to speak it out. Your future requirements and the planning should be in sync with each other.
For married couples, having medical insurances is much more important than it is for singles. So, draw your plan in the early days of your conjugal life.
2. Write down your goals
Identifying your goals will help you to achieve them faster. Discuss your goals and decide upon the common ones like buying a home, or planning a family, or clearing off all your loans.
Pen them down and set a deadline for each, if you want to achieve focused targeted goals.
3. Check your monthly earnings
As the age-old saying aptly says, “Cut your coat according to your cloth,” your financial planning and your income should reconcile.
Post marriage it is not just you and your income; just like everything else in life, it is good to share your income also.
Discuss your earnings, take stock of your consolidated credit and future prospects. Besides, a secured financial life, it will help to develop trust between each other.
Marriage counselors often suggest that keeping financial secrets can create mayhem in the lives of married couples, so it is good to share the information about your bank details with each other.
It doesn’t necessarily mean sharing the access credentials, but it means sharing the value of your accounts, the amount of savings, and the worth of consolidated credit.
It is good to have a joint account, as it helps in making the household expenditures from a common pool. Keeping track of income and expenditure also becomes convenient for both partners.
5. Build an emergency fund
It is crucial to building an emergency fund from the early months of marriage. This untouched saving is of great help during the sudden emergency days like an accident, loss of job or an unplanned baby.
This fund will keep on growing if you add some amount to it on a monthly basis and will be of great help in your dire days.
6. Have weekly money meeting
Discussing money is probably the most boring thing on earth, but it is imperative too. So, keep a day aside in the week when you both can relax and discuss on your financial condition. It might sound too much of a task, but it helps in avoiding many financial crunches and also strengthen the bond between the partners.
Share your financial status with each other and avoid any financial secrets if you want to avoid any unnecessary misunderstanding and disrespect.
7. Work as a team
Marriage doesn’t oblige you with your spouse’s debt, but the debts of your partner will surely affect your lifestyle.
So, deal with the debts together and prepare a consolidated credit chart. Focus on the ones with the highest interest rates and start clearing off one by one.
The credit rating of your partner is going to affect your future decisions while applying for a loan, so focus on reducing debts. Marriage is not about you and me, in fact, it is about us.
So, while you are keen on sharing on the good things of life together, have the strength to share the burden and stress too.
8. Start saving for your retirement
It is never too early to start planning for your retirement. A good retirement plan means a peaceful old age when you can finally spend some quality time with each other and relax. If you start saving a small amount from Day-1 and keep it aside as your retirement fund, you will be in a better position to enjoy your ageing.
If you can talk about finances without any hiccups and fights, you can probably discuss anything under the sun with your spouse.
Want to have a happier, healthier marriage?
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