1. Finances And your Marriage
Many couples struggle with their finances and marriage; this is not only because of money issues but also because they do not spend time making financial decisions together. Money is one of the key components in any successful marriage; as such, making financial decisions should be a priority for both spouses. One way to help ensure that both spouses spend time and money wisely is to keep assets separate. It is important that each spouse have his or her “money tree” or “savvy tree.” This can be accomplished by having one substantial savings account and saving and investing that money accordingly.
The best way to avoid financial dishonesty in a marriage is to set up each spouse with an individualized retirement account. Savings accounts should be separated so that each spouse knows exactly how much money he or she has saved. Individual retirement accounts also create a sense of accountability regarding financial decisions. In addition, both spouses should monitor their accounts to ensure that they are receiving proper amounts for their tax returns and for their own expenses.
Most couples who have separate accounts understand the importance of regularly making contributions to their retirement accounts. As a result, most couples report being quite financially independent. In fact, couples who have one saving account tend to have fewer problems with being financially irresponsible than couples who have two separate savings accounts. In this way, having one spouse maintain his or her savings account helps to ensure that the married couple is both financially responsible. A great way to save money is on household costs, you can do this by making an apples to apples comparison for cheaper price options.
Financial missteps are unavoidable in any marriage. This is why it is so critical that each member of the married couple actively monitors his or her finances. Couples can avoid some of the common mistakes that lead to financial crises by educating themselves on debt and budgeting, as well as the proper ways to save money. One of the best ways to do this is to develop a monthly savings plan.
Create a financial plan together. Many times, individuals fail to create a formal financial plan with their spouse because they believe that the process is too complicated. However, creating a financial plan together can actually be quite easy and stress-free. All couples need to do is sit down together and list out all of their income and expenses. By doing this, individuals can quickly see which sources of income need to be increased and which sources of expenses should be reduced in order to achieve their marriage and family goals.
Besides developing a monthly budget, couples can also work together to create spending plans. This works best when both spouses are financially responsible for their spouses. For instance, if one spouse earns a substantial amount of money, it is possible to redirect those funds towards a particular expense that the other spouse can live without. As you can see, there are many simple ways that couples can work together to save money on finances and achieve the goals that they and their loved ones have in mind.
2. Top Marital Finance Issues And How To Avoid Them
If you do not have a stable source of income, it can make things much more difficult for you and for your spouse to provide the basics of food and shelter. Both of you need to work hard to have enough money to live normally.
In some cases, this might mean switching jobs and in other cases, it means changing careers. When you and your spouse have been married for a long time, your income is usually based on several factors. If those factors were altered during your marriage, you may end up having to adjust those factors as you continue your marital status.
Sometimes, changes in income will only affect you indirectly. For instance, if you get a promotion at your job, you will likely receive a bump in pay. You and your spouse probably had a budget that said you could afford certain expenditures and you likely followed that budget. However, should you suddenly be unable to pay for some of these expenses, the impact will be felt in your expenses.
There are also issues regarding credit cards and student loans after the marriage. These can be very draining financially and for many people, they are emotionally draining as well. If you and your spouse separate and later get back together, you will have to deal with multiple credit cards that you have accumulated during your marriage. Student loans can be even more complicated, especially if one spouse has had to file bankruptcy because of overwhelming debt.
3. Finance Tips For A Happy Marriage
Are you looking for finance tips for a happy marriage? Do your finances make you and your spouse angry, stressed, and frustrated? If this describes your relationship, then it is high time that you started paying attention to your finances and looked after them well. After all, your spouse is the one who will have to look after your finances in the long run so you should be making efforts to be financially sound and stable.
There are plenty of finance tips that can be beneficial for a married couple, apart from just sticking to a particular budget. One of the best ways to save money is to set aside some money each month as a saving. Ideally, you should have enough to last for at least two months during which you will not be required to earn any income. Two months should be enough to get you by until you start saving for your marriage life’s eventual goals. At least this will give you some breathing space till you have a better idea about what you want and need from your finances. You can always come back to your plan and revamp it.
Once you have a plan about how much you should set aside, stick to it religiously. This is essential. It will help you work out a budget that is in line with your income so that you do not overspend and starve your family of the necessities that it needs. This is also a great way to teach your children about budgeting and saving for the future.
Another of the finance tips for a happy marriage is to start investing your money. If you have a 401(k) account and you save money in it each week, then you will be able to take out small loans from your 401(k) once your income increases. These small loans are very effective financing options. They are much cheaper than bank loans, credit card bills, and other avenues of borrowing money that exist these days.
One of the best finance tips that you can get is to keep your debit and credit balances low. The more debt you have, the more expensive your living will be. If you make just one payment a month on all your debt, you will pay less interest, have a lower monthly payment and save money every month because you will no longer be paying interest on the credit card that you used to buy that sweater that you really liked but cannot afford. Also, if you pay off the smallest of your debts, you will free up some money to put towards your savings.
As you can see, the most important financial tips for a successful marriage involve both you and your spouse. There are many ways to stay financially healthy. For example, one of the most effective ways to save money each month is to create a budget. Another good financial tip is to use your money wisely. If you cannot afford something, do not buy it.