Marriage is difficult. With the addition of life’s financial challenges, many married couples find that they never have before. While money management can be a sore subject for couples, it doesn’t have to be.
Making Money and Marriage Work
Money doesn’t have to spell disaster for a marriage. It is possible to enjoy a healthy financial life alongside a happy marriage. Read on if you’re interested in keeping the financial peace in your marriage.
- Have Individual Accounts and a Joint Account
While it is important for a couple to have a joint account, it is also a good idea for both partners to have their own individual accounts as well. This makes it easier for one or both of you to spend your own money however you want, without having to consult each other for every single purchase.
- Be Aware of Where Your Money is Going
Budgeting is an absolute necessity in marriage. Knowing where your money is going will help both of you better prepare for your future together. This will allow you to set realistic monetary goals and grow together financially.
Take the time to review both of your spending habits to find out where the majority of your spending goes. This may lead to conversations about cutting back in order to save more money. While these can be difficult topics, they are important for building a strong financial future.
- Make Financial Priorities
Disagreements about money generally happen if both partners have different priorities. Say you think buying a house is important while your significant other is more interested in putting money away for retirement. By making it a point to decide on financial priorities together, you both will be able to be happy with where and how you are spending money.
- Regularly Discuss Finances Together
Having a regular conversation about money may not be comfortable, but it’s necessary for both of you to be on the same page. Perhaps you are interested in lending and apply for a personal loan without telling your partner. When you’re significant other eventually discovers the loan, you’ll undoubtedly have an argument on your hands. Student loans can be an area where these arguments arise since you probably got the loan before you got married. Be up front with your partner and look for ways to reduce the cost of these loans. If you have good credit then refinancing student loans is a great way to lower your payment each month.
Regularly schedule dates to discuss finances, even if it’s uncomfortable. This will allow you both to be comfortable and at peace with whatever current financial situation, you are in.
- Save 10% of the Income
Living month-to-month is as stressful as it gets. While you may think that you don’t make a sufficient amount to start saving, you should always aim to save 10% of whatever income you make. This will help you build an emergency fund or invest in retirement. Even if you aren’t making the kind of money that you’d like to, it is never too soon for you both to save.
Marriage is all about hard work. By being willing to have the difficult conversations about money, you’ll be able to build a better life with your partner. Use these five tips to keep your marriage financially healthy and happy.