Financial Contemplation for Couples
Becoming a couple changes your financial situation. Whether you are in a serious relationship, newlyweds, or tied the knot years ago, there is an undeniable stress that comes from mixing love and personal finance.
If you are getting married, you and your future spouse are ready to embrace all of each other’s outstanding qualities and unconditionally accept any less-than-ideal traits. However, before you walk down the aisle and commit to spending the rest of your lives together, you need to discuss how you will be spending your money as husband and wife.
Avoid financial problems and start making plans for your future together. Find the resources you need to stay committed to successful financial planning together. Money does matter when it comes to having a happy, healthy relationship so couples should try to devote time to improving their financial standing. A little honest communication could keep your relationship from becoming a statistic.
When you and your partner are busy balancing everything in your lives, sometimes financial planning can fall to the wayside. Following are 10 quick tips about financial planning together for when life gets hectic.
1. Set priorities and specific goals. Don’t assume you both have the same goals without discussing them.
2. Discuss values. Sometimes differing values make agreement on goals difficult. When one person wants to spend now and one wants to save for later, it can be a source of friction. The same is true when one spouse tends to be less risk oriented than the other about investments.
3. Plan in five year units. When planning for five year blocks, you can set both intermediate and long-range goals without feeling you’re being deprived forever.
4. Budget together. Set up a manageable system for your cash flow together.
5. Know where your money is going. Keep records of your spending.
6. Don’t assume that because you’re both working that you have a lot more to spend.
7. Save regularly so you aren’t locked into that second income.
8. Who handles the actual paperwork can be a matter of personal preference, although both of you should practice at it.
9. Don’t confuse the task of doing paperwork with the act of financial decision making.
10. Sit down together and discuss finances at least once a month. We all know that communication is crucial in developing a healthy financial relationship, yet it’s sometimes hard to know where to start. Since taking the time to talk is a great.
Finally, the most important money move you might make for your relationship is to embrace your differences. Understand that you cannot change feelings created by a lifetime of experience; instead, try to cultivate the positive aspects of each of your styles. There is no one “right” way to handle your finances and a marriage of your money styles may be the perfect solution.