Money is an integral part of our daily living as humans as it influences several decisions that we make and how a lot of our decisions turn out at the end of the day. A lot of emphases is made in discussions around money and personal finance and when couples come together more emphasis is made on building wealth as a couple and financial planning.
There are various steps that experts say couples can take to avoid letting money matters get the best of their marriage. One of the things that will determine your success as a couple is the way you handle your finances.
Read also: 10 Things You Shouldn’t Spend Money On For Your Wedding
- Talk about money
Discussing money might not be romantic but try to broach the subject before committing. Money can be a very emotive topic; that’s why people tend to prefer to avoid it. Addressing money issues is important and no matter how uncomfortable it is talk about it and be sure where you both stand.
- Disclose your financial situation
Let your partner know your stance about money, your views on wealth creation, financial planning, etc. This is the time to mention outstanding debts, loans, income sources, investments, or other financial assets or obligations. It is quite common for couples to have different attitudes towards money. If one is a big spender whilst the other is a frugal saver.
- Develop a Financial plan
A financial plan is a key to your money’s success as planning helps you work as a team. In your financial plan be detailed about it and explain how you intend to handle your finances, saving culture, and wealth creation. Plans will change, but it does help to have discussed things so that when the time comes you are better prepared. Planning ahead brings you closer to achieving your goals, and even better, it brings you closer as a couple.
- Set goals
Having goals with your finances is a powerful avenue for bonding as they share hopes and dreams, write them down, and work together to achieve them. People’s financial expectations and priorities shift as time goes by. It’s important to maintain a team mindset and share financial responsibilities.
- Discuss your account details
When it comes to combining finances, there is no one size fits all; some couples merge their finances, whilst others prefer to keep their finances separate. You don’t have to combine finances immediately. Take some time to learn about each other’s spending habits. With a joint account, if both of you are working there should be some agreement about how each will contribute and how the money will be managed.
- Stop Keeping Secrets
Keeping secrets from your spouse can put you on the fast track to marital mayhem. Unfortunately, it’s not uncommon, especially when it comes to keeping secrets about money. Hiding accounts or lying about big purchases can be toxic to the relationship and can lead to bigger emotional issues down the line such as guilt by the person keeping the secrets and questions of trust when the partner who was deceived inevitably finds out.
- Emergency contacts
One way to help a couple financially is to create emergency contact like next of kin forms, health insurance, wills, retirement plan beneficiaries, life insurance, investment accounts, etc.
- Speak to a counselor
Get help from the outside like a counselor, relationship experts, and financial advisers about all your money concerns and financial problems so they can offer appropriate advice.
- Check on each other
Financial accounts such as checking accounts, savings accounts, or credit cards from their spouses, partners, or significant others they live with. Checks and balances ensure no one is acting out of place and everyone respects boundaries.
- Remember the golden ruleTreat your spouse as you would want him or her to treat you. This may seem simple and obvious, but it’s something that a lot of couples forget to do, especially the longer they’re married.
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