Money. It’s an important issue for most married couples. Although successfully managing finances in marriage is essential to your happiness together, talking about money may not come naturally. No worries, though. If you haven’t gotten around to discussing the role money plays in your life together, it’s not too late to start.
Here are 4 money-and-marriage tips that could help you get closer to your financial happily-ever-after.
Prepare a budget and track it closely
Write down your family budget and try to jointly penny-pinch to the extent possible. It builds a greater degree of ownership in the entire budgeting process. The key to the budgeting process is to ensure that both of you cut your coat according to your cloth. More importantly, at this stage, you must make savings your target and expenses the residual item.
Explore your compatibility — as investors
Your attitudes about money and investing may differ in key ways — and you may need some help sorting things out as you plan for your future. Maybe you’re willing to take on some risk for the potential of a higher return, but your spouse prefers to stick with a slow and steady approach. That’s okay — your different financial styles may even complement one another. You just need to be upfront about it and think about how the investing decisions you make today could affect your financial security later.
Set up a joint emergency fund
Setting up a joint emergency fund is also a good way to be money-ready for any untoward situations.
Some couples find it helpful to schedule a time once a month, once a quarter, or once a year to check in on short- and long-term financial goals. Enlisting the help of a financial advisor or planner for impartial advice is highly recommended
Finally, stay and function as a well-oiled team
Great teams are always built by confidence and taking the other into confidence. Your two-member team can work best only if you agree and commit to make it work. The biggest need of the hour is to admit when you are wrong. That also gives you the moral capability to point out when the other person is wrong. Further, you can always hire a financial counsellor if you need advice on managing your money.
Money is an integral and indispensable part of marriage and something that cannot be ignored. Ensure that you speak about it with your partner, if you haven’t yet done so. Good luck with the planning!
