Tips on how to handle money and marriage?
Money is definitely an important issue, especially for most couples. However, it is not always clear for them on how best to make sure that both marriage and money issues are kept in check at all times. It is often a challenge to most of them and money has been recorded to be a common source of major disagreements between married people. it is therefore important for couples to determine the role money plays in their married life so as to ensure it does not negatively affect their marriage union. Below are some tips to handle money and marriage :
1: Start talking about finances
Even before you get married, it is important to start talking about money but if not, it is always advisable to start talking about it immediately after marriage. As partners, you should go through all the accounts both of you have so that you know how much you have at your disposal and also how much debt you carry. This ensures better planning. Also, this sets the ground for how each of you wants the money to be spent. For example, in a case where either of you suggests a big purchase, you will be both in a position to agree on where you stand financially.
2: Understand your partner’s money mindset
Most fights between couples arise due to not only money but also as a result of the clash of temperaments. For example, it is possible for couples to fight because one of them has suggested a purchase of an item that is likely to cost them a fortune. However, that may not be the underlying problem. The couple might be rich enough to afford it but, one of the fears that one day they will not be able to pay their bills if they continue with such spending. Therefore, it is good to first understand your partner’s views on money and critically analyze the background they have on the same. This way such simple conflicts are avoided.
3: Create and embrace a budget
Figure out how you will be managing costs now up to the time both of you retire. For instance, you may decide that one of you will be taking care of the house rent while the other will take care of the rest of the monthly expenses depending on the most comfortable arrangement both of you come up with. Additionally, you should consider contributing enough to your retirement funds so that you both may reap maximally once you retire. Either way, it is advisable to develop a lasting budget and embrace it.
4: Explore your compatibility as investors
Although your views regarding money and investing are likely to differ in many ways, it is crucial to seek help when planning for the future. Let’s say, you are willing to gamble on a big risky project but on the other hand, your spouse wants to stick with a slow steady process; that is okay. You can re-define your financial styles to complete each other. All it requires is carefully determination of the pros and cons of either of the projects and the implications either of them could have on your financial status later.
5: Talk with a professional about tax differences for couples
Sometimes, managing your finances or even simply having the money talk with your spouse is not as simple as it seems. In some cases, you are forced to include an outside person, mostly a professional to help you decide on the best financial options for married couples. Obviously, some issues like filing taxes jointly affect your finances in away. With hiring a professional to take you through the whole process, you are assured of better financial management options that will save both of you more money. It is advisable to revisit investment choices so as to determine the best tax-efficient steps to manage your money.
6:Update your will and other legal documents
As a means of handling money and marriage at the same time, it is advisable to constantly update your will and other legal documents as well. if you intend your spouse to be your immediate beneficiary, you have to make sure that all legal documents are in order. Although it is a complicated process, it is an effective way of keeping both money and marriages safe.
7: Set your eyes on the same prize
Life is prone to change and so are the goals and priorities of couples over time. However, problems arise when couples do not check on each other to make sure that they are still in synch regarding the joint plans they made before. It is therefore advisable for couples to have a sit down say once a year to discuss their progress and make sure they are on one page when it comes to their financial spectrum. They can meet more often when need be.
8:Remember the golden rule
The golden rule that states “treat your spouse as you would want him or her to treat you” always comes in handy in attempts to avoiding money issues coming between or even breaking marriages. Everyone argues about money but how you argue about it with your partner matters. Although it might be okay to complain about the way your partner uses money, the use of harsh words should be duly avoided.