Just Married? Essential money tips you need to know

When you get married, you agree to share a financial future too, because you both are now one. Here’s how to build a strong and healthy financial future together.

According to a survey, money is the leading cause of stress in relationships. On the plus side, another survey revealed that couples who trust their partner with finances felt more secure, argued less, and had more fulfilling sex lives. Both surveys show that money does matter. This might sound unromantic, especially to newly married couples, but the proper management or mismanagement of money can be a factor for the happiness or strife in a relationship. When you get married, you agree to sharing a financial future too, here’s how to build a strong and healthy financial future together.

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1. Set Your Financial Priorities Together:

Know what is important to each of you. One of you may want to buy land and build a house while the other thinks saving for your retirement is more important. Seeking the help of a financial planner can help you set your priorities and still spend money on some fun things like a romantic getaway now and then.

2. Build a workable structure for your financial lives:

With proper communication and dialogue choose who will be responsible for paying particular bills, filing invoices, balancing the checkbook, and researching large purchases? Where your individual goals coincide, make a list of the steps it will take to accomplish those goals. Where they collide, figure out which you can live without and how to combine the rest with your partner’s plans. Establish a division of labor that suits your talents, income and needs. 

3. Work through your differences:

If one of you is more of a saver and the other a spender, create a budget that allows for both. If your partner is a bargain-hunter that has a great eyes for the best deals, put him or her in charge of the spending part of the budget, while you invest the savings.

4. Confide in your partner:

Keeping financial problems to yourself is destructive to the openness and stability of your relationship. Discuss your worries with your husband/wife and ask her for practical suggestions and support.

5. Prepare a will:

Every couple goes into a relationship with the hope of living and growing old together but its never too early to draw up a will to protect your loved one just in case anything happens. You don’t want guardianship issues to be settled in court if anything happens to you. When you have children, Ask a friend or relative if he would be willing to be the legal and/or financial guardian for your children or wards after you’re gone. Then, follow through by updating and signing your will.

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Always delegate time with your partner to discuss your financial situation, dreams, and goals. Keep the atmosphere open and honest. Use this time to brainstorm creative solutions to problems and generate ideas to improve your future. Here’s to a great marriage and a strong financial future.