Tips for a Financially Happy Marriage
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Dealing with the finances in marriage is dull, frustrating, and something no one looks forward to. However, you cannot just leave your finances to chance or live paycheck to paycheck and expect to achieve your dreams as a couple. Most marital arguments are finance related. Instead of wasting your breath and your marriage arguing, team up and plan your financial future together. Your marriage will be happier for it.
Complete Transparency
Keeping secrets in your marriage about your finances is never okay. In order for you to work together to not only manage your finances, but also to reach your goal of financial freedom, you have to be transparent when it comes to your finances. One of the most common reasons that many married couples are not completely transparent in regards to their finances is because they are scared of what their spouse might say when they find out the truth. We should trust our husbands or wives with the truth about our debt, spending, savings, or whatever. You cannot work together on something that you are both not aware is there.
- Schedule a block of time where your focus, attention, and mental resources are maximized to talk bout your finances.
- Make the conversation a judgment-free zone, where you can share willingly and honestly.
Opening up in this way is difficult, even for those married for years. Allow your spouse to be heard, make sure that you understand, and communicate that you understand.
Set Up an Agreed upon Budget
Creating a budget and sticking to it can help relieve some of the stress that finances can put on a marriage. Be proactive about saving money, earmarking either a certain amount or a specific percentage of your earnings every month to be put into a savings account and left alone. Budget for expenses like mortgage, food, gas and other necessities, leaving room for some fun money. That fun money can also serve as a cushion that you can draw from when unexpected expenses come up.
Share Financial Responsibility
Share roles and regularly discuss the household finances. It’s okay if one of you is better at the day-to-day finances than the other. If one of you does take the lead, make sure the other is kept in the loop. Look at short-term goals and your income versus expenditure and your total net worth every month or every quarter.
Dream About Your Future Together
You now have the groundwork to put actionable items in place for your money in your marriage to be put to use for long-term goals.
There should be more to life than 8 a.m. to 6 p.m. for your entire lives.
- Do you want to save for that dream house?
- Do you want to take a few years off while the children are young?
- Would you like to scale back the work hours and still preserve your retirement savings?
- Do you want to travel?
Make time to discuss your dreams and start putting a plan in place to make those dreams happen.
Review your financial plan regularly
Nothing's set in stone. "All the plans you make can be quickly upended by new jobs, new expenses and new babies," From time to time at least annually, it makes sense to take a look at your financial position and goals. You'll probably want to make a few changes along the way
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