Disagreement about finances is one of the main reasons for tensions in marriages, it in some cases lead to divorce. Financial experts have put together 6 financial advice for couples who hope to make financial success in their marriage and live a robust financial life together.
Here are the financial advices that can help couples enjoy an interesting financial life together.
Operates separate bank accounts and one joint account
One of the questions that often come up in financial discussions especially among newly married couples is whether they should operate a joint bank account or operates separate bank accounts. Financial expert is of the opinion that married couples should operate separate bank accounts and a joint bank account.
According to thebalance.com, this arrangement is one of the most important decisions the couples need to make regarding finances. Having separate bank accounts help to reduce arguments about money.
Have joint budget, set financial priorities together
Joint budget is another financial advice for couples, it helps you track how you spend money; it also helps you prioritize your spending and not spend by impulse. With budget in place you will be able to set financial goals you are both comfortable with and harmonize individual priorities.
It is important to know where your money is going. couples should not see budget as a way of pointing accusing fingers to one another about who spends more. Budgeting is critical to financial security and should be a means to ensure financial wellbeing of the family,
Make savings top priority
Financial experts are of the opinion that couples should save up to 10% of the income to create emergency fund and put enough money away for retirement. The desired retirement lifestyle can only be achieved through conscious savings that starts early enough.
Have regular finance discussions
Communication about debt, bills, savings and other financial issues needs to be discussed and harmonized. Although discussions about finance may not be easy especially if priorities about future need of money are not the same.
Expert are of the opinion that couples should seek financial counselling to harmonise differences in priority. According to thebalance.com ‘It is important that both of you know where you stand financially and have common financial goals’
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Avoid keeping secrets about your finances.
Thebalance.com is of the opinion that ‘not being honest about the cost of large financial purchases or keeping debts hidden is considered financial infidelity by many people. Such secrets can destroy marriages’
Aim to free your finances from debt
Debt is never a healthy way to handle your finances, avoid joining the debt wagon that see you acquire new television, new furniture, new sound systems, new car and so on, with debt immediately after marriage. Avoid debt as much as you can.
Again, there should also be conscious effort to pay down all debt together as a couple. Both couples should be concerned about each other debt even if the debt dated back to before your marriage. It is important to rally round each other and pay off individual and joint debts especially because it affects credit ratings negatively.
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