Money is one of the most common reasons for arguments among married couples, and it is a leading cause of divorce. If you want to ensure that you have a long and happy marriage, you will need to make sure your financials are sorted out. These tips can help you avoid all kinds of financial pitfalls that plague too many couples all over the world. By taking some simple steps you can put yourself on the right path. This is something that you and your spouse should both be very concerned with.
Make Goals Together
It is important that you make financial goals with your partner and then actually work towards them together. Those who do not take the time to make these goals usually end up getting into arguments constantly, which can eventually lead to splitting up. Always make sure that you are on the same page with your financials so that you don’t get stuck in a bad situation together.
Divide the Responsibilities Evenly
You and your partner should both have certain financial responsibilities, such as paying the rent or mortgage, utilities, car insurance and other bills. It is never a good idea to just assume that your spouse is going to take care of anything. There should be a very clear division of responsibility when it comes to these things. Being late on even one payment for your bills can negatively impact your credit.
Get Adequate Insurance
One of the big mistakes that a lot of married couples make in terms of their financial is to not get an adequate amount of insurance. It is particularly important to do this if you have children. Life insurance is something that not nearly enough people take advantage of. If you have an entire family, the last thing you want is to leave them in the lurch. A life insurance policy will put everyone’s minds at ease.
Have a Will Made Up
Anyone with a family and/or a significant amount of assets should have a will made. Whether you are 20 or 80 years old, this is a very good idea to consider. Take the time to think about who you want your beneficiaries to be. This document will basically state how your estate is going to be divided in the event of your passing. Those who do die before having a will drafted leave behind grieving loved ones who have to deal with a lot of unpleasant business. By doing this you will make it much easier for your family when you are gone.
Live Below Your Means
Living below your means might not sound like a very good time, but it will help you save money for retirement. You might have to sacrifice some of the smaller luxuries that you are accustomed to, but it will be worth it in the end. This doesn’t mean that you have to live far below your means, but rather just being more frugal. The less money you spend now, the more you will have when you are no longer working.
Never Hide Anything from Each Other
When you start hiding things from each other in a marriage, there is a good chance it won’t last much longer. It is crucial that you are completely honest with each other when it comes to how you spend your money. If you made a big purchase that you shouldn’t have, just come clean. You don’t want your partner being surprised later on when they are reviewing your joint bank account statement. The more transparent you are with each other about financial matters, the easier it will be to stay on track together.
Establish Firm Rules
There should be firm rules already established when it comes to spending and borrowing money. This means creating a budget and sticking to it as a couple. Everyone slips up once in a while, but you should really have a plan in place.
Don’t Forget to Have Fun
Spending money can be a lot of fun, and there is nothing wrong with that as long as you aren’t being irresponsible. It can be easy to get caught up in the stress of always saving and scrimping, but once in a while you should splurge a little bit. You don’t want to go very far out of your budget, but remember to enjoy life.
Financial matters can definitely be a source of contention among married people, but it doesn’t have to be that way. These tips can help you improve and maintain your relationship over the years. The more honest and transparent you are with each other about these issues, the easier it will be to avoid major problems down the road. Some things that may seem like small issues now can easily become far bigger in a short amount of time.