When we talk about money, we rarely acknowledge the emotions attached to it. Through our lives, we continuously strive to create a balance where we can save as well as enjoy the money. Marriage also happens to be another aspect of our life on which we work continuously. Throughout our married life, we make conscious decisions and tread the marital path carefully and cautiously. When money and marriage come together, it can cause a rift between couples. Let us read some tips on how to manage money and marriage together.
Decide on your strategy to manage money
Matrimony is a union of two people. However, these two people may have different styles of managing money. One may want to enjoy money; more others could prefer saving. In case of a household which has dual-income income, a spouse might want autonomy on their income. You must sit down and talk about managing money. You might both contribute in a joint account and then payout daily expenses. You can also bifurcate the household expenses based on earning income. The person earning more could contribute more and vice-versa. You should examine all options and then settle down for what suits you the best. Don’t look at other couples at how they are doing things; everyone is in a unique situation so everyone should formulate a unique strategy.
Stay away from secrets:
The secret to a good marriage is that there should be no secrets, and money matters should be no different. When we make mistakes, we are tempted to keep secrets. Risky investments gone wrong or hiding outstanding debt can prove to be extremely costly. Even if have made a mistake own it up. If your spouse has made a mistake forgive him/ her, remember being angry is not going to make things better, it will only provoke your spouse to hide things from you in the future.
Communicate what is troubling you:
Is your partner not saving enough? Are you kept out of financial goals? Whatever is bothering you speak up. Keeping your feelings under the wraps is only makes things worse. Have open communication about how you feel and how, according to you, things should be done. Listen to your partner and then find a middle path. Here you can talk about everything from household expenses, outstanding debt, EMIs, credit card spending, incomes as well as financial goals. Have a weekly or monthly chat or if something is bothering you, then go and speak your heart out right away.
- Have common financial goals
Being married means being part of a team for life. When you are together, then why not make common goals. Your common goals could be buying a home, securing a good future for kids, globe-trotting, good post-retirement life, etc. Talk to your partner about your aspirations, and then start working towards it. Some goals might be easier to achieve than others. Like globetrotting can be done after redeeming your points on the best travel credit card. However, for a good post-retirement life, you will have to plan and make suitable investments. Some goals may be easy to achieve; some might be elusive; you both have to work together as a team so that you can fulfill your aspirations.
- Financial security
We should always hope for the best and prepare ourselves for the worst. Managing money responsibly is a great task. We all love to spend, but financial security is equally important. Whether its choosing nominees for your wealth or buying the right health and life insurance plan; discuss with your partner. Your partner must know all your financial assets, which include bank accounts, fixed deposits, mutual funds, real estate investment, insurances, etc. You can also create a will or have nominees so that your spouse has access to all the assets in case you are incapacitated. Many times wives are unaware of husbands investments, and conscientious people take undue advantage of the situation and try to transfer the assets to themselves, leaving the dependents with nothing in hand.
Money can be overawing, but if we make conscious decisions, it can help us lead a smooth life. Keep the communication lines open and enjoy managing money and marriage together.