“Money” arguments,“financial infidelities” are the main cause of marital conflicts. But, when you say “I do”, and have set your mind to spend your life together, you must even think of possible ways to manage your personal finances. It’s because, both of you have different financial opinions, habits. So, it is quite essential to stay on same money page after getting married. Thus, you’ll be able to ensure a happy married life.
9 Post-marital money lessons you must learn
It’s quite normal that each person has his own perception regarding personal finance. You should coordinate with each other to put your finances in order. Here goes some lesson you should learn to manage your personal finances post-marriage.
- Communication is ultimate
In marriage, communication is a key factor when it comes to finance. You must have the courage to talk to your spouse about financial matters. Don’t feel ashamed if you have student loan debts or other financial obligations. Feel free to share every financial truth with your spouse. You must be honest of your accounts and how much debts you owe. Also, share your opinion and the way how you want to handle your finance. Thus, you’ll be able to build a truth from the beginning and have a better understanding of where you stand financially and your expectations from each other.
- Sit with your spouse and decide your goals
After marriage, you need to set up your goal. Thus, you’ll be able to secure your financial future. There are a lot of things which you need to manage after marriage such as parental cost, child care cost, and education cost. So, try to set up your financial goal and work together in order to achieve it without any hassles. Try to write down your goals and check them periodically to assess them.
- Formulate a monthly budget together
After marriage, you should formulate a budget together as early as possible. Thus, you can certainly reduce unnecessary expenses and manage the household finances well. Search on the Internet to find out budgeting software which will help you to create a budget according to your lifestyle.
- Make sure the budget is realistic
Only formulating a budget is not enough, you’ll have to follow it. You should be careful that the budget you both have made is realistic, or else it’ll become difficult for you to follow it. Following the budget is important because it will help you understand what amount of money you can afford to spend from your income and how much you can actually save. A realistic budget will help you to save a considerable amount of money with which you can pay off your financial obligations as well. But if you have a too rigid budget that you can’t follow anymore your expenses may increase than your expectation.
- Organize weekly financial meetings
Weekly financial meetings are very useful for couples to talk about finances. Thus, you can make a spending plan, review all the accounts, and discuss the budget. These meetings will help you to sort out any problem area and strengthen your communication in marriage as well.
- Ditch multiple bank accounts
In a marriage, two people become together. So, there’s no point keeping multiple accounts.Try to keep a single bank account, including a single debit card, bank card, and savings account. Thus, keeping track on finance become simple for both of you. You no longer require dealing with financial hassles.
- Build an emergency fund
Emergencies are uncertain, so you should build an emergency fund for securing your financial future. Communicate with your spouse and set aside some amount of money to beat the unexpected happening such as losing your job, family illness, the natural disaster etc.
- Open a joint bank account
A joint bank account not only secures your future, it will strengthen your relationship as well. Control your spending habits so as to save the most part of your earnings. Thus, you can build trust in your relation and meet other responsibilities in the future as well as.
- Secure your retirement
Don’t forget about your retirement days. It will be a wise decision to set aside money for your retirement just after you have got married. Don’t forget to take advantage of 401k plan if you’re working in a company.
Post-marital personal finance is a vital factor that needs to be taken into account. Try to share all the responsibilities and work together. Thus, you’ll be able to manage your hard earned money without affecting your relation negatively and stay away from financial obligations as well.