Marriage and Finance By: Adam Mortimer
Money has caused more fights and more divorces than anything else in marriages. May I offer a few suggestions that I feel will greatly benefit the average couple as they strive to work together in financial matters.
Work Together: Working as a team is one of the key to your success. When you get married it is no longer my money and your money it is our money. Having a joint bank account is a good idea. It is also a good idea to have a little allowance money that each person has access to. This allowance money is money that they can spend without having to report it to your spouse. All other expenses before they are made should be approved by your spouse. This will eliminate a lot of impulse buying and it gives your family a type of check and balance system.
Communicate: Communication is also a big part of your success. Many couples avoid the topic of finances all together to avoid any contention in the home. This is just sweeping your problems under the rug that sooner or latter they will need to be dealt with, so it is better to deal with your problems now. When you talk about financial matters it should not be a blame session but a session where you sincerely ask how we can improve together. Having a healthy relation ship with your money will allow you to also have a healthy relationship with your spouse.
Fiscal Responsibility: Learning to distinguish between needs and wants will also be a great help with your finances. Leaning to live within your means and having some money set aside for a rainy day will give you a peace of mind that a BMW or the latest ipod cannot give to you. Tracking your expenses and setting a budget is a necessity.
Live Debt Free: As I coach many of my students all across America I find that just having a plan and working together can make all the difference. Many people consider paying off all the debts except a house is the definition of being debt free. You very well may pay more interest on the mortgage than any other loan. Paying off the house early should be a top priority of every family.
With the economic storms brewing it is more important now than perhaps any other time in our nation’s history to get things in order. Commit yourself to get all the education you can get when it comes to the topic of personal finance. There are many wonderful books that will help you as you strive for financial independence.
Resources:
Debt Proof Your Marriage By: Mary Hunt
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