Marriage is probably a frightening deal, to say the least! And when it comes to money, most couples end up untying that promising knot over a couple of financial issues. While the financial instability between couples if quite understandable, just rambling on the money matters is not enough.
To actually save your love life from going downhill with time, chuck the romantic talks for a moment and shift your focus to what’s more important to your spouse and you – financial management. You are a couple and there probably lies either a very harmonious or troublesome times ahead of your both. Becoming aware of the basic finance tips for couples is just a starter, while the entire main course actually depends on the chemistry that you have with your partner in managing your financial matters effortlessly. And without a doubt, that’s one of the toughest things to do after marriage!
So before you end up talking about children and insurances, it inadvisable to open up on the most driving force in marriages – finances. Financial management between couples can either help strengthen their bond over the years or build a gap in between two partners.
To carry on with going down the romantic line, here are some things to keep in mind while you’re sitting at the dinner table discussing finances with your spouse. And also, stay careful while you’re at it.
Talk the talk
Don’t take your spouse by a surprise with a sudden and typical couple financial discussion. Find a neutral time that fits just right for you both, and when you both are not really facing any current money issues. It is the ideal time to avoid any further arguments and clearly, plan out your financial plans as a couple. The goal is to have a calm and relaxed financial discussion with your partner first and get acquainted their monetary habits to gain a better understanding and insight into your financial stakes as a couple.
Avoid the blame game
Support is the key to any strong marriage, and that is also the card that you need to play while managing your finances. No finger-pointing! No blaming each other! And no argumentative denials or justification for any financial setbacks whatsoever. In a long-term relationship, both you and your partner have to meet in the middle and avoid the blame game that just ruins relationships. And blaming will not help you balance out your balance sheet either. Stay cautious about being more supportive and understanding instead of turning the tables around at each other.
Believe in equality
Neither you nor your spouse should ideally have an upper hand at anything. None of you both may be capable enough to fairly decide and judge the monetary habits of another. So the golden rule? Consider yourselves equal. Your working hours and heavy paycheck hardly determine anything when it comes to a sound financial management with your partner. Have an equal say in money management because regardless of the big fat or small slim paycheck, you need to respect the equality of each other as partners.
Avoiding the key mistakes
There are chances of you experiencing a wrong financial approach from your partner. Or even for you, it is important that you avoid-
- Rushing with things. There should always be some level of autonomy, even when it comes to couple finances.
- Assuming that clearing your partner’s debt is solely the responsibility and duty of your partner. Team efforts work wonders!
- Thinking that your partner is the only spender in the family. Yes, both of you spend different amounts of different things, remember this!
- Keeping money secrets from your partner. Transparency helps a lot, more than you’d expect!
- Thinking that both are completely safe. No, you’re not. Start prior planning for financial emergencies
Assets are binding
As a couple, it is very natural for your partner and you to jointly own assets. However, it is not just assets that need to go in the back. Discussing other financial needs of a married couple such as mortgage and retirement need to be clearly discussed and planned out. In layman terms, you both need to be hand in hand when it comes to any financial aspirations or financial investments that you would want to make. Also, both your long-term financial goals must not really have a huge difference. Instead, a transparent discussion will help both of you come to a conclusion that has clarity and that can help you’ll manage long-term finances without much effort.
But do not rush!
Rushing is a bad, bad mistake in practically anything. And it is comparatively more dangerous when it comes to money management between couples. You don’t need to straightaway start combining your finances with your partner’s without a question asked. And neither do you have to official be involved with your partner’s past financial debts. You can always keep chipping and helping each other, but avoid rushing with your decisions and take up a responsibility that you’re clearly not up or ready for.
On a Final Note
Yes, your partner and you can take your little baby steps toward a sound financial management technique and keep your money in place. Financing money is easier if you bestow some trust and transparency in your relationship while having faith and not panicking at the same time. Rest assured that a stable financial system will only make your marriage stronger and healthier with time.