Financial Advice for Married People

Posted on Wednesday 04 July 2018

While many people are often advised on managing their sole finances, the game somewhat changes after marriage. This change is not bad, but simply a reality of life. Therefore, learning how to manage, protect, and grow funds with one's spouse can be invaluable. Of course, every marriage is different, and no two couples are alike; nevertheless, the awareness and application of the forthcoming advice will certainly engender fruitful and properly managed finances. Marriage will always run more smoothly when time isn't spent worrying about money.

Handle Money Both Separately and Together

When two people are married, the most common money questions often pertain to bank accounts in one way or another. The chances are that both individuals maintained their own personal checkings, savings, and investment accounts before the marriage. After getting married, couples often wonder whether or not they should create a joint account or continue working with their current personal accounts. The same goes for getting a shared credit card or a payday loan online with us. The correct and proper decision just so happens to be all of the above.

Marriage is a partnership. However, within the said partnership, it is still important for both parties to feel they have an identity outside of one another. The Balance affirms that married couples should have a joint, shared account and their personal accounts. More often than not, the joint account can be used for expenses that both individuals in the marriage will incur. Examples of these expenses include (but are not limited to) rent, mortgage payments, utility bills, etc. Both spouses’ personal accounts outside of their marriage can now be used for individual expenses, such as going to the movies, dining out, shopping, etc.

Ensure that Both Parties are on the Same Page

Money arguments are one of the leading causes of divorce and marriage failure. In many of these cases, this problem can be counteracted before its inception. Through effective communication, both parties can make sure they are on the same page regarding financial matters.

Discussing financial goals, investments, accounts, and potential forthcoming purchases is extremely important in a marriage. You also need to discuss how you will handle financial misfortunes. For example, you need to know how you will handle it if your partner loses their job. You may need to discuss whether you will fall back on your joint savings or if the person will have to take a payday loan for the unemployed.

Both parties should be absolutely clear on where money is going, how much money is leaving accounts, and how much money is coming in. A couple should have a defined strategy for saving money for the future. Moreover, both spouses should be comfortable with money and the associated feelings. Different individuals have different perceptions regarding monetary capital. Therefore, seeking out the services of a financial advisor may be a good idea if spouses are unable to come to similar terms regarding money, its management, or other associated issues.

Steer Clear of Debt

Maintaining joint and separate accounts while being on the same page regarding finances is all well and good. However, this advice can become counterproductive if spouses fail to steer clear of debt.

As the ultimate foe of financial prosperity, debt can wreak serious havoc on bank accounts and marriages, especially when debt collectors come calling. This is why both spouses have an obligation to live within their means and be honest with one another and themselves. Sometimes, putting aside money and then paying for something in cash is a lot wiser than charging it to credit and then being unable to foot the bill when it comes due.

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