“Five Steps For Getting Financially Organized With Your New Spouse”
“Don’t spend a single rupee this week!!”
“Where did all the money go? It looks like you are eating it with your both hands!!”
These lines are used usually among married couples for bashing and accusing each other. Are you afraid the same thing will happen with you and your new spouse? And you want to get rid of this? Then you must understand that the basic problem behind this agitation is mismanagement and disorganization of money. Marriages just not create an emotional bond between two people but a financial one as well. However, when both parties are disorganized with their money, their married life starts going down the line. Becoming a little organized with your money can do a lot for your happy and healthy married life.
Here are 5 easy ways to get financially organized with your significant other.
Step 1: Get Acquainted:
It is crucial to have a money talk between couples before or after ringing the wedding bells. Therefore, it is important that you communicate about your financial situation honestly with your spouse and know about your spouse’s income as well to understand the combined incomes and manage the budget. Also, spend some time discussing and observing each other’s finances and spending habits. For example:
- Is your spouse under debt? If yes then how is he/she planning to pay it off?
- He/she have any emergency fund/loans/insurance policy?
- What is his/her credit score?
- He/she is investing somewhere?
After that making decisions together and respecting each other’s opinion is the key secret behind a healthy financial relationship. Even though when it comes to spending and saving habits, you and your spouse will not be on the same page. Therefore, for becoming smarter and organized with your money, money talk and getting familiar in terms of money with your spouse is essential.
Step 2: Talk About Your Financial Goals:
Make a list of your financial goals and share it with your spouse. Also, consider his/her goals and together both parties help each other to make better choices. Do you want to buy a house or save up for kids? Do you want to borrow an auto loan or want to save for retirement? Financially successful couples always first discuss their goals either long term or short term and then make sure they are on the same boat for getting close to those goals.
Step 3: Set Up A Game Plan And Carry Out All The Responsibilities Together:
Marriage is a commitment and just like any commitment you must set up a solid plan for paying your expenses and savings. It is your personal preference, either unify all your accounts with your spouse or go for the opposite. But both of you are definitely responsible for all the money-related matters of your household and life which you both are sharing. Successful couples distribute their financial responsibilities and if they encounter a financial challenge they support each other.
Step 4: Talk About Your Finances Weekly
Work together and set a time and day weekly for discussing the most important conversation regarding the fitness of your marriage. It will take 20 minute more or less to fill in previous week’s spending, pending expenditures and payments, checking up on goals etc. Wouldn’t it be amazing to get a fit and trim body by investing 20 minutes per week but sadly it is not possible. However, you can become financially fit by investing 20 minutes weekly. Quite shocking huhhh?
Step 5: Make Sure You Have Insurance:
With marriage comes a new heavy box of responsibilities. It includes the liability of your spouse in case of an unexpected event. It is important that you have the correct policies of life insurance and health insurance to ensure protection of both parties in the awful circumstances in which something might happen to one of you. If you need help in this purpose, click on to get a perfect guide to health and life insurance and different policies offered by different firms.
As much as you and your spouse will implement these steps in your married life, you will find it easy to plan together, have more money together, and most importantly time together as a perfect family.