One of the many challenges that married couples face, aside from resolving who should sleep on which side of the bed, is money management. Money, as we all know, can be a tricky thing to navigate, which is why it’s not surprising that it found its way into wedding vows – “for richer or for poorer…”
Nevertheless, despite having uttered these vows, a lot of couples these days doesn’t seem to get it through together and survive for richer or for poorer as many studies have shown that financial issues are among the major causes of marital troubles that often lead to divorce. This is why it’s vital for couples to be smart in managing their money and take steps to make their finances work through thick and thin.
Here, we share some important money management tips that couples, whether newlyweds or not, should follow to enjoy a lifetime of financial and marital harmony.
1. Talk openly about money. Ideally, you and your partner should be able to have the money talk prior to marriage. Be open and honest about your financial situation, obligations, how much you make and how you intend and expect to handle finances as a couple. You can gather important paperwork and financial information, such as bank or credit card statements, bills, loans and insurance premiums, to have a good understanding on where you stand financially. It might feel awkward at first; however, you’ll never be able to set your expectations or achieve your goals unless you get down and start talking about the nitty-gritty of money.
2. Identify your goals. Whether it’s to build a home, own a car, start a family, travel or plan for retirement, identifying your short-term and long-term goals individually and as a couple is essential so you can set your priorities and take steps to accomplish them. Financial planning might not be exciting nor romantic, but it will surely help you in the long...