Apart from love and trust, married couples must share financial goals for a successful marriage. Money can be a difficult topic to discuss in the beginning of a relationship but it is of utmost importance when it comes to serious relationships and marriage. Financial constraints and being oblivious to your partners financial situation can add a lot of stress to the relationships, therefore it is important to work towards a secure financial present and future together. Here are some important tips to consider for handling money in a marriage:
- Understand your financial situation as a couple- Once you are married, you share not only the assets but also the debts of each other. Therefore, understanding each other’s income, investments, loans and debts can help you assess your situation as a couple and help you to identify ways to promote financial growth and security in future.
- Plan and save together- Always ensure that you and your partner discuss money related matters before taking steps, so both of you are aware of where the money is going. It is a good idea to save for future expenditures like travel, education, home or car together, so the onus of saving is equally shared. You can save a percentage of your income individually or together in an account.
- Set financial goals- Understanding your partner’s financial goals and risk appetite is important for any relationship. Make a list of all important goals and plan a budget that can allow you to save enough to reach that financial goal. Making a budget together ensures that no expense is missed out and both of you are on the same page. Also risk appetite for return on investments can differ from person to person, therefore a couple must choose investments both find comfortable but also help fulfil financial goals.
- Communicate with trust and freedom- Keeping an open dialogue about finances can help eliminate secrets involving losses, overspending and any other financial crises. This way, even if you are faced with any situation that might throw you off track from your financial goals, you can always come back and tweak your financial strategy to move towards your goals.