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Financial Advice for Married Couples
Navigating married life isn’t always easy. Disagreements about spending and saving can drive a wedge between otherwise happy couples. If you and your loved one are feeling the strain of money troubles on your marriage, know that help is available. While we aren’t marriage counselors, we can offer financial tips to help you navigate your situation.
We’ve put together a few tips that every married couple should know to avoid financial stress.
4 Tips for Wedded Financial Bliss:
Know Your Goals
Is your foremost savings goal retirement? Is the focus more on growing a college tuition fund for your children? Does purchasing a new home or car take precedence over long-term savings plans?
The only way to know what your financial priorities are is to talk about them. Whatever your focus, be sure that both of you are on board and that your spending habits align with those goals.
It’s not uncommon for one partner in a marriage to handle the bulk of the financial matters. They may be more knowledgeable on financial topics or more number-savvy. Regardless, both parties should have access to the real numbers when it comes to your money.
Knowing how much is available to spend will allow both of you to make better financial choices.
Long gone are the days of bills stuck to the fridge and shoved in stacks. Track finances online for an accurate, up-to-date view of your accounts. Budgeting software can keep you informed of spending habits and track long-term goals. Both partners can log in daily from a computer or phone app to stay aware of available funds.
Have a Family Meeting
It’s easy to assume a plan is working if no one seems upset, but don’t let calm lead to complacency. Keep a running dialogue about how things are working. You may feel that a particular budget isn’t sufficient anymore or that your short-term goals have changed.
There are many reasons you may need to revise a good plan. If things are getting off-track, speak up!
Set up a time to review your financial situation at regular intervals. This will help you course-correct alongside your partner to ensure that your marriage and your finances are on the right track.
If you and your partner are struggling due to finances, CreditGuard of America can help with your credit debt situation. Call us today at 1-800-500-6489 to speak to a certified credit counselor and create a plan for your financial future.