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Marriage & Finances: Planning for the Future

Young married couple frustrated over finances

 

 

What You Need to Know about Money & Marriage

Every couple is different and so is their financial situation. However, there are a few common points that nearly everyone can agree on.

Money can be stressful.

If you or your partner is constantly stressed about money, this is a warning sign that something in your behavior related to money needs to change. If there’s “too much month at the end of your money,” this can lead to headaches, stress and argument in a marriage.

The good news is money doesn’t have to be stressful. There are some proven ways to end the negative feedback loop of money stress for good. If you want your marriage to thrive, here are a few tips to follow:

Have a budget.

  • If you don’t know how much money is coming in, how much money is going out, and where it goes, then chances are, you’ve gotten a few overdraft notices, perhaps even recently.
  • If you don’t have a budget, creating one might sound overwhelming.
  • Luckily, our easy budget calculator can help you get a snapshot of your finances right now.
  • If you’ve tried budgeting and are still struggling to make ends meet, you may need to speak to a professional. If you’d like to speak to a certified credit counselor now, call CreditGUARD today

Have a backup.

  • If you jump out of a plane, you need a parachute. It’s common sense. So is having an emergency fund. Life happens. What do you do? Do you put all your “emergency” purchases on your credit card? A credit card is not a parachute. It’s more like added weight. You need an emergency fund. Seriously.

An emergency fund effectively short-circuits stress.

  • Once you save up even a few hundred dollars and set that money aside in savings, you’ll have just a bit more piece of mind. Whether it’s a flat tire or an unexpected trip to the emergency room, bills have a way of sprouting up. Stay ahead of the unexpected by planning for it.

Have a plan.

  • Marriage can be difficult for many reasons, but not having a solid financial plan for your future can create instability, worry and unnecessary stress.
  • If you’re not sure what a plan looks like, some things to consider are your plans for buying a home. How will you effectively save a down payment? How large of an emergency fund would you like to save? Do you have investments? If you have children, are you planning for their college expenses? Have you considered retirement?

These are all potentially nerve-racking questions, but if you are ready to have an honest conversation with your fiancé or spouse, then you are ready to make headway on your financial future. If you or your spouse is in debt, read our recent article about marriage and debt to gain more insight on how to move forward with your finances. If your current financial situation is strained, and you’re struggling to make your minimum monthly credit payments, talk to a certified credit counselor today at 1-800-500-6489. Learn about your options and take action to improve your situation today. Don’t let finances hurt your marriage. You and your partner can work through problems like these if you’re willing to take certain steps. CreditGUARD can help.

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