Protecting your marriage through better money management
Divorce lawyers across the country often repeat again and again that one of the top reasons they seen potential clients for a divorce is money problems. Couples who have prepared for marriage in many other ways may be lacking in constructive financial strategies for when times get tough. A struggling job market, faltering housing and stock markets along with unprecedented amounts of consumer debt can leave even the strongest marriage under attack. Many couples simply cannot respond positively to the increasing financial pressures and their marriage comes apart as a result. If you are married or considering marriage here is what you want to know about protecting your marriage through better money management-
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- Be open and honest about money. Couples who are considering marriage need to be totally upfront about their financial expectations. This includes a complete review of each person's finances, spending habits and expectations about marital finances. Prospective couples should discuss what financial scenario they see happening after marriage. This includes who pays the bills, who will be the main income earner, saving and spending habits. The management of debt and large purchases (homes, cars, etc) should be discussed so that each person's expectations are clear to the other. If married couples have not had discussions that cover these subjects than they should right away in order to get on the "same page" financially.
- Limit consumer debt. One of the most serious financial problems affecting many couples is the overwhelming amount of consumer (usually credit card) debt. This debt is usually held at a high interest and due to the nature of credit cards becomes very hard to pay off. When one or both spouses are consistently adding to the debt then tension can develop in the relationship that can ultimately lead to a breakdown in the marriage. When both partners are living within their means and using credit wisely each is contributing to a positive financial picture and helping to foster trust in the relationship.
- Set goals. One of the important keystones in any relationship is to set goals. By setting goals together you and your partner can determine where you want to be financially. In addition by setting goals early (preferably before marriage) than each partner can begin to have a clearer picture of what their partner finds important. This can be extremely beneficial early on in a relationship when the romance may be clouding the realities of life. Yet even for long-time married couples one of the best ways to gain better control of their finances is to re- evaluate financially and set goals together.
- Set a budget. Once you have discussed all the topics listed than you can set a budget to help you reach your financial goals. Just like you would never set off on a trip to an unknown destination without a map navigating tricky financial waters without a budget is just as unwise. By setting a budget you can have financial roadmap to help guide you through your married life. There are many online sites that can help you develop a budget that is right for you.
- Get life insurance and make a will. One of the best and most loving things partners can do for each other is to have life insurance and a will in place. While many younger couples feel that this is unnecessary statistics show that no one is immune to an unexpected death. By having life insurance and a will in place you will be sending a loving message of financial care and concern to your partner even when you are no longer by their side.
