Sharing perspective about money can help couples resolve financial issues that doom many marriages. The following are some tips on how you and your spouse can secure a stable financial future together.
1) Be aware of and comfortable with each other's money personalities
Understanding your spouse's background and values can help avert many financial problems down the road.
2) Discuss your short- and long term-term financial goals with one another
Setting financial goals helps you develop priorities and define the type of lifestyle you and your spouse will lead.
3) Be well versed in personal finance
Work together to develop your financial knowledge and build confidence by taking a course, meeting with a financial planner, or reading up on financial planning books.
4) Decide how to divide the money management tasks
Decide who will be responsible for balancing the cheque book, filing taxes, and tracking investments, or better yet, set up a plan for rotating these and other financial tasks.
5) Understands the importance of establishing a realistic budget
A valuable budget helps you save regularly, utilise income wisely, and avoid misunderstands about how money is spent.
6) Know how much debt your spouse is bringing into the relationship
Couples must enter marriage knowing how much debt they each carry and how it will be paid.
7) Make a commitment to discuss money regularly
Handling differences in opinion regarding monetary issues is important to your marriage.
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