Household Financial Tips for Newlyweds
Experts and non-experts alike agree that more marriages fall apart due to bad financial management then just about any other reason. But, this problem doesn’t have to happen. Whether the cause is not making enough money to pay the bills or making the dough but arguing over how to spend it, planning for household financial decisions could have avoided those arguments. For anyone just venturing down the path of wedded bliss, here are a few household financial tips that can help you avoid these common traps.
Discuss And Understand Priorities
It isn’t enough to know your partner has different financial priorities then you, it is very important to understand them and why they need them. When it comes to financial priorities, there is no right or wrong viewpoint. Everyone finds what works for them. You may find that by discussing them their priorities are a compliment to yours, instead of an obstacle.
Find Common Ground
You will find once you open up the discussion that there are financial priorities that the two of you share. It might be the common belief in saving for retirement, or your kid’s education. For some couples it might be working together on the goal of owning your own home. That is why one of the most important financial tips we can give is to find that common goal and work on it together.
Often one person will handle the finances in a couple. While this can work well, if it isn’t transparent to both parties it can lead to trouble. A common response to not being part of the financial decisions is for the partner to create a secret stash so they feel more secure financially. This can lead to disaster. But if you meet regularly to go over finances, so both of you know exactly where you stand, you will both feel safer financially. The more you work together to solve financial problems, the easier it will be to find solutions that work for both of you.
Respect Cultural Differences
Today we often find ourselves in a relationship with someone who comes from a completely different financial culture. Besides the huge amount of immigration introducing people from different lands, there is always the friction of different family backgrounds about money. Some cultures have just the woman or just the man make all the financial decisions. By clearly understanding expectation, both members of the marriage can find a solution that includes everyone’s needs. Of all our household financial tips this is the one most couples forget to include in their plans. Marriage may be about far more than finances, but in the end agreeing on the financial arrangements makes all aspects of marriage run more smoothly.
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