When you consider that one of the biggest reasons that people get divorced is because of money and finances, it makes sense to work together as a couple to make sure that your finances stay in check, your retirement funds grow and both of you use good financial judgment.
That being said, these Top 10 Tips will help you to plan your finances together (and hopefully have a long, happy and fruitful marriage). Enjoy.
Tip #1: Talk about your financial priorities and goals. Many couples make the mistake of assuming that they have the same goals. Don’t make that mistake and instead discuss them together. Whenever possible, make sure that both of your priorities and goals are being met.
Tip #2: Discuss your financial values. This is another area where couples sometimes forget that they’re different. If your financial goals are vastly different, it could lead to friction down the road.
Tip #3: Do your financial planning in 5-year units. Planning in 5 year blocks helps you to set long-term and intermediate goals and can make it a lot easier to reach those goals without feeling like you’re being deprived.
Tip #4: Set up and handle your budget together. Whatever type of budget you use, work it together and you will have a lot less marital strife.
Tip #5: Don’t keep financial secrets. Both of you need to know exactly where your money is going.
Tip #6: Remember that, even though you are both working, your income isn’t infinite. Stick to your budget, even if you have extra money.
Tip #7: Set up an emergency fund in case one of you has to stop working. Also, put as much money into an IRA and 401(k) as possible.
Tip #8: Try and handle the financial paperwork together whenever possible
Tip #9: Make financial decisions together
Tip #10: Discuss finances together at least once a month and make sure that you bring up any concerns, problems or challenges that you might have with your partner.
If you can follow these 10 Tips you will not only be more financially independent and secure but also have a stronger marriage that’s filled with respect and love rather than resentment.