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Financial Moves for Married Couples

Guest Post

According to a recent study couples that argue about finances at least once a week are 30% more likely to get divorced. The same study, conducted over three years, also found that couples with no assets at the beginning of the three-year period are 70% more likely to divorce by the end of that period.  Speaking on financial matters can be an uncomfortable subject for some individuals, but managing your assets by yourself is only part of your financial journey as a couple. Learning to work together and manage your own finances as well as your finances as a unit are important steps couples need to take. Here’s some tips on how to approach the big financial talk.

Find additional information about divorce statistics.

Have The Talk

Did you know that a survey on emergency funds conducted in 2021 saw that 25% of survey respondents indicated having no emergency savings at all? This is up from 21% who said they didn’t have any in 2020.

It’s time for the money talk. Coming to the conversation prepared can keep each of you from feeling overwhelmed. Break down each other’s spending habits to illustrate where each of you can set goals and reduce spending. When creating budgets for yourselves, you should also create a budget for your joint finances. During this process, you will take into account the debts each of you has and how they impact your budget overall. Prioritize building up your emergency fund for your family and determine how much each of you can contribute to this monthly.

Talk about DIYing any home improvement projects you have; incorporating solar powered energy, growing your own fruits and vegetables if you have the space, and ask about saving money in every facet. Making these changes over time can help you focus on building your savings.

Work As A Team

Marriage isn’t all about love, it’s also about being a rock and an unbreakable support system. It’s important to lend your support to your partner when needed, and check your ego at the door. Asking for help is an incredibly vulnerable thing to do, but when you ask your partner for support, it helps strengthen your relationship. Transparency is key in any relationship and will allow trust to flow naturally within your marriage.

Being that your finances are now joined, it’s very important that you come to an agreement on them. Communicating when you’re about to make a big purchase, or after a big purchase depending on preference, will allow you to feel like a united front when it comes to your finances. Being open with your partner about your debts and any struggles you have managing your finances will help you take accountability for your financial future.

Find ways to make financial conversations teachable moments for your family. Introducing your kids to financial literacy is an important part of preparing them for the real world. Looking into side hustles or even kick-starting a family business by applying for a personal loan could be a great way to integrate financial wellness and financial literacy into your family dynamic.

You may also consider having an individual bank account along with a joint account with your spouse. Having an individual account allows you to treat yourself every now and then while keeping you from dipping into your partner’s money by accident.

Stand Firm On Your Expectations

Lead by example and be your own toughest critic. Before you criticize your partner’s spending habits make sure your own habits align with your expectations. We are all human and we make mistakes and can be impulsive with our finances. Keep yourself grounded and ask if that purchase you want to make is a need or a want.

When speaking to your partner about their financial habits, be compassionate and kind. Patience can help avoid miscommunications and tension when discussing such matters. Don’t speak on shortcomings as if they’re a burden, instead, lead with support and help your partner where you can. Be patient with each other while holding each other accountable.

Money & Marriage 

In marriage, it’s important to remember that lacking the tools to be financially prudent can end a marriage as quickly as it started. Communication is a major driving force on many marital matters, budgeting included. Having financial wellness on your own and as a couple can help reduce the strain money has on your relationship.

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