When you get married, many things in your life change. One thing sometimes overlooked is finances. Arguments over money have ended many a marriage. Take the time to get your family finances in order. You can’t spend money like you did when you were single. You have other obligations and considerations.
Qualities Affecting Finance
Your personality and your spouse’s personality affect your financial behaviors. Carefree and spontaneous attitudes and values might lead to resistance when it comes to planning and budgeting. A person who values control and order might have trouble sharing decision-making when it comes to finances. The environment you grew up in can also affect your views towards money. Money may symbolize control, guilt, fear or abandonment. When you bring these individual financial behaviors together in a relationship, it has a tremendous impact on your money.
Qualities like communication, emotional intimacy, mutual respect, trust and love affect financial security. You are likely to run into money troubles and disagreements if your relationship is plagued with poor communication, mistrust, manipulation, disrespect or selfishness. It is important to open lines of communication early. Work through any problems with mistrust or negative feelings that surround money. Discuss finances as a family and make sure everyone is on the same page.
Getting Your Finances in Order
Being on the same page about money and finances is vital to having a successful marriage. If you are newlywed or engaged, start talking about money now. Financial security gives you peace of mind and allows you to plan for the future. It allows you to achieve a standard of living in the present while putting money aside for emergencies and future goals.
- Be transparent. Be open and honest about your current financial situation. If you are heaped in student debt discuss this with your partner. Share your individual views on money. Try not to criticize and judge.
- Combine your bank accounts. When you get married, you are becoming a family. Combine your money into a joint account. Practice trust. It is important to set a precedent of unity from the beginning. Joining bank accounts encourages you and your spouse to work together. It promotes a sense of honesty and that you are in things together.
- Make a budget together. Sit down together and assign every dollar to a specific expense category before the beginning of each month. These monthly financial meetings help everyone stay on the same page and helps both you and your spouse have a better understanding of the flow of money. Remember to budget for insurance costs. There are many Charlotte insurance agents that would love to provide assistance.
- Plan for the future. Set priorities together. Make a plan to pay off any debts either of you brought to the marriage. Set goals. Achieving a financial goal makes dealing with money more bearable.
- Put your relationship first. Couples that take the time to make their finances a priority build a healthier relationship that is more likely to stand the test of time. Being unified about money increases overall intimacy. No one secretly holds grudges about finances. Once you can talk about money together, you can usually broach any subject.
Getting married is a big step in life. You go from being a single to being a unit. Take the time to discuss money early. Once you are married, combine your income. Set a budget. Plan for the future. Be open with one another about feelings surrounding finances and try not to judge your partner’s view. Come to an understanding so that everyone can stick with any plans and reach financial security. Knowing where each dollar of your hard-earned money is going reduces a lot of stress. You know how much expendable income is available for more extravagant purchases without risking being able to pay your bills. This way you can relax into your relationship without all the financial woes.