How Financial Literacy Can Save Your Marriage

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What are your feelings about money and finances? At the start of a budding relationship, it is hard to talk about money.

A lot of couples don’t talk about their finances until they’re a couple of years into their relationship.

Money is always a sensitive matter, no matter how far along you are in the relationship. Many married couples may even be surprised to know about their partner’s spending habits.

Financial literacy, as well as the ability to talk about money matters, can literally save your marriage. If you haven’t talked about your money goals, you should do it now.

It’s important that you are both heading in the same direction when it comes to saving up for the future and what purchases are “necessary” for you.


Talk to a Financial Advisor

You may not want to have a financial advisor that you have to pay every month for investment advice, but it’s also important to consult with one at the start of your marriage. A financial advisor can teach you how to budget, as well as the best ways to invest your money.

It will help couples plan out their financial goals and take steps that will lead them to reach those goals. It is also the financial advisor who will tell you to get homeowners insurance for your house, as well as a retirement savings plan for each.


Never Ever Hide Spending from Each Other

The worst thing that a married couple can do is to hide a single dollar of spending from their partners.

While you do not have to report every single centavo, you spend and it would be nice if you can both have your own allowances, you should not deliberately hide anything from your spouse. If you have a hidden credit card, then you’re making a big mistake.

Your spouse is expecting that the money is in your bank account. If you’re secretly taking out money to pay your hidden credit card, you’re actually “stealing” from your spouse. This can get out of hand when your spouse finds out.


Have Your Own Retirement Plans

When you got married and realized that the other partner has a better retirement plan, you might have decided to do away with your own and depend on that plan. It is often tempting to depend on a superior retirement plan than pay for your own.

Please don’t do that. You never know what will happen in the future. You can end up with no retirement plan if you or your spouse decides to leave the marriage. Be your own person.


Come up with a Budget

How much are the two of you making? How much are you spending on bills, mortgages, and credit card dues? Do both of you know how much you’re spending on food?

Discuss your household expenses every month and come up with a realistic budget. Plan how you’re going to save every month for your emergency fund.

Speaking of an emergency fund, it’s time to start one. If you do not have one, then start saving now. The pandemic alone should’ve taught you what risks you are taking by not having an emergency fund.


Talk About Big Purchases

There is nothing wrong with wanting to gift yourself a luxurious purchase as long as you can afford it, and as long as your spouse knows about it.

Talk about big purchases that will exceed the usual dinner out of town. Depending on your salary, if you’re spending over what you make in a day, it’s better to discuss that with your spouse first.


Invest Your Money

Sure, it’s nice to see that your savings account is expanding. But do you know what’s even better?

You have to invest that money into something that will create a passive income for you when you’re retired. Whether it’s the stock market, mutual funds, or time deposit, study your options and see what possible investments you can make.

You can also think about becoming self-employed or starting your own business. Take chances when you feel financially comfortable to do so.


Be Ready for When You Have to Support Your Spouse

A lot of things can happen in a marriage. What will you do if you or your spouse lost a job? What will you do if one of you wants to go back to school to pursue a higher degree? You should be ready for these circumstances.

Plan for financially uncomfortable moments in your life. Also, come to terms with when you have to support your spouse because it’s going to happen at one point in your marriage.

Of course, your finances are not the only indicators of success in your marriage. A lot can happen that will shake you to the core but sadly, your finances are way up there among the reasons why marriages fail.

Surveys, statistics, and research showed that, so it’s way better to deal with it early on.

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