Open and frank discussions about financial matters help the couples to have a rock-solid marriage. Financial problem is regarded as the main cause of divorces in the modern days. So, if you want to have a wonderful married life with your spouse, make sure you eliminate the most prevalent cause of divorce from your life. Read along to know about some closely guarded financial secrets which can help you keep marital troubles at bay.
4 Financial secrets to lead a wonderful marital life
Check out the 4 financial secrets to lead a fantastic married life.
1. Talk about your dreams and goals in life
People live to fulfill their dreams. They wish to achieve their goals at some point in life. Share your dreams and aspirations with your spouse. Let her/him know how important it is for you to meet your financial commitments and goals. Discuss both your short and long term financial goals with your spouse. Tell him/her why it is essential for you to repay your credit card bills and other debts. Let him/her know what you want to achieve within the next 5-10 years. If you want to buy a house for your family, then tell your spouse about this. He/she will be elated to hear this and will help you in crafting a budget. This in turn will help you turn your dream into reality within a fear years.
2. Try to not divide family expenses amongst yourselves
Money plays a big role in a marital life. The sooner you'll accept this fact, the better for your financial life. Splitting the family expenses does not always work in favor of the marriage. Rather, it may bring opposite results. If you earn more than your spouse and you decide to split the family expenses into 2 equal halves, then it may lead to disputes in future. Your spouse may feel it as unjustified. He/she may feel that you should contribute more towards the family expenses as your income is good.
If you're the highest earning member of the family, then you can bear the maximum family expenses on your own. However, don't boast about it in front of your spouse. He/she may not like this. Give her/him full freedom to talk about money matters with you.
3. Take a look at the financial documents
Show your financial documents to your would be life partner before walking down the aisle. Have no hesitation in showing your credit card bills, pay stub, bank account statements, loan documents, etc. to your future life partner. Request to see his/her financial documents as well. There shouldn't be any financial secret between both of you. Note down both of your financial details in a piece of paper. Compare and analyze you financial details with that of your spouse.
Exchange credit reports with each other. Reveal your credit score. Discuss if you want to have a joint credit card account with your would be life partner in future.
4. Don't create a joint credit card account with your spouse
Don't open a joint credit card account unless it is absolutely necessary. If your spouse has a very poor credit history, then it is very important to not make her/him the joint account holder. Keep it in mind that if your spouse misuses the money, then your credit score will be in trouble. Make him/her the authorized account holder instead.
Sit with your spouse and create a budget for having a pleasant martial life. Add your monthly income first. Your monthly income would include your pay stub, stock dividends, interests earned on savings account, etc. Next, add your expenses. Your expenses should include your auto loan payments, auto insurance premiums, grocery bills, utility bills, etc. Calculate your savings and crate an emergency fund as soon as possible.