Money Meet Marriage

When you first fall in love with and marry someone, money probably isn’t something you think much about. Unfortunately, however, real life does come into the picture eventually, and if you and your spouse have different financial goals or go through money troubles, things could get pretty rocky. In fact, financial issues are one of the leading causes of and contributors to modern divorces.  

Fortunately, you don’t have to let money come between you and your honey! There are a lot of things you can do to keep your marriage happy and financially secure.

Be Charitable

There will be times in your life and in your marriage when, despite the best financial planning, you just don’t have a lot of money to spare. However, there should also be times of prosperity. During those times, when you and your spouse are on your feet financially, you should consider making charitable contributions. Whether you give to your church, a local charity, or just a friend in need, you and your spouse will feel good about the good things you’re doing for others. That, in turn, will help to strengthen your bond and your happiness as a couple. Plus, donations are tax deductible, so giving is good for your financial status too!

Stick to a Budgeting

Let’s face it. No one likes to budget. It’s a whole lot more fun, at least in the short-term, to just spend your money on things you want. A budget, however, will curtail your impulse spending and keep fights over money from happening. When everything is paid for and taken care of, there’s really nothing to argue about. Sit down with your spouse to make the budget each month. Look at how much money you’ve brought in, what bills need to be paid, and what funds can be allocated for…well…just plain fun! You can use some of the “fun money” to buy things you each want, but for a truly happy marriage, make sure you set aside a portion of it for a date night or some family fun.

Set and Work Toward Goals

Finally, set and work toward both long and short term financial goals together. Maybe you and your spouse want to buy a home in the next five years, or maybe you want to add a second car or get out from under your credit card debt. If a goal seems impossible, break it into smaller goals until it’s reachable. As you and your spouse communicate about what you both want for the future and then work together to achieve it, you will grow closer, so it’s really a win-win situation. In fact, all of these things can lead to a happier, less stressful marriage. Marriage is full of hardships, but if you’re careful, your finances don’t have to be one of them.

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Dealing with Financial Changes

Everyone goes through changes in life, and the fact of the matter is that some of those changes- like getting married or having a child- can have an impact on a person’s finances. Since there’s no way to keep change from happening, the best thing you can do is to be aware of life events that are likely to bring about financial changes and then to handle those changes in a responsible and well-thought out way. Having a financial advisor can really help during those times of transition, as can following a

few simple tips.

Get Your Priorities Straight

When your life and finances change, your priorities often do too. When you have a child, for example, saving for that vacation may become a lot less important than saving for your child’s future college fund. It’s natural and healthy for priorities to change. Just make sure you sit down and figure out how your finances are impacted by changing priorities and how you can adapt your finances to suit those priorities without neglecting any one financial area.

The “balancing act” of figuring out how to pay attention to all financial goals and responsibilities while clearly deciding what’s most important isn’t easy. It’s for that reason that having a financial advisor can be so very helpful.

Adjust Your Budget

When your financial needs and priorities change, your saving and spending habits should too. Anytime you go through a major change in your life, it’s time to sit down and reassess your budget. If you’re suddenly saving up to buy a home, for example, it might be time to cut off the cable for awhile or stop going out to dinner so often. The sooner you realize that your budget should change according to your needs and the more willing you are to make those changes, the easier it will be to reach your goals.

Set Small Goals

Finally, it’s important to realize that when you set too-large goals, you set yourself up for failure. Your goal might be to buy a new car by the end of the year, for example, but that’s a pretty daunting goal and doesn’t give any indication of how you might reach it. By setting smaller goals, such as saving a few hundred dollars toward the car each month, you set yourself up for success. In fact, that’s what all of these tips will do- set you up for success no matter what changes life happens to throw your way.

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