- One of the largest mistakes couples make is in not communicating with each other about money. Set specific expectations based on an open and honest financial assessment. A financially chaotic argument is bound to erupt if agreements regarding money are not in place. It is essential that you and your spouse know what portion of bills and expenses each of you are responsible for, and what type of savings or reserve funds exist as a back-up. If spending or saving money becomes a secret, trust is broken. Not only is this sure to land even the greatest couple in financial trouble, but it will create a problem that will trickle over into other aspects of your marriage.
- Sit down together and make a list of short-term and long-term financial goals that you share, as well as a list of separate goals. Assuming that you both have an income, you may also want to create an individual "goal" list for things that may not need both of you to contribute to. For example, a cruise you want to take next year would likely require that you both deposit a certain percentage of your weekly income to put toward the cruise. Your retirement fund would also be something you would probably work together to build. A new motorcycle, on the other hand, may only be the husband's personal goal, and so he may add to that fund from his own income. By planning financial goals together, you are creating a bond by contributing to your future dreams as a couple, as well as supporting and respecting each other's individual interests.
- Nobody likes to think of financial disaster due to an unfortunate event. Health, automobile, life and disability insurance are all essential for married couples. Without these types of insurance, an event could arise that would leave the other to face an enormous financial struggle alone. While month-to-month expenses may make insurance look unaffordable or unnecessary, the results of an absence of insurance policies could take an enormous toll on an already-stressful financial situation in the face of tragedy. Make a point of discussing insurance options with your spouse. Keep all your insurance papers in a safety deposit box, at an attorney's office, or in a fire-proof safe that can be easily accessed even under emotionally debilitating circumstances.
- Your spouse's credit and yours may come together for major purchases, such as buying a home. It is important that you remain open and honest with each other about your credit. You may choose to work together to tackle a hefty debt that has lingered from your spouse's past. You may be tempted to max out the other's credit card after an argument, but remember that the harm it causes will influence your financial future together. If you have agreed to pay a certain bill every month, don't set it aside to go shopping and assume that your spouse will cover the bill. Your joint bill-paying habits will create a credit score that may be essential for future loans, purchases and other financial situations that will impact you and your children.
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