Financial health in a relationship is key as it can affect all other areas of your life. While your first year of marriage is an important ‘getting to know you’ time for you and your spouse, it’s key to be on the same page when planning your financial future together. Our financial team at Carl House put together this list of financial tips for you and your spouse to consider during your first year of marriage and beyond.
- If you both work, you might consider putting in a certain amount for sharing costs, housing, cars, groceries, utilities, etc., and then having separate checking accounts to spend other money you earn for whatever you prefer. If you share the same checking account, decide how financial decisions are made and when you need to consult with one another.
- A great practice is to account for every penny you spend in a given week, on the random soft drink you buy, groceries, incidentals. It’s empowering to know EXACTLY where your money is going!
- The key to building wealth, don’t spend more than you have.
- Make a budget and most importantly, stick to it.
- Establish credit for yourself through a mortgage or credit card which you pay off monthly.
- Put 10% of what you earn in some savings or investment vehicle.
- Make long range wealth building plans. Where do you want to be in five years financially and how will you get there?
- Seek out the advise of money counselors through workshops and classes.
- Keep your credit clean: It’s very important to make sure that you pay your bills on time. Late payments can damage your credit score which you want to keep high and meticulous.
- Agree on how you spend and what you spend on with your spouse. How do you handle the purchase of ‘big ticket items’.
- Remember that a credit card is not money, it’s a loan. Pay credit cards off each month to avoid additional charges.
- Empower yourself and be sure that both you and your spouse involve yourself in financial decisions and planning.
- Robert Kiyosaki has some wonderful books on money management and visioning. Go to Amazon.com to learn about his ‘Rick Dad, Poor Dad’ book series.
- Though you might be young, it is never too soon to plan investments and create a will.
Money is one of the key areas where couples argue, so make plans BEFORE you get married on how you will handle this important part of your relationship, the business aspect of your relationship. Here’s to your prosperity. Best wishes from the Carl House Team