Managing Finances As a Married Couple

Finances As a Married Couple - Complete Controller

Finances play a critical and fundamental role in predicting your marriage’s happiness and prosperity. Lack of financial resources is one of the leading causes of stress in relationships. On the other hand, married couples who trust their spouse with economic issues often feel more secure with fewer arguments and more fulfilling intimacy.

However, such a level of trust and confidence is usually rare among newly married couples. Although you may know a lot about your spouse-to-be, there may still be considerable gaps in your conception about their finances. Here are nine money tips to live a happy and financially stable married life.

CorpNet. Start A New Business NowHave Open Conversation Related to Monetary Matters

Remember, intimacy and confidence regarding financial matters begin with better communication. Therefore, you must start conversations with your spouse on your personal and financial goals. Be fair and open when sharing your current resources as soon as you are married or, better yet, share them with your better half before getting married.

Define Shared Goals

Please discuss your mutually shared goals with your spouse, such as buying a home, having children, seeing them graduate from a renowned school or college, family health and life insurance, and retirement plans. Although financial planning may not be as romantic as other topics, you will have peace of mind in the long run if you share mutual financial goals.

Create a Budget

Budgeting is essential to achieving your personal and family goals, just as bookkeeping is crucial to managing your accounts. Most money tips explained so far revolve around budgeting. It helps us achieve a financial balance between our expenditures and our savings within our means, preventing us from getting into a debt burden. A newly married couple’s family budget expenditure categories include Groceries, Entertainment, Dining Out, Shopping, Traveling, and more.Complete Controller. America’s Bookkeeping Experts

Track Your Budget

Making a budget is easy, but that is not enough. Married couples need to maintain their lifestyles strictly on their pre-calculated budget. They must track their expenditure and saving patterns, changes in their earnings, and other financial matters and see where adjustments are needed to improve their budget. There are many great smartphone apps designed to manage personal finances. One is Mint, an app that automatically generates a personalized budget based on your income, expenses, and other relevant financial activities. It also ensures easy budget tracking and improves your financial outlook by providing money tips and essential understanding. 

Build an Emergency Fund

If you are not a couple who keeps an emergency fund set aside for rainy days, wait no longer and start to build an emergency fund for use on an urgent basis. It is one of the essential money tips for married couples, which should be your top priority if you want a stable monetary life. An emergency fund is typically money proactively set aside and helps you when an unexpected costly event strikes. Such events include and are not limited to the loss of a job, a significant home repair, a family illness, or any natural disaster. Consequently, it aims to save about six months’ worth of your family expenses as an emergency fund.

Have Weekly Money Meetings

Having weekly money meetings with your spouse is one of the most potent tips to stay on track with your budget and achieve financial goals. It ultimately strengthens the level of mutual trust and communication in your marriage. During meetings, newly married couples should discuss their budget for the current month, how they are doing with their financial goals, any upcoming bills, and anything else regarding money. Setting aside time to communicate financial matters helps the married couple stop worrying about money as they know their matters will be dealt with promptly.Cubicle to Cloud virtual business

Share Expenses

From household purchases like food and groceries to home buying, married couples can qualify for lower charges on bank transactions and retirement accounts and avail mortgages with easy terms upon combining their earnings and savings. Account management fees fall below one percent annually for couples with combined accounts of $250K-$500K and a maximum of two percent for smaller accounts.

Save For Retirement

Even if you are not married, you must ensure you are financially secure for the long haul. Consequently, you should start saving for retirement immediately if your employer offers a 401k plan and put in the maximum amount possible to benefit from any company matching. The compounding interest will grow your retirement fund. Thus, avoid being delayed.

Pay off Debt as soon as Possible

Debt can have damaging impacts on any person. It can affect married couples more significantly as the two individuals rely on each other and are responsible for their expenditures. Thus, start eradicating your Debt as soon as possible.

LastPass – Family or Org Password VaultAbout Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.ADP. Payroll – HR – Benefits