5/30/2023 0 Comments Marriage and financesEveryone likes a “win-win situation.” Questions to Ask Before Marriage Communicate with respect and create viable options that are mutually beneficial. You have to approach such discussions with sensitivity and sincerity to avoid alienating your spouse or partner. Spending is about the rewards and returns that satiate our appetite. The case can easily be made to support the other person’s spending, even if you think it’s unnecessary. Getting on the same page is a matter of having that crucial conversation, committing to budgeting, compromising on the things you value, and carrying out the game plan accordingly. To be on the same page, despite the different ways you have previously handled your finances, provides a link to successfully managing your growth and achieving your personal and financial goals. Honesty about money is essential for trust in a marriage. But on the other hand, a trusting but verified attitude validates faithfulness and strengthens the bonds of mutual achievement. Is it about who makes the most? Is it about who spends the most? Money infidelity is as destructive as any other type, and we usually learn that the hard way. Albeit easier to maintain your finances through a joint account, you could have individual accounts and a joint household account to which each person contributes equally, avoiding arguments and conflicts.Ĭombining your money or keeping everything separate begs the question, how much trust we really have in each other. If only one person is on the account and that person becomes ill or incapacitated, their partner may be unable to access funds to pay bills and other expenses. A joint account ensures that both parties can access your funds at any time. Having a joint account is optional, but there are mutual benefits to that. Usually, it’s done more expeditiously than going at it alone. The idea of two people being joined as one to navigate life’s journey has some significant advantages to achieving wealth. It can positively or negatively impact your finances, contingent upon circumstances. To that end, change is inevitable and necessary. The consensus among marriage counselors suggests that money and money fights are the number 1 cause of divorce. ![]() ![]() This service is free to our members to help them get on the right financial foot. However, if you are interested in more information or a personalized evaluation of your specific situation, you can reach out to me or any of our other qualified Budget Buddies. Today, I will be sharing what I have learned over the years that has made sharing my finances with another person successful. These influences and experiences are the foundation of my belief that every individual has the potential to find value in themselves and others through applied learning and discipline, both socially and economically.īeing married since 1986, I have had a lot of experience dealing with marriage and finances. Additionally, I have been a Certified Financial Counselor and Credit Union Development Educator since 2018. You might recognize me from my various roles within Resource One since 2002.
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