Married Couples: Ensuring Your Money Lasts a Lifetime
There are many times when couples break up over money issues. The couples either don’t understand money, maybe one partner or both have no financial discipline. There could be many reasons why money would be the focus of a couple going their separate ways.
There are also other couples who work together and have a successful relationship when it comes to financial issues. They are happy and comfortable when retirement comes their way. Following a few steps in the beginning can help relationships and money work together for a couple’s mutual benefit.
Existing Financial Situation
Before becoming legally involved with each other, couples need to be honest about the current state of their finances. They may be able to join forces and pay off a credit card or pay down loan debt. They may have assets that can be wisely invested. Knowing each other’s entire financial situation can help to bring trust in a relationship.
Talk About Money
Communication is the key to a successful relationship, and it can make the difference when it comes to a couple’s finances. Is one partner more prone to risky investments, while the other only wants secure investments? Does one partner want to build a house while the other wants to purchase and renovate? The more a couple talks about money, the more they’ll be able to come to a positive solution.
Financial Controller
It is important a couple determine who will pay the bills and take care of the finances. Is one partner better than the other at managing money? Do they want to have a joint banking account as well as individual banking accounts? Will each be responsible to pay certain bills? Once control of the money is understood and agreed upon, misunderstandings can be limited.
Financial Goals
It’s important for couples to set financial goals for themselves. Savings and investment goals should be established. Making a plan and following it can enable couples to weather any financial challenges that come their way and have a pleasant retirement.
Ensuring your money lasts a lifetime is something that can happen to individuals who learn to work with their spouse on financial issues early in the relationship.
