Joint Finances – Six Tips for Approaching the Subject With Your Partner

It would probably come as no surprise to you to find out that money is the biggest bone of contention in the majority of marriages. These arguments are usually brought on because one spouse is spending too much money, or because there isn’t enough money to pay all of the bills. It doesn’t really matter what the fights are over, though, because money issues are the single greatest reason why many marriages end in divorce. This article is going to spell out for you 6 ways that couples can avoid making common financial errors that take tolls on relationships.

1. You need to think about how you two will go about merging your incomes. While some couples prefer to keep all of their money separate, that isn’t necessarily the best approach. You two may want to explore all of your options although pooling money into a joint account can be a good idea.

2. You should also consider debts that came before you got married to be the responsibility of both of you. Keep in mind that when you marry someone with a lot of debt, their credit rating is going to affect your joint ability to obtain credit. Having a prenuptial agreement will help protect the other spouse’s assets from creditors.

3. If you’re discussing your financial goals, make sure you both agree on the risks that you’re willing to take to meet them. It’s best to reach compromises that you both can agree on.

4. Make sure that you both stick to the budget that you agreed on. Even if both of you love to spend money, you don’t want to build up huge debts, and there will be things in your future that you want to save for, such as your childrens’ educations and retirement. Even though these things seem a long time away, they’ll happen before you’re ready unless you make it a point to be thrifty.

5. Having a few investment goals is also a good idea. Consider when you’re going to need the money you’re risking. You may not want to take a big risk with it if you may need it within a few months. However, if you have money you can afford to have tied up in the long-term, you can choose more risky but higher-paying investments. You both should look over your portfolio every year and make any changes as necessary.

6. Keep in mind that emergencies can come up too. If nothing ever happens, then you’ll have extra money. You’ll be prepared financially in the event that something does happen though.

Keeping financial secrets from your spouse can often end the marriage. Never put money away that your spouse isn’t aware of, and level with each other about how much you spend. If you are honest, then your relationship will be much better for it.Doc No.lsdhhsdlh-sdlkjhsgd

Kristie Brown writes on Kristie Brown writes on a variety of topics from health to technology. Check out her websites on stop my divorce and save my marriage

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