Finances aren’t usually at the forefront of people’s minds when they’re getting married, but money stresses can quickly put a strain on even the strongest relationships and, as we all know, stress is really bad for our health. Everyone’s aim is for a happy and healthy married life which is why it’s so important to get any financial issues out in the open as soon as possible. While it’s impossible to fix problems like debt overnight, there are certain steps you can take to effectively plan your finances. Take a look at the following financial tips for married couples and be sure to discuss them with your partner moving forwards.
Joint life insurance
Nobody likes to think about dying, but it’s important to factor this eventuality into your finances, especially when it could leave either your partner or children struggling with money. Regardless of whether both you and your partner work or whether only one of you is the main breadwinner, a joint life insurance policy could protect your ability to put food on the table should one of you pass away.
Every policy is different, with some of them paying out a lump sum of money, while others may cover the cost of your mortgage. Spend some time looking at your options before making a decision.
Shared bank accounts
It’s a good idea for couples to have a shared bank account. After all, marriage is about pooling your resources and neither of you should be hiding your finances from the other. However, it’s ok to keep a bank account for yourself as well – as long as you’re honest about it with your partner. Try to agree on how much money should go into the joint account, what it should be used for and whether one person will contribute more or less than the other.
Be honest about spending
Everyone is entitled to spend money on the things that make them happy, but you should never be secretive about purchases. If you want to buy some shoes or a new video game that is on the pricier side, instead of buying them and concealing them from your partner, try to be open and honest. Your partner should have your best interests at heart, so they’ll be more than happy to talk through financial decisions. It may mean that you have to buy your treat later than planned, but it will be well worth the wait.
Work together to set goals
Whether you want to buy a house together, save up for your child’s future or take the family on an amazing holiday, you must work with your partner to set goals. Decide together what is the highest priority on your savings list and go from there. Just because you’re saving for a house doesn’t mean you can’t also go on holiday – you just have to be smart about it. Either you need to accept that your homeownership goals are going to take a little longer, or you need to make other kinds of compromises.
Consider your approach to sustainability
Your respective approach to sustainability is likely to affect many of your financial decisions. For example, what banks you use, do you pay a little extra for a green energy tariff, what sort of car you purchase and how you travel. If you have differing views on climate change, it could create an issue in terms of finance and many other areas of your life, so really worth having an in-depth conversation about what is important to you.
Married life takes a lot of work and planning, but it’s also very rewarding. If you and your partner work together to manage your finances, you’ll be in a better position to handle anything life throws at you. We hope our financial tips for married couples help ensure you are in agreement with how you handle your finances.