10 Financial Tips for Married Couples
September 18, 2018
Hello friends and thank you for coming to our blog. Mr. Money Squirrel and I are dedicated to sharing our financial journey in the hopes that it will help others on theirs. There are many financial tips for married(and committed) couples so we boiled it down to our top ten. What we share is based on our experiences. Our hope is that this will answer some of the common questions that come up for couples. Things like “should you combine finances after marriage?” (yes!) or “how couples should split finances”.
Our journey to financial freedom started before we were married. See my post here for how that conversation went 🙂
Your partnership is what has brought you this far. This isn’t a decision to make lightly nor by yourself so why don’t you go get your partner…it’s ok we’ll wait…
Great now that you are both here take a look at the tips outlined below. This will help you start a conversation with your significant other. When you have decided that you are ready to move forward here is a plan to get you started. Good Luck and we hope to hear from you as you journey alongside us to Financial Freedom!!
1) Make a written plan including common goals:
You and your partner are building a life together. It’s so much easier when both of you can see everything clearly laid out. Like Mr. $100 bill himself Benjamin Franklin supposedly once said, “If you fail to plan, you are planning to fail.” A shared plan leads to shared goals. Shared goals lead to shared success.
2) Work on your budget together:
Whether you use pen and paper, a spreadsheet or an online service like EveryDollar.com just make it one of your first steps. Building a budget together will help you to agree on common goals.
3) Battle debt together:
This is a partnership and
4) Be positive with one another:
This team has to function positively to be successful. Encourage each other to help reach your goals. Celebrate the wins, even the little ones. Be respectful and listen to each other but most of all be supportive. Financial literacy is often not taught in school or at home. Add in the fact that talking about money can be very emotional, and it becomes really important to treat one another with grace.
5) Automate, Automate, Automate:
In this case technology is your friend. Direct deposit, auto- transfers, auto-debits (you give permission to an organization to take the money from your account, sometimes this comes with lower interest rates) and auto bill-pay (you control when and where payments are sent using your bank’s online portal) are useful tools. Automation can save you the hassle of manually writing and mailing checks. It can also prevent you from missing payments.
6) Create a joint email account:
Have all household bills and expenses sent to an email account to which you both have access. If you can both see the bills and have joint agency, the collaborative partnership gets easier and holds both parties accountable.
7) Have at least three bank accounts:
A bank account for each partner and one shared account from which all your communal expenses get deducted. Once you have a budget, knowing how much to deposit in the joint account will be easy. Have an automated deposit into the joint account that is equal to the amount that will be deducted every month (plus 5%-10% to cover variation). It’s important for each partner to have money that is theirs to do with as they see fit (like buy surprise gifts without the bank statement giving them away 😊).
8) Make sure each partner has money that they can spend
You are both be working towards victory but make sure you allow yourselves the pleasure of guilt-free spending. Build this into your budget. Have a “check in amount” at or above which you and your partner agree to talk before making a spending decision. The freedom to spend with the knowledge that it won’t negatively affect your plan will feel great.
9) Be the best teammate you can be – practice self-care:
One of the smartest investments you can make is
10) Learn to save and invest:
Start by building savings into your budget! Always, always pay yourself first. Maximize your savings by minimizing your expenses. While you’re building a four to six month cushion you’ll need to get educated on investing. For some this can be intimidating, but don’t worry. There are great resources and professionals out there to help. Books like “The Total Money Makeover” by Dave Ramsey and “The Index Card” by Helaine Olen
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