Money management is always a key factor for anyone to have pleasant and happy life. Especially in a married life the finance management is key to life. Any planning of future or extending the family can only be done only with the help of better management of finance by the couple.
The 7 prominent factors to be considered by married couple to manage finances are:
Open on status:It is very important for any married couple to discuss about finances very clearly. About their current position which include loans and other commitments. So that they can plan for their further right from day one. In case of both are employed then it is very essential to discuss.
Mine and Yours:This kind of discussions does come in place when both are employed which at times may lead to worse situations. So, talking about money is important but do not require so often that it may lead to differences in opinions.
Goals of life:It’s better to identify the goals as a couple so that both can take their steps towards achieving them. Also advised to plan goals in such a way that they are achievable, which means break them into short term and long-term goals. This creates a kind of motivation as and when we cross those short terms.
It’s a responsibility going forward:As mentioned in first once status is discussed, it will become the responsibility for both to handle their finances including payments, loans and house maintenance. Hence it is always to be considered in the same way and not to get into contradicting opinions leading to misinterpretations.
Invest on health and safety:Life is always accidental so we do not know how it will be tomorrow. Planning of finances also requires planning on health and safety. Any unexpected events can arise at any given point of time. So better to be ready for those situations rather than regretting at later point of time. Buy as much as the insurance you can for the whole family so that medical expenses will not become burdened when it becomes an emergency.
No Judging:As partners, it is necessary to equally share responsibilities but at the same time the freedom to spend money for them as they want it also should not be neglected. So never try to comment or judge on your partner spending money for something which is important for them.
Look up to your incomes to plan your living style:The more you earn doesn’t mean that you should spend money lavishly on everything that you feel like. There is always difference in identifying what is required and what is a luxury. So, when we can crack this wafer-thin difference life is going to be miserable.
All the above points will make any married couple to lead a happy life if considered positively. Lastly, the couple just entered relations have so many beautiful and delightful moments ahead when the life is going in an organised .
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