One of the greatest investments a couple can make regarding the satisfaction of their marriage is to develop and maintain healthy financial habits. Proper money management is a key component of a contented relationship. Disagreements regarding finances is one of the primary factors of relational dissatisfaction, but sound financial planning can go a long way towards establishing an enduring union.
David Milberg is a financial analyst in NYC.
1. 5 Smart Financial Moves For
Young Couples
Published on April 5, 2017
Like5 Smart Financial Moves For Young Couples
David Milberg
Shareholder at Milberg Factors, Inc.
2. One of the greatest investments a couple can make regarding the
satisfaction of their marriage is to develop and maintain healthy
financial habits. Proper money management is a key component of a
contented relationship. Disagreements regarding finances is one of the
primary factors of relational dissatisfaction, but sound financial planning
can go a long way towards establishing an enduring union.
Here are 5 strategies designed to ensure financial success:
1. Communicate
Effective communication is another vital aspect of a healthy, happy
bond. Communicating about money can be especially challenging at any
stage in a relationship, but its importance cannot be overestimated. Be
willing to openly share your fiscal past, current debts, and financial
needs with one another. The sooner this habit is formed and developed,
the more economic disputes can be avoided in the future.
2. Agree to disagree
Financial experts have identified various money “personality” traits.
Some prefer to spend while others take comfort in saving for a rainy
day. There are those who take risks with financial investments while
others prefer more safe and secure options. Finally, there are the
number-cruncher types who actually enjoying working on a budget
while their counterparts prefer freedom and spontaneity in terms of how
and when they spend money. Take the time to identify one another’s
traits while embracing the positives and realizing the limitations of
each.
3. 3. Create a plan
Benjamin Franklin said that if we fail to plan, we plan to fail. This
nugget of wisdom certainly holds true for financial planning. Creating
(and following!) a budget is one of the most effective ways to manage
one’s finances. Thinking of a budget as a tool that best allows your
money to work for you rather than a set of rules to which you are
beholden, offers a feeling of control over one’s financial situation. A
simple internet search will yield several free options for creating a
budget.
4. Plan to spend
While proper money management is dependent upon saving for the
future, be willing to allow an agreed upon level of spending both as a
couple and as individuals. One of the most effective ways to eliminate
financial disagreements is to create a plan to spend money as well as to
save it. Discuss together the things that are the most important to each of
you. For example, one person may prioritize a yearly vacation while
another may prefer a weekly dinner out. Set an agreed upon amount for
each person’s priority and then allow for its funding. If possible, allocate
a weekly or monthly amount for each individual to spend on incidentals.
5. Dare to dream
In the midst of determining to become financially responsible, do not
forget to dream. Consider one another’s goals and labor together to
achieve them.
4. Wisely managing your money and jointly working to create a financially
secure future is one of the best ways to ensure that the relationship you
enjoy today will be thriving for years to come.
David Milberg is a financial analyst in NYC.