There are many reasons why couples get divorced, but the number one reason is their finances. It is frustrating when one partner works and the other doesn’t when one makes more money than the other, or one has more debt than another. Although we stress that financial matters should be discussed before considering marriage, it isn’t helpful advice if you are married and now in a financial crisis. Today we want to share some tips and tricks to get you back on your feet financially and promote a healthy relationship with your spouse and money. If you are currently considering marriage, this is also a great resource for solutions and what to try and avoid.
Emergencies With A Lack Of Funds
It can happen at any given moment. The car breaks down and needs a costly repair. The roof starts leaking during the rainy season. A child breaks their leg and is rushed to the ER. If you don’t have an emergency fund, and many Americans don’t, you are suddenly feeling the pinch and worry about how you are going to cover the costs and pay your bills at the same time. Easy cash loans can be a godsend in a crisis like this. You can usually get the funds within a couple of business days, no credit checks, and reasonable payment terms to give you peace of mind. Once you get past the emergency, you can sit down with the budget and make some adjustments.
What Is A Budget?
Speaking of budgets, do you have one? There are quite a few households that do not have a budget and don’t know how to budget. Throw in the fact that you are a couple, and budgeting gets harder. Budgets are your financial roadmap to ensure you pay off all your bills in a timely fashion and create sustainable bank accounts.
A lot of people think you need to have excess money for a budget to work. Truthfully, you could make just $5 a week and still live by a budget. It’s how you keep yourself from making bad financial decisions, improving your credit score, and feeling more empowered when you can successfully manage your money and meet your financial goals. Do you want to go on a beach getaway next summer? Work a savings plan into your budget. Do you need to get the house winterized? Starting a savings plan in the winter to run until next fall is a great way to have money set aside to get it done. Budgets are your friends, don’t neglect them!
Get A Credit Counselor
Many people are afraid to admit to others that their financial situation is bad. But when it comes to learning about something, we often turn to teachers. Credit counselors act very much as teachers. They take you through various scenarios to help you learn better decision-making skills, and they offer classes about specific topics like home buying or credit building. Credit counselors don’t judge and are often in their position because they once were struggling financially and needed a credit counselor themselves. Our advice is to look for a non-profit agency in your area that provides classes and counseling for free or for a minimal amount.
It’s Okay To Have Separate Accounts
One of the first things married couples do is pool money together into one checking and savings account. We challenge this conventional thinking and want to let you know that it’s perfectly okay not to do this. There should be one joint checking account that is used for household bills. Each partner contributes to that central account on payday to ensure that there is enough in there to pay all of their joint upcoming bills. After that, you can each have your own checking and savings accounts. You can save for a shopping spree or a trip with friends. Pay your personal credit card bill from your checking. It’s okay.
You likely didn’t marry your spouse because of money and how they handle it. Don’t let money become the thing that takes you two down. You are partners. Work together, and money will be easier to manage.
Originally posted 2018-07-06 04:55:51.