Finance

Personal Finance Advice for Married Couples

Creating the To-Do List

Most newlyweds are usually in their late ’20s or in the ’30s. And since marriage is a contractual endeavor it is not uncommon to see couples combine their finances and plan towards their future together. Some couples go-ahead to create a longterm To-Do list that takes into consideration a lot of important aspects of their future. The To-Do list can contain things like retirement funds, college funds for their kids, mortgage arrangements and so on. And all of these usually comes into focus when the excitement from the wedding dies down.

Talking the Money Talk

According to estimates, money issues make up for about 90% of divorce complaints. Not planned appropriately, money could be a major source for concern especially for new marriages. However, this doesn’t have to be the case. Marriage is not going to be easy and if you go into one thinking it will be then you will have issues down the road. The trick is to be open to compromise – you have to make the conscious effort to design a new financial plan to includes persons other than yourself.

Choosing Between Joint or Separate Checking Accounts

These days, it’s not necessarily a given that newly married couples will merge their individual checking accounts into one joint account. Finances are often complicated by previous marriages, child support or alimony, existing mortgages and other issues such as a sense of autonomy and financial independence. Sometimes combining all income into a joint checking account can muddy the waters, add confusion and complications, and cause resentment and power struggles.

Do You Want To Have Kids or Not?

The whole process of marriage and starting a home is arguably the biggest investment most people will undertake in their lifetime. When getting married it is quite important that you discuss with your partner what their view is on raising children. The reason for this is that the cost of raising children is quite high – taking huge amounts of both time and money over a long period of time. So as a newly married couple, it makes complete sense to consider the cost and minimize the financial factor of adding a member to the family.

Can You Afford To Stay Home With Your Kids?

If you do decide to have children with your spouse, you have to decide how to raise your children. Can you afford to stay at home? These days more and more new families are looking for ways to keep one parent at home while the other goes to work. Some new parents even end up working remotely from their home to afford their children adequate time and care. Some others hire the help of caregivers. These are just options but ultimately it’s your job to figure what works best for you and your partner.

Teach Your Kids to Understand the Naira

Children will not learn about money by magic. Becoming financially responsible takes a lot of grooming, training, and self-restraint. Teaching your kids how to manage their finances will save you a lot of stress and money in the long run. Also, teach them how to become financially successful so they can avoid living from paycheck to paycheck and accumulating too much debt.

More Importantly, Educate your Children

Being a new parent can be daunting, but it is what you signed up for. You should start planning for your kid’s college education right from the moment you give birth to them. This will involve a lot of effort, careful planning, and more importantly, it certifies you as an amazing parent. More so, it makes life easier down the road.

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