Researches reveal that one of the primary reasons for divorce in the country, is due to financial stress. So, it is of utmost importance to know about each other's monetary situation before your marriage and make certain moves in order to save yourself from financial stress ruining your married life. Here are a few tips for a happy stress free married life along with working towards establishing a financially secured future.
Talk about each other's financial situation
When you decide to get married, you share each other's life, of which financial situation is an important part. So, why not reveal your financial situations to each other before your marriage? You should talk about each other's financial goals, debts and the financial liabilities, each of you have. You might have a huge amount of student loan you need to pay off or a credit card debt which you're struggling to repay.
Things better to keep separate
There is no such thing as joint credit score; so, it is better to have separate credit cards, no matter who pays the bill. This is because if your spouse's credit score is good, it can help you in taking out a loan if your score is not so good. In such a case, your spouse can be the co-signer for the loan. Likewise, the retirement accounts need to be separate by law though both of you can discuss about each other's contributions to them.
Joint financial moves you need to make
The most important joint financial move is to buy a house together with both your names in the title deed. By doing so, the other spouse automatically becomes the owner of the house in case of death of one spouse. Most of the companies also do not grant the mortgage loan if you don't buy the property jointly. Likewise, health care benefits become less expensive if both the spouses are covered on one plan. If both of you have employer based health insurance, choose the one that suits you the best.
Plan both of your short and long term goals together
Each of you can have separate financial goals and aspirations but it always becomes easier to achieve them when both of you work together. So, plan and jointly contribute to non-retirement investments. More importantly, you should help each other in attaining his/her financial goals along with attaining your common financial dreams in life.
Above all, both of you should carefully plan a monthly and yearly budget in order to save for the rainy day, meet your daily necessities as well as realize and attain your financial goals. If required, fix an appointment with a financial planner and take suggestions as what you need to do in order to attain your financial goals on your desired time frame. In this way, both of you can work towards achieving a solid financial footing along with enjoying the happiness of your married life.