3 Steps to Take When Marriage and Finances Meet

By: Anthony Petrucci

You’ve taken the plunge into wedded bliss, had a wonderful honeymoon and are ready to mesh you lives together into one big happy pile, all with great ease and no worries for the future. You have dreamed of a lifetime of happiness in all areas of your life, now it’s time to face the facts and make that dream a reality. One would think that a healthy marriage is a guarantee to financial success, but a few things need to be discussed when marriage and your finances meet.  Below you will find a few helpful hints to make your marriage and your finances a happy union. 

1. Know where you are financially.
 When you sit down with your fiancé or spouse, you need to lay out all of the facts with your financials. Schedule a time to meet and gather together your credit card statements, car notes, student loans, rent payments, cell phone and other miscellaneous bills. Write down a list of what you both owe and what your individual incomes are for the year. If you want to purchase a home, knowing where you are financially will give you a head start and help you avoid many financial pitfalls before they happen. Fixing financial problems are much easier before you get into a home than after. Many couples find themselves trying to avoid foreclosure of their new homes all do to poor planning financially before they purchased the home. Knowing where you are financially makes budgeting for the future much easier.

2. Decide which spouse is the best manager for the household budget.
 Some say the man should be the financial manager of the house, but often it is the woman that is more qualified for the job. Determine who is more organized with the finances, who has a better track record of managing them and who has the most time to handle the finances. There may be seasons of your marriage where this role has to change hands. Keeping the finances organized will help when and if the other partner has to take over. Money discussions can cause many disagreements in marriage, so try to treat it as a business meeting not an emotional one.

3. Decide where you want to go financially.
 Determine where it is you both want to go financially. Do you want to retire young, own a second home or take dream vacations? Also, what about children? How many do you want to have and will you both work when they are born? These are just a few of the questions you should consider. Once you have made a plan for where you want to go financially, write it down and place it somewhere you both can see it and visualize it. This plan is sure to change as your finances change, but it will give you a goal to shoot for and you are more likely to reach a goal that is written down.

 Marriage and finances can be blended together. Choose to learn from those who have found success both financially and in marriage. Surround yourself with mentors and people to help you on your journey. It will take time and diligence to see the fruit of your labor, but in the end it will be well worth the effort.

OceanView Investment Services Corporation is the parent company of OceanViewEquity.com and its affiliate websites. Since founded, our top goals and priorities have been to maintain the integrity of service we provide and the guaranteed satisfaction of our users and customers alike.  We provide Borrowers nationwide with a service geared to make the loan process as stress-free and simple as possible.  Our Lenders and brokers across the country are given accounts to access borrower information and make successful loans.

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