According to Pew Research Center, 28% of people believe financial stability is an important reason to get married.
However, poor communication and financial problems are two of the causes of divorce.
If you believe financial stability is an important reason to marry, you should also know just how important it is to work together financially with your spouse. In doing so, you can help better ensure financial stability for you both, maintain communication with another, and avoid unnecessary money problems that could lead to divorce.
If you’re looking for ways to improve your financial stability and your ability to work together with your spouse when it comes to your finances, we have three simple tips you can use.
Communicate with One Another
You can’t really work together with your spouse about your finances if you both never talk about your finances.
You will both need to remain open and honest about your finances if you truly want to work together.
Don’t be afraid to give each other space and recognize one another’s financial boundaries. However, you still need to keep the lines of communication open if you want to manage your finances together peacefully.
Establish Shared Goals and Priorities
What are your financial goals? What are your spouse’s financial goals? What is something you each feel is a financial priority?
Maybe you share a common priority of paying certain bills first before other bills.
Talk about what you both want to do financially as a couple. You should also talk about your individual financial goals and priorities. Don’t hold back! Put all goals and priorities on the table, and then work together to complete those goals.
Build a Budget
This is probably not your favorite part of financial planning, but it’s one of the most important tasks you can complete when going over your finances.
Build a budget with your spouse, and try to stick to it. Make sure you both can agree with the budget before deciding to go through with your budget plan.
Communicate. Share your goals. Build a budget.
Doesn’t sound too bad, right?
If after completing these three steps and you still feel like you could use some help working together with your spouse, consider talking to a financial advisor who can work with you both concerning your financial needs and desires.
Be sure to check out our blog and resources page for more financial tips.