Money and Marital Bliss
According to the Huffington Post, marriage is not just an emotional commitment but a financial one as well. When you enter into a marriage, you often share wealth as well as debt. Money problems are the top reasons cited for marital conflicts. When you seek debt counseling with your spouse, you are more likely to build financial intimacy.
Money tips for Marriage
- Set Financial Goals
- Seek Credit Counseling
- Discuss Financial Habits
- Talk about Money Decisions
- Be honest
- Talk at least once a month
- Set benchmarks for your finances (Saving for retirement)
- Set a budget
Setting a Debt Management Plan
After receiving debt counseling, you will know more about debt consolidation to handle credit card debt. If you have credit cards with high interest rates, you can often pay less in interest with debts under the umbrella of a debt management plan.
Couples can celebrate small financial victories such as sticking to a budget or saving money when grocery shopping for the week. After paying off credit card debt with a debt management plan, you can find low-cost ways to celebrate. Many couples take the money they used to spend for their monthly debt payment and use the money to fund a vacation, IRA or emergency fund.
Other financial questions to discuss with a credit counselor and your spouse include how to pay bills together, plan for the future and improve credit scores. A trained credit counselor doesn’t judge, but helps facilitate hard conversations about money.
Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.