After the economic crisis many of us had to cut back on our spending habits and learn to live on less. During that time, many looked to financial planners or popular financial books to help them reach their goals. Others tried the many online tips that promised a brighter financial future.
As singles, we are in charge of our own finances. We can decide whether to splurge on ice cream sundaes or a trip to Paris. But once you decide to get married, the house rules change.
There are many money questions for the newly married to consider. Do we spend or save? Use a financial planner or budget ourselves? Create a joint checking account or keep our finances separate? Financial questions can create friction in a marriage. In fact, several studies show that couples argue about finances more than anything else. That’s not to mention the stress that comes from bringing debt into a marriage.
Finances can be difficult to talk about in any relationship, but as fellow CatholicMatch blogger Lisa Duffy said, money is a part of life.
“Growing old together is beautiful, but it does mean retirement, and that requires savings and investments. And anyone who has been married before understands full well the role money plays in creating tension between spouses. So why don’t we just talk about it?
Whether you’re on the brink of a proposal or just starting your journey on CatholicMatch, take ownership of your financial situation so that when the time comes, you can intelligently discuss your income, goals and retirement plan with your soon-to-be husband or wife.
Here are a few tips from financial experts to easily improve your financial health right now:
- Grow your emergency fund
- Pay off credit card debt
- Put 10% of your income toward retirement
- Track your spending
- Envision your future
- Improve your credit score
- Live below your means
CatholicMatchers, have finances been a stressor in any of your past relationships? How will you approach your next relationship differently?