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Everyone has one of these growing in their backyard right???
And just like my tree, I am sure yours ONLY grows $20, $50, and $100 bills right??
{Don’t we ALL wish!}
Sometimes it feels like that would be the answer to a lot of our problems. If we only had the money. Studies show that financial stress is one of the leading reasons for divorce. Couples avoid talking about money because they don’t want to upset the other person, face the current financial situation or ask permission to spend it.
So what can you and your spouse do to better your own financial situation and quit throwing or flushing your money away?
We have some tips from the Divas! (Keep in mind that NONE of us are financial gurus and these are strictly suggestions from personal experience that have worked for us.)
Make a budget and stick to it as strictly as possible. Be sure to include a realistic amount of spending money so you won’t have any excuses when things come up.
Decide together as a couple, a dollar amount that is not to be spent without speaking about it to the other person. This could be as little $50 or as high as $1000 if needed.
Write your financial goals down and put them in a place where you can see and read them often. If you are working on paying off debt, keep a list of the balances and payments and cross them off one-by-one when they are paid off so you can see the success daily.
Whoever pays the bills needs to be organized enough that the other spouse could easily take over if something happened. Whether that’s teaching your spouse your system or creating a spreadsheet to keep track of monthly bills due, this is potentially a step to PREVENT financial frustration. It also allows both people to see where the money is going and can analyze if and where downsizing can occur.
On a weekly basis, balance your checking account and any other accounts you have so you can see where you are with the money being spent. When you do it weekly, you will know how much is left for the month and it is so much easier to stay within your budget when you are constantly thinking about it.
If you have a hard time saving money, make a completely separate bank account (NOT at your primary bank) that is NOT conveniently on your way home. Make a name for the savings fun like “Vacation Fund” or “Boat Fund”. It will help you want to save, and then when emergencies occur, OH LOOK! You have a bit in your “boat fund” that you can use. How nice. {wink-wink}
Make an appointment today with a financial adviser and educate yourselves on savings accounts, retirement, and most importantly what the market is doing today. Be sure to make a list of questions and feel free to take notes you can look back on later. There are plenty of advisers out there who DO NOT charge fees to sit down and talk about your personal situation.
If your situation calls for it, bring in help. Programs and books like Dave Ramsey’s or mint.com (just to name a few, but there are a TON out there!)
Be sure to contribute to a retirement account each month. TIME is all you have like we said. It is the only thing you can’t ever get back. Even if you think you cannot afford putting $25 away a month, you should and can afford to.
Look at successful people you know and learn good habits and strategies from them. Talking money with some people is too personal, but if you have a family member who is successful, how could you pass up learning from them? Perhaps they can share something they’ve learned to benefit you.
Be open to opportunities that come your way to make more money. We live in America! They are all around us all the time! Even if you take a part time job for a few months and direct deposit your earnings straight into your retirement fund… Like mentioned above, TIME is what makes the biggest difference! Brainstorm your opportunities together as a couple.
The most simple way to avoid money problems though… is to live within your means. If you don’t have it, don’t spend it. Credit cards only hurt most of us… that is not money you “have.”
HERE is a link I found for suggested income spending/saving…
{Again, these can be found all over the internet.}
Good luck with your marriage and your money! We hope it is more than successful! XOXO
Check out Amazon for your Dave Ramsey products today!
FAQs
Key points. Money cannot buy love, but money increases the chances of finding love, and love decreases the need for money. A higher income is associated with less daily sadness but not more daily happiness. A partner should not be a means for your success, but one with whom you share joint flourishing.
Which is more important, love or money debate? ›
Again, both love and money are important because they are different things that will make your life worth living. Learn to love and be loved so that you can turn the inspiration into energy that drives you to success. At the same time, learn to use money as a tool to achieve your dreams and enrich your loves.
Should I follow love or money? ›
Only you can determine whether love or money should serve as the dominant factor for entering a relationship and while you may ask a family member for advice, the decision is yours to make. Regardless of the decision you make, it can be your comfort level, needs, and priorities that matter most.
Is love enough to save a marriage? ›
The media tells us that love is more than enough in relationships. But the truth is, love isn't always enough of a reason to stay in a relationship. Don't get us wrong: loving someone, or caring deeply for them, is a wonderful thing, but it's a feeling that can also make a relationship complicated.
Is money more important than love in marriage? ›
Remember that money can't buy love
Whether you're curious to know how to marry rich or are looking for someone rich, keep in mind that money isn't something that can truly comfort you when you're feeling down. Humans are social creatures by nature, and we often inherently desire love.
Is it better to get married or not financially? ›
There are a number of financial benefits to marriage, ranging from lower insurance costs to higher mortgage eligibility. The marriage benefits are particularly pronounced for people who have widely different incomes.
Should you marry for love or stability? ›
Ultimately, the choice to marry for love or financial stability is deeply personal and subjective. While financial security is undoubtedly crucial for ensuring a comfortable and secure future, emotional fulfilment and companionship are equally essential for overall happiness and well-being.
How do you know if someone is marrying you for money? ›
If you feel that your partner is, for example, better looking than you and that they are out of your league, they may be in the relationship for something other than you or your looks. If you are significantly wealthier than them, there is a chance they are in the relationship to chase your wealth.
Why do people prefer money over love? ›
Women Are Confessing What Happened When They Chose Money Over Love, And It's Complicated. "I prefer to be self-sufficient in as many things as I can so I don't have to depend on someone else for my own happiness and success."
How important is money in a marriage? ›
Financial security plays a huge role in marriage happiness and stability. When couples don't constantly worry about money, they're happier. Couples who struggle with debt and household finances are less happy.
There is no universal answer to whether salary is more important than passion. Your decision should be based on your individual circ*mstances, values, and goals. It's important to strike a balance that aligns with your overall well-being and allows you to lead a fulfilling life.
Should you follow your heart or money? ›
It depends on what you value. If you value comfort, happiness, personal satisfaction, and ease then always follow your heart. If you value contribution, impact, freedom, and security, then always follow the money.
How can you tell if someone is unhappily married? ›
8 Signs of an Unhappy Marriage That Could Lead to Divorce
- You Hardly Communicate Anymore. ...
- There is Little to No Intimacy. ...
- You Would Rather Spend Time With Your Friends Than be at Home With Your Partner. ...
- Everything They Do Irritates You. ...
- There is Emotional Withdrawal. ...
- Both of you Have Differing Values, Beliefs, and Goals.
What does real trouble look like?
- There's no emotional connection. ...
- Communication breakdown. ...
- Aggressive or confrontational communication. ...
- There's no appeal to physical intimacy. ...
- You don't trust them. ...
- Fantasising about others. ...
- You're not supporting each other and have different goals. ...
- You can't imagine a future together.
Marrying someone is a personal choice. While it may be beneficial to consider a person's financial status when deciding whether to pursue marriage with them, remember that marital satisfaction is multifaceted and that there are many problems that can't be solved with money.
Is it enough to marry for love? ›
Even in love, there may be reasons not to commit.
There are different types of love. Some may be more likely to lead to marriage than others. Respect is more strongly related to relationship satisfaction than feelings of love. People may feel strong feelings of love in deeply unsatisfying relationships.
Do most marriages end because of money? ›
Money is widely known as one of the leading causes of divorce in America. It's estimated that financial problems contribute to 20-40% of all divorces. That means that for every 10 marriages that end in divorce, four of them are because of money.
