5 rules for a married couple's finances - Trustpilot

 5 rules for a married couple's finances

Talking about money can be a sensitive topic in relationships between couples. But you have to set goals with your partner.

Personal Finance Expert Blog

One of the main secrets of a harmonious marriage is the family's balanced and controlled financial life - so far nothing new, right? What may come as a surprise is that according to official figures, in 5 out of 10 marriages, financial disputes are the main driver for separating marriages (my 15 years of experience as a financial advisor makes me risk a higher percentage).

Inconsistency in personal finances before marriage makes it easier for spouses to enter into a dangerous life like unintended walks in a minefield: secret debts in one spouse's name, constantly old bills due to partner taking the initiative. Financial assistance to family members without the consent of the spouse and partners who direct the family budget For their personal expenses are some common examples of marital disputes related to money.

Since marriage is not about debt and resentment, below I have outlined some important conditions for couples to start this special phase of life on the right foot. The check!

The first condition - talk about finances

Talking about money should be part of the couple's routine. open and repetitive. Believe me, many couples avoid talking about money because they think it is a sensitive issue and the cause of future problems. Fleeing from a problem that is part of another problem in family life, spouses open the door to late payments, lack of savings, and financial stress.

The second condition - that you have a financial reserve

A married couple can (and should) maintain their financial identity, but it's important to plan together not only to pay basic home bills like water, gas, power, and internet, but also the couple's future projects.

The first step is to create a financial reserve, which is money that protects the spouses from potential debts arising from unforeseen financial events, and that also serves to seize opportunities as an important asset in this early life together. Thinking about problems and unexpected events is the last thing a young couple wants to think about, but unexpected situations are a part of life, and it will be much easier to overcome this difficulty if the family is prepared.

Condition 3 - Prepare for the arrival of children

Some studies show that raising a child to be financially independent can cost parents up to R$2 million. Aside from the pleasures of parenting, the fact remains that from conception to adulthood, a child bears the cost of a variety of needs and situations. Here we are talking about the expenses of a mother who is still pregnant, bearing the expenses of an infant, a school-age child, a teenager, and coming of age.

Ideally, a couple can start preparing for a new family member two years in advance.

Condition 4 - You have a tool for organizing and controlling

It doesn't matter whether the couple chooses a spreadsheet, an app, or a notebook to record expenses and plan for the months ahead. The key point at this point is that the tool works and both seek to use it on a daily basis.

It may be easier for one spouse to perform financial checks on the spouses. It is okay to focus this task on those who are more similar to the subject, provided that both are comfortable in the situation and that there is transparency between the spouses.

Fifth condition - defining roles for each of the household expenditures

Usually one spouse contributes more to the family budget than the other. A fair way out of this predicament is to determine the percentage of each for current expenditures and future investments. For example, both can allocate 50% of their monthly income to household expenses and 10% to investments, so even if there is a difference in the amounts received from each, the share is proportional to both.

When you decide to share your life with someone, the financial part is just another moment to share. A space for dialogue, joint construction of a financial plan and the exchange of dreams - these are the foundations of a harmonious financial life. May there be many happy years in the family,