In 2018, over 61 million couples in the U.S. got married. But about 40 to 50% of them would end up getting divorced, according to statistical data.
One of the most common reasons couples decide to go on separate ways is that they could not manage their finances properly. Love just could not conquer all. It is never enough for married couples to be able to solve their problems.
Despite what other people might say, money is important for anyone’s survival. If you or your spouse could not handle money properly, you could expect stressful situations to arise. If unresolved, these then could put your marriage on the rocks. To avoid this, keep the following things in mind.
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Monitor and limit your expenses
Track your spending and see if there are any expenses that you can cut down. Set a budget for all your expenses and make sure that you and your spouse will stick to it. You should not spend more than what is indicated on your monthly budget.
Open a joint account
A lot of married couples commit the mistake of having only separate bank accounts and no joint account. While there is no problem keeping a personal account for your personal expenses, you need to open a joint bank account to improve your financial management. Both you and your spouse should make it a practice to save money on that account because it is where you will get money to pay for your monthly utility bills, mortgage, and other financial obligations.
Make investments together
Another great way to manage your finances is to ensure that both of you are financially secured. To do this, try investing together. If you are into real estate business ventures, for example, you can expand your investment portfolio by acquiring more properties. Consult a multifamily lender to make a huge real estate investment with your spouse. You can also invest your money in stocks or bonds. Check out the different investment opportunities where you can potentially get high returns in the long run.
Accept income differences
One spouse earns more than the other — this is a common scenario in married couples. This should not cause any problems, especially when it comes to handling money matters. Both of you need to accept income differences. Be honest about how much you are earning and discuss how you can come up with a game plan to manage your finances better. You can also assign specific responsibilities when it comes to paying for bills.
There is indeed no fixed formula to stay happily married. However, you can take some steps to prevent conflicts with your spouse. Talk about your problems and solve them together. Be comfortable talking about money issues. Make sure that you are on the same page when it comes to making decisions, especially when it involves financial matters. Do not hesitate to approach financial experts or marriage counselors, too, if you want professional advice for having a healthy, happy, and long-lasting marriage.