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Balancing finances as a single working professional can be stressful enough, but navigating money, investments, and savings with a spouse brings on a new layer of nuance. As a married couple, having a handle on your finances collectively is essential to a long and healthy relationship.
Money is one of the largest stressors of any relationship and is especially prevalent for married couples. Managing your finances together requires a great deal of compromise and understanding in order to build a strong foundation for your future.
In this guide, we’ll explore key pieces of advice and recommendations that will help ensure you and your partner are able to build a life together with a teamwork approach to your financial well-being.
Be Honest About Your Debts
Having debt can feel overwhelming and shameful, but in reality, many couples struggle with varying levels of debt — whether they’re paying off student loans or credit cards. The key is never hiding your debts or downplaying balances. Being honest and transparent with what you owe individually or jointly and your current incomes will help you figure out the next steps — whether you’re able to borrow from family or if you need to find an appropriate online personal loan in Canada to help you consolidate multiple payments.
Write Down Your Expenses
The most effective way to see what you owe and what you’re bringing in every month is to physically write down or electronically keep a record of every deposit and transaction. Having your expenses and income paid out in front of you as a couple will help ensure you’re maintaining honesty and transparency and can more accurately determine your budget going forward.
Prepare for the Future
Marriage is a long-term partnership, so naturally, it’s important to think of your finances in the same way. The first step is determining if your plans are aligned for the future. What do your retirement goals look like? Would either of you be interested in additional schooling or starting a family?
These questions will help you determine how to start planning for your future. If retirement is on your mind, you’ll want to invest time and energy in exploring your options for starting or contributing to an existing retirement fund. If you’re looking to start a family, what savings accounts should be set up to ensure you’re fully prepared to handle these growing financial responsibilities?
Taking the time to explore these questions and come up with answers that work for your household will ensure you and your spouse can build a strong, lasting financial future together.
Expect the Unexpected
While it’s never enjoyable to think about what could go wrong, the truth is that sometimes unexpected expenses arise, and there’s not much we can do to stop them — but being prepared for them is the first step. Creating an emergency fund is crucial for spouses to contribute jointly so that you’re ready for those car repairs, home renovations, or medical expenses.
Just as you will with the other areas of your life together, looking at your finances as a partnership is an ultimate goal. Take it one step at a time, keep your lines of communication open, and always make sure you’re working towards the same short-term and long-term goals.