Financial Tips for Couples
Communicate openly over finances
Believe it or not, many couples find it very difficult to talk openly about their finances. Money problems can literally cause a lot of heartache between people, so here are some ways couples can come together to get their financial house in order:
Gather all important financially-related documents to a central location that is equally accessible to both partners.
Track your spending and pay yourselves first
Write down where you are spending your money. Re-route some of your spending to a savings account: pay yourself first for a sevure financial future.
Plan to save
Start a savings account to cover expenses like clothes, Christmas and holidays, and insurance. Plan for future expenses throughout the year.
Build an emergency fund
You never know when you will need additional cash so try to have two to three months of living expenses in a readily accessible savings account or money market account
Don't go into debt, and if you are, get out of debt
If you must use a credit card, control your credit card spending and try to pay off any debt you have (eg. credit card, student loan, etc) Pay more than the minimum monthly payment. Once you have paid off your debts, take the moeny and put it towards sabings. If possible, the goal is to simultaneously pay off yor debt while still putting some amount into savings. Remember, you are loaned money so that you will pay interest and late charges and make other people money.
Decide what you want to do with your money. Do you want to pay off debts and student loans? Buy a house? Save for a new car? Or gain additional education? Write down your goals and your strategy for achieving these goals. Wrtie a budget.
Review your insurance coverage
Every year, review your health, life, disability, renter/homeowners, outo, and personal liability policies to make sure you are both adequately covered.
How much should you save and/or invest?
Save at least 15% of every dime you earn beginning with your first job.
Thoughtful planning is the key to achieving success in financial goals. Good luck!
Content derived from choosetosave.org
Written by dvdscttbckr on Tuesday October 20, 2015