A study of more than 4,500 couples published in the journal – Family Relationships by Wendy Middlemiss, shows that money can be a predictor of whether or not a couple will have a happy marriage.
While love is one of the binding forces that keep a couple together in marriage, it is recommended that to sustain your happiness, you will need to build bridges, especially when it comes to your finances.
FBNQuest notes “While discussing short-long term financial plans can be one of the most difficult topics for couples, the vital practices to sustain regarding your marriage and finances are: Being transparent and honest enough to discuss your: current financial status; financial weaknesses and strengths; financial responsibilities; aspirations; career goals and long and short-term goals.
“This information puts a couple both on the same page, so they make financial decisions as a team that has the same financial goals.”
It says putting this in perspective makes it easier to plan, save or invest as a team.
Points To Consider
Set Financial Goals together – As a couple, outline a short to long term financial plan but be flexible about these goals because things will almost certainly change. Scheduling a meeting with a financial advisor to establish effective long-term financial plans is an option you might want to also consider. The advisor can help you and your spouse by asking specific questions, getting you both on the same page and helping you consider your options as a couple.
Schedule Budget Meetings – Proper budgeting can help you avoid financial arguments by planning in advance.
Consider having Joint Accounts – As a couple, you might consider opening a joint account where you will deposit the income percentages you have already decided on.
Consider Investment Opportunities Available to you – Various investment opportunities are available to couples. With investing, there is no better time to start than the present and it is never too late to start.
Opportunities Investors Can Take Advantage Of
Mutual funds are investment products that allow you to diversify your assets and consequently, reduce the risks that come with investing.
These are shares of publicly traded companies you can buy stakes in. You will need your financial adviser to guide you based on your short- and long-term goals; as well as your risk appetites.
Bonds and Securities
Bonds are fixed income instruments that represent a loan made by an investor to a borrower, basically corporate or governmental.
FBNQuest adds that “While these are just a few of the investment alternatives available to you, your financial adviser’s job is to help you invest wisely and ensure that you meet your financial goals as a couple and consequently secure your future.”