Five Financial Vows Couples Should Take To Grow Their Bank Accounts Post-Marriage
Love is a wonderful feeling and so are the vows that couples take when they plan to take their relationship to the next level — marriage. What most fail to see or rather delve into at the time of plunging into a new life are the responsibilities that come along, specifically the financial ones. Amidst the romantic talk, savings and budget goals are highly critical points of discussion. Even though the concept of ‘for richer, for poorer’ has existed since time immemorial as per the traditional wedding vows, the simple fact is a stable future is what every practical human being must seek and work towards. In order to keep finances in check and plan for a better and enhanced lifestyle, there are certain financial vows that a couple must take. Here they are:
We Will Save And Plan For Retirement Together
Couples must have some mutual vision as much as the understanding between them. Savings goals are best adopted by both, especially when both are working, as that strengthens the retirement planning. In case only one spouse has access to the work plan where he or she happens to work, the role has to be taken with the utmost importance by him or her only. Contribution to retirement accounts by both can be done and even checked on, by the other. It’s natural.
We Will Achieve Our Financial Objectives In Togetherness
In ‘togetherness lies happiness’ and that, indeed, works here. You both need to work on cutting down expenses and setting some common time-bound achievable goals, so as to keep each other on track. Of course, slight temptations to splurge can be accommodated at times but for the most part, shared decisions are safer and wiser.
We Will Share Our Financial Secrets With Each Other
Keeping your credit card PIN private is important, but sharing ideas and thoughts with regards to credit scores and letting your partner know about your spending habits and debts are also of paramount importance to make a relationship work. After all, these come in handy at times of bankruptcy, financial faux pas, or emergencies. Also, you should assess your current financial goals and challenges with your partner.
We Will Respect Our Individual Privacy
Whether bank accounts are to be kept separate or merged together is a decision that varies from couple to couple and depends largely on them and the household. In some respects, it’s easier to maintain and manage daily finances when accounts are linked together, but individual choices must be respected at all circumstances. If work and responsibilities are divided, you don’t run the risk of encroaching upon your partner’s personal space and vice versa. Another important thing is that your partner should not have the burden of any debt which you might have incurred and the other way around. You should deal with your debt all on your own and your partner should follow the same norm.
We Will Financially Protect Our Family
A Plan B or alternative safety zone must be made way ahead of time. For example, you should set some money aside so you can pull through during financial crises or some unexpected expenses popping up and that, too, without resorting to retirement savings, fixed or recurring accounts, SIPs, or even credit cards. Also, a prenuptial agreement is of paramount significance for those thinking of assets management. This is probably the best arrangement to prevent any unfair allocation of your wealth and assets to your partner in case you want to part ways.
Before you say “I do”, you must initiate a money-related conversation with your partner. Often, most couples think of dividing the work and getting ahead. So one spouse might care for the daily finances and the other can look into long term investments. Often, things do not fall in place. The summary of all financial accounts, banking work, insurance policies, and plans for the future must be kept ready. It’s all about planning! There’s no alternative to this. Money management is a skill which is best learned through practice. And having a loving partner means working together for making life a better one. No one said it will be easy, but the attempt to overcome obstacles hand in hand should be the key.
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