Finances and Marriage with Nine Year Mortgage
We have all heard the term “’til debt do you part” when it comes to finances in marriage.
In this article, Nine Year Mortgage will discuss a few financial issues that could potentially arise and gives advice on how to handle the situation when it comes.
Debt and Your Significant Other
In today’s society we often have debt from school loans, car loans, credit cards, and other miscellaneous places we’ve visited along the way. Gone are the days of bringing your dowry to the altar. Instead, we bring our debt. Couples should be aware of each others debt before tying the knot. One spouse may be the instigator of debt while the other may have no debt at all. Whatever it may be, the strain on the relationship when financial matters become difficult is something to be avoided. Make sure to talk about your finances to assure you agree and are on the same playing field. If the two of you just can’t seem to come to a conclusion about your finances, a prenuptial agreement may be your best option.
What If Scenario’s from Nine Year Mortgage
While dating, be open and honest about how you view finances. If you are not the type of couple to really talk about those things, simply be observant. Does your significant other seem to be a spender or a saver? Look for the signs and make mental notes of what you notice.
Discuss your views concerning different future scenarios regarding income. Pose questions such as:
- What if only one of us brings home a paycheck because the other is unemployed?
- What if one of us earns more than the other?
- Will we rely on family members who are well off or will we be independent?
Usually the spouse who is the money earner wants to dictate how the money is distributed. If you are the spouse with more money in your pocket, be sensitive to how you approach your spending decisions. Again, make sure that you both agree on your financial practices. If you do so, bumps in the road will be a lot more smooth than they would be otherwise.
Agree to Disagree
When you can not agree on how to spend your money as a couple, Nine Year Mortgage may have a solution for you. Pay your expenses together, then split the rest of the money between the two of you. This split may be a direct ratio to how much each spouse makes or split evenly down the middle. Splitting the income allows both spouses to spend what they want without having to agree with the other on their purchases. A negative to this approach is that your spending power as a couple is divided.
Children in Sight?
Are you and your spouse planning on having children? If so, consider that the average “price tag” to raise a child until they are 18 years old is around $300,000. Expenses include clothing, housing, food, ballet, piano lessons, high school trips, etc. If you don’t want these little ones dipping into your account even more after they leave the nest, it will be important for you to teach them about finances. Nine Year Mortgage suggests that you start by giving your children a weekly allowance for doing chores each week. Then open a bank account for them so they can see how their money grows when they save. If they see this example from you and make saving a habit in their youth, then your wallet is much more likely to stay full when they leave for college years down the road.
In-laws, in trouble
Ever had a family member who was in a financial bind and needed your help? Well, maybe you helped them without blinking an eye. But now, you have a spouse who shares your finances with you. They may not be as willing as you are to help your next family member who is in need. Some in-laws give, give, give, while others seem to suck the green right out of your wallet. At times it is hard to make a decision, so some adopt the policy of not being a borrower or a lender to anyone. Whatever you do, Nine Year Mortgage suggests that you try to agree with your spouse on your decision. It is never fun to be living with an angry, resentful, and frustrated spouse.
Financial Advantage of Marriage
Marriage can provide a significant financial advantage. For instance, you can double your income without doubling your expenses. If you and your spouse have the same financial goals, you can reach them much more quickly together than you could have working alone.
Being cognizant of each others spending habits and views regarding finance will prove to be important in the years to come. Just remember to talk about your finances. Come to a conclusion on what you plan to do if “X” happens in the future. If you don’t agree on how you should spend your money together, find another way to spend it apart without building resentment on either side. In the end, communication is the key to success in any marriage.
Read another Nine Year Mortgage article to learn about how to “Watch Your Spending Habits.”
Will the Nine Year Mortgage Financial Plan work for me?
Find out what thousands of satisfied clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game!
Nine Year Mortgage Representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest!