There are certain very important financial decisions in marriage you should never ignore.
Money is very important for your marriage to survive.
Why is money given so much importance in your marriage?
- It gives you incredible social status.
- It makes you afford an excellent standard of living.
- You can buy many costly things to show off your wealth.
- You never have to look in awe at the financial success of your friends\colleagues\relatives when you have plenty of money.
Though you marry out of love, the survival of your marriage depends on your financial stability. When there is no money you feel edgy and frustrated to keep your relationship kicking and alive.
You often argue and fight with your spouse regarding money as you cannot withstand the pressures and problems lack of money brings along with it.
I enjoyed a beautiful and friendly relationship with my husband. In fact our interaction was full of fun and leg pulling, more like friends. But everything changed when we suffered the worst ever financial drubbing of our life.
Though we were still loving and caring unnecessary arguments entered into our relationship. Deficiency of money made my husband edgy and temperamental. We argued and fought when we had no money for the basics.
I always felt that if we had planned our money this miserable phase of our married life would not have happened.
Without money your interaction with your spouse starts with arguments about money and ends in bitter fights about money.
This is the power of money in your relationship.
Make these important financial decisions in marriage without fail
1. Plan for your old age – It is fast approaching
Do you feel that you are very young and there is enough time for you to plan your future?
You are wrong. Time flies so swiftly that your old age becomes a reality without you realizing it.
So, start saving from your young age for your fast approaching old age. Never think there is plenty of time because in reality there isn’t.
Your old age brings along with it sky rocketing medicine bills and other age related expenses.
There are lot of saving schemes for your old age. Begin saving money as soon as you join your job. Without much ado your money multiplies and branches out.
A sweet manna when you retire.
But when you do not plan your financial future your self-respect is torn to pieces when you become dependent on your children for your survival. An unthinkable misery in your old age.
When you have money for your old age you can enjoy all the desires you had denied yourself because of your family commitments. Go for vacations to places you had dreamed of. Donate money for causes close to your heart.
I would rate saving for your old age the most important of the financial decisions in marriage.
2. Have money for your medical expenses
‘It cannot happen to me’ most of you feel so when you think about illness and accidents. But life is so uncertain that you do not know what is going to happen next.
Medical treatment can drastically drain your financial resources. It can also make you a pauper if you are not ready for it.
The first thing I did when my husband passed away was to take a medical insurance for me and my daughter so that I need not worry about money if anything untoward happens.
Medical insurance for your family is a must in the financial decisions in marriage.
3. Be careful in handling your cards
I am sure you have multiple cards your bank willingly gives you.
You feel proud to swipe your card for your purchase, don’t you?
No counting money. You just swipe and buy. It has become as easy as that.
Do you swipe your credit cards at your will?
Do you know with each swipe you are plunging yourself into a financial debacle?
It feels good to purchase things with a swipe of your card, isn’t it?
But when your credit card bill comes you are sad at your stupidity. You never knew that repayments always meant less money for the family.
Make sure you do not swipe your credit cards for unnecessary flashy things. It is the number one killer of your financial stability.
Your installments should be for essential things. A home of your own is the best financial investment you can make. Planning a home at your young age is the best comfort zone you can give your spouse.
You can relax back in contentment in your old age when you have your own roof over your head. It gives you incredible sense of financial well-being.
4. Plan the education of your children
Planning the education of your children is yet another crucial financial decisions in marriage.
You can give your children good education only when you have money. It needs huge amount of money to give them the best education.
‘I have ample time to be ready for their education as they are still very young’.
Are you one such parent who feels lethargic to think and plan your children’s education?
You will be taken off guard when time flies past and your children are on the threshold of entering their college.
So, start saving for the education of your child as soon as he is born. There are lots of educational schemes available.
This money comes handy to help you through the college fees and other educational expenditure of your children.
5. Have your own personal money
You feel frustrated when you have no money for your personal needs, don’t you?
You are extremely tensed when you have to ask the permission of your spouse to fulfill your personal wishes.
Do you know many couples fight over the money they earn?
When you do not have personal money you feel deprived and frustrated that you have to account for every penny you earn.
You feel bad when you have to pool all the money you earn for the family and have nothing for your own desires. So, having personal money is the best of financial decisions in married life.
Money is a double edged sword. When you misuse it, it cuts the financial future of your family into shreds. But when you use it judiciously its power boosts up the stability of your married life.