Throughout the years of married life, the rule of thumb for financial success I have observed for married couples was do all things together or have the spouse informed on any financial decisions you make. Deciding on things together reinforce partnership and giving each other an importance on any financial decision.
Success Tip #1: Do Not Budget. You might find this silly but my wife and I do this. We do not budget. This is what I learned from the Truly Rich Club of Bro. Bo Sanchez. When we receive our income for the month, we separate right away the amount allocated for our tithes, emergency fund and investments. The remaining amount will all be allocated for expenses. As long as we prioritize first on our future, we do not worry on the funds left. Through this method, budgeting is avoided and we are not deprived on the things we want to buy.
Success Tip #2: Identify Needs vs. Wants. One of the financial challenges of married couples is the dilemma of impulse buying. The fundamental secret of becoming wealthy is to know the difference of needs and wants. Needs, to put it simply are the things that you cannot live without while wants are the things that you can delay buying. Be reminded that wants is also essential to us so that we will not feel deprived, but make sure you plan ahead before buying these. Do not fall on the trap of impulse buying.
Success Tip #3: Set Financial Goals Together. Financial goals for the family when discussed together will result to an effective support system. Since we have two wonderful boys in the planet, we already planned for their education in the future. For our retirement, insurance and healthcare, we have sat down and talked about these financial needs collectively. By doing this, we have one direction and one route in going to that financial destination. Both of us are accountable to all our financial decision. Any major decision we take are all based and compared if it fits with our long-term financial goal.
Success Tip #4: Perform Financial Check Up Regularly. It is advisable to perform a financial check up for the family. If you have not done it yet, we are giving free financial check up and coaching so that our hard-earned money can be managed effectively and be a blessing to others. Our family check up our finances every quarter to know how near we are on our financial goal. Because of this, we managed to get in touch again with our dreams and review our responsibilities to achieve what we planned. We also make necessary amendments if there are any changes along the way.
Success Tip #5: Prepare a FLOP. We have adapted this method from one of the blog of Bob Lotich in Christian Personal Finance. A Financial Life in One Page (FLOP) illustrates the current status of assets and liabilities of the family. I have made one tailor-fit for our situation so that if something happen to soon, my wife will have a reference of our financial status in one page. The account details are all stipulated in the document and kept in a secured place.
Following these success tips will somewhat help to make the marriage financially successful. Remember that working as one to achieve a common financial goal will make it easier and faster. And it is imperative to hold each other arms while going through a roller coaster ride of life we call marriage.
Do you know other financial success tips for married couples ? Share your thoughts and meet us in the comments.
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