17 Years of Marriage..17 Financial Tips to Stay That Way
Marriage is a beautiful journey filled with love, laughter, and... financial decisions. I married my best friend 17 years ago and I've learned a few valuable lessons about managing money as a couple. These tips may not be groundbreaking, but they've helped us navigate the ups and downs of our financial life together. Let's go!
- Joint accounts have worked for us. It’s just easier. No stressing over who pays what
- Ask about big purchases. If we are spending $40-60 it’s no big deal. But anything over a hundred, we discuss it. Not once have we ever said no, but it avoids surprises.
- You will fight about money. Learn to let it go, and be a better partner.
- Share your financial concerns and goals. Communication and understanding can avoid a lot of 3.
- One person will likely take the wheel of paying bills, budget and tax prep, etc. and it works best that way.
- One spouse tends to usually be obsessed with saving money, and the other…not
- Talk about professional goals, talk about careers and always support the other. We have never said no to pursuing growth and taking risks (eg, starting a new business, going back to school)
- Date nights should always be in the budget, even if kids' activities get in the way.
- So should random surprises like flowers or food treats.
- Talk about your parents, caring for them and financial needs. It’s going to happen, and best to have clear plans and thoughts before the heat of the situation.
- Individual debt is not team debt. Work together to pay it off. I had student loan debt when we got together but my wife didn’t.
- Discuss what would happen if one of you were not around anymore. This is where life insurance comes into play. Make sure you have enough coverage.
- Figure out what you want to do when you are done working. Try to be on the same page when it comes to what retirement will look like (RVing across the continent is our goal)
- Don’t be afraid to say “I don’t know” and look for professional advice. Do you cut your own hair?
- Have kids? Decide if you will or will NOT pay for their education. See 11, it can make a big difference in your kids' future
- Prioritize experiences over possessions. I remember our honeymoon but I don’t have the shoes I wore there.
- We had very little when we got married. Even if we had no money today, we’d be alright 😎- marry your best friend and never have a hard day.
What else would you add?
Kenneth Coombs CFP CHS RRC
Ken has worked in the financial services industry since 2005 and holds the Registered Retirement Consultant and the Certified Financial Planner designation. Ken has written financial planning columns and has produced financial podcast programs.