As we head straight into the month of marriages, October, It is vital to look into one of the biggest factors that can make or break a marriage: Money. Money is king, and cash rules everything in our economy, so it comes as no surprise that such a vital part of our lives can be a stressful factor in our relationships. With almost two million marriages happening annually, over eight hundred thousand divorces follow. But why, exactly, and how can we take measures against this unfortunate dilemma?
With money being the source of over a third of American relationship problems, that mean that it is always a good time to have “the talk,” especially before it’s too late. You should know which page each other are on when it comes to finances. You need to know whether you are a spender or saver, and you need to know which one your significant other is as well. This understanding will allow you to both calmly talk about your financial situation, and could potentially prevent rough arguments in the years to come.
One of the biggest fears of money is not having it. On top of that, the bigger fear is owing it. The chances are high that one of you is potentially bringing debt into the relationship. The earlier you and your significant other can discuss debt, the easier it becomes to alleviate it and talk about it in the future. Finding solutions to debt quickly and in a timely manner will allow you and your partner to start reaching towards great financial goals like buying a house, taking an exotic trip, or starting a family.
If there is one thing that is true for everyone, no matter your age, is that life is short. Young individuals get up and go to work, and often never feel healthier. But as time moves on, less and less jobs become available the older you become. It’s not that the jobs are closed or taken, it’s that when your body ages, physical labor becomes harder, to eventually impossible, and can no longer be a source of income towards your later years. The earlier you can start a retirement plan, the better. It is always wiser to max out the contributions every year for your retirement plan, or get as close as possible, to ensure a relaxing life in your later years.
Along with not being chipper in your late years, it is important to remember that you may not be chipper tomorrow, as you could grow very ill or an accident may occur. If something comes up that leaves you home bound or months, or years, that event can put you and your significant other in a rough situation. If you can get short-term disability, which sometimes your workplace may offer it, take advantage of it so that you don’t find yourself in a financial crisis with no income coming in.