Money and finances can play a major role in your marriage. Arguments about spending, investing, savings and income can lead to major strain on a marriage. With unemployment being 8.1% in March in New Mexico, per The New Mexico Department of Workforce Solutions, this has become a major problem in the Albuquerque area. There are several tips to help elevate stress on your marriage.
Know your income
Couples may find it hard to be able to predict their income and their expenses. As most couples now days have both couples working, you should know what your partner makes. It is impossible to forecast you financial future together if you don’t know what you are starting with.
Talk about your expenses.
Every couple should know the kind of debt they have. Couples should know how many credit cards each other have, the kind and amount of debt each other and all the bills each person have. Part of marriage in honesty and if you can’t be honest, you will have problems. Talk to a representative at your local bank, they may have a web feature that will allow you to see your spending trending.
Set a budget
Setting a budget can be a great way to avoid problems. Both couples should understand of what expenses there are, how much each payment is and what “off the list” items are bought. Having a good set budget is probably the most critical thing a couple can do. There are several online tools that can help with this. The most popular free version is www.mint.com.
Have a savings
I know that it is difficult to have a savings, even in these times. After evaluating your budget you should find places to save money. Instead of finding ways to spend it, save it. Have money set aside can help whenever a large expense comes along or when an unexpected expense.
Both be involved in paying bills
Having only one person paying the bills can result in added stress to the person responsible for paying the bills. Having both people involved in paying the bills allows each person to fully understand how much money is going out the door and how much is left.
Have a single checking account
It is very common now days for married couples to have separate bank accounts. This may work for some but if you find yourselves spitting bills between the two accounts you should have a joint savings and joint checking accounts. You can still keep separate account but the joint accounts should have both of your pay checks should be deposited in it. Pay all the bills out of that account, put some in savings and then spilt what is left in your separate account. Even if you are following the separate accounts you should still know what each person is spending.
If you are in financial distress seek professional help
If you find that after you have looked at all of you finances and you are upside down, seek professional help. You may find that your budget won’t work the way you have it to, a professional may be able to find ways to get you out of a financial hole. To find a finical advisor in Albuquerque click here.
For more information about finances in Albuquerque please follow this link
If you have any questions about this article or any questions issues with marriage please contact me at [email protected]