Marriage, a sacred union for some; a match made in heaven and completed ceremonially on earth (you have heard that stuff. right?) and a contract based on mutual understanding and care for some. One is free to perceive the institution of marriage the way S/he likes. However, the blunder which almost every second couple makes while entering into a marriage is that they have a financial obligation towards each other and that they should be defined. Else, the ambiguity and chaos festers and becomes unbearable, often resulting in the parting of ways.
According to a famous research carried out by SunTrust Bank, as good as 35% of the people face relationship stress because of financial concerns. Another study by the American Psychological Association found almost three-quarters of Americans experience financial stress at least some of the time, and nearly a quarter of us feel extreme financial stress. Now that we have numbers to back our conviction, let us delve deeper to understand what causes financial stress among couples, what creates a rift between them which keeps on widening?
The biggest reason is that people are not conditioned to handle their finances alongside their partners. You would have heard a lot of general wisdom floating around how partners should respect each others’ personal space and how should they go about building trust in a relationship. But, you will seldom hear someone talking about that how one should stay true to his/her partner in terms of finances, right?
Keeping the finances intact and giving them direction as a couple is perhaps a grey area which should be more talked about so as to avoid stress in a relationship. And, we are here to do exactly the same. Here are the 10 financial commandments which every couple must adhere to for a successful marriage:-
1. Don’t spend a single buck without him/her knowing
Now, don’t get us wrong on this. We aren’t professing a claustrophobic kind of a setup where one is cramped for space. As a matter of fact, we are just warning you against the fact that one should not continuously pay for a particular expense either from savings account or by concealing a credit card from one’s partner because in both cases there is breach of trust alongside chances of severe repercussions.
It is most likely that your partner will be startled to know that the account which he/she has been relying on to clear the bills, has been emptied by you in pursuit of hedonistic pleasures (could be). They will remorse over the fact that the money could have been wisely used on some other vertical.
2. Ensure that you two are on the same page
Unity of Direction (remember you Business class) is a management principle proposed by Henri Fayol and that applies to/trickles down to every sphere of life. Unity of Direction suggests that all energy and efforts should be directed towards the attainment of common goal so as to make the best possible use of the resources at hand.
Marriage is no different, you and your spouse should channelize your efforts towards a common goal and preferably, work on a single goal at a time. Take for instance you are saving up for your retirement whereas your wifey/husband wants to go island-hopping this summer and is allocating funds for that. How would it work out?
3. Remember that you will grow old one day
It’s understandable that you are young and you like to throw caution to the wind. However, general wisdom doesn’t approve of this attitude. Death is inevitable and so is aging. There would come a time when you won’t be able to work the way you work now. Moreover, everyone wants to have several serene and peaceful years before kicking the bucket. Saving for retirement from an early age is advisable because it’s way easier as compared to saving in the last years of one’s working.
4. Life isn’t always sunshine and rainbows
God forbid, but there is a chance that you won’t be married in the years to come or you won’t be married to your current partner. Quite often, it happens that one partner has a good retirement plan at work and the other doesn’t save as S/he envisions that their spouse’s savings would suffice. But one should never forget that nobody has promised them a tomorrow.
5. Save for the rainy day
An emergency fund is a thing, ever heard something like that? An emergency fund is nothing but a reserve kept aside for future uncertainties which could be used when you lose a job when your car is ramshackle and for every situation when life catches you off guard.
You might argue that why let the pressure of building an emergency fund loom over your head and use credit cards in the emergencies instead. Credit cards let you sink in an even deeper mess and swiping it through the counters may give you the chills but the bitter truth is that it’s not the money you own, it’s the debt that you accumulating.
There are lows in the marriage and people often overlook this whilst in marriage. If you abide by these 5 Talisman’s in your married life then chances are that you will overcome all financial afflictions without bearing much loss as a couple and ultimately lead a happy life.