Most people have felt the joy of buying a new car, purchasing a house, or buying something that they longed for that is costly. All you have to do to make a big purchase is to front up at the bank with a dream and a deposit and generally, you can have access to cash within a very short time.
It seems easy, but many couples wrestle with the consequences of racked up debt that comes from home loans, cars, credit card purchases, and other financial family obligations. It can put a huge amount of pressure on a couple causing many marriages to fail because of their financial burdens, particularly if there is only one income.
When one person in the marriage is totally responsible for handling the finances, the other person may live recklessly because they are not aware of their financial situation.
Living on ‘just enough’ can leave you very vulnerable to an unexpected bill and really take the joy out of a goal that you have been reaching for.
Set up a budget together that includes fixed expenses, desired luxuries, savings goals, with a plan to reduce debt. Communicate regularly about your finances. Whether it be a weekly, fortnightly, or monthly event, you need to agree on your financial goals and priorities.
When both partners are aware and working toward the same outcomes, stress is greatly reduced, and you’ll have the satisfaction of successfully building your dreams together.
How do you currently work through finances in your home and in what way could you do better? Have you set up a workable budget and can you agree to stick to it?
Have a great week!
Rick & Fi