Money is important. Let’s not hide from this fact. Did you know that talking about money with your spouse can forge an intimacy that is hard for most couples to achieve? Money is a sensitive issue but there will be no reason to squabble over money if you open up about it. Research has shown most marriages head towards divorce because of fights about money.
Here are 5 ways to make your relationship with your spouse more secure:
- Speak About Your Credit Score
Your spouse may be the sweetest person in the world, but getting to know each other’s credit score can tell a lot about one another. If your spouse’s credit score is more than 700, you have a lot to celebrate about because it means he or she pays all bills on time and can easily get a mortgage to buy a new home. Also, a 700+ credit score is an indication your spouse has a low debt ceiling.
- Discuss about Your Present and Future Expenses
At some point you are going to have kids and elderly parents to take care of. So, it is prudent you and your spouse discuss about your present and future expenses openly. Not only will this allow you to save, but it will also ensure that you are on the same page. It will definitely prevent future fights and disagreements over how to spend money.
- Be Open about Each Other’s Income
As strange as it may sound, there are people who don’t know how much their spouses earn. If you truly want to achieve marital bliss and harmony, don’t keep your money separate. It is important to disclose your income, retirement accounts, and sources of income.
- Reveal Your Financial Personality
Don’t hide your financial personality from your spouse. You can be a saver or spender and be completely opposite from your spouse, however, you can still reach a compromise and prevent arguments regarding money. The key is being open and honest about your financial personality and then finding ways to meet your spouse halfway so that both your financial needs are met.
- Let Your Spouse Know When You Intend Retiring
Your age of retirement will have a profound effect on your finances. It will impact your major purchases, such as your home, where you send your kids to school, and life after retirement. It will also affect the saving rates your retirement accounts will attract. Discussing your age of retirement with your spouse will allow you to develop a financial plan together that suit your financial requirements in the present and future.