Financial Tips for Long-Lasting Marriages
First Fidelity Bank offers financial tips for everlasting marriages.
"Bad financial practices can have a way of creating a wedge in even the strongest marriages," said James Finch, executive vice president of First Fidelity Bank. "Couples need to budget together and have the tough, honest financial conversations that many people avoid."
Finch recommended the following tips for couples:
· Communicate. Couples should communicate before making large purchases, opening or closing a credit line or changing jobs.
· State your goals. Discuss where you want to live, career paths and your financial objectives for the next decade. Discussing goals and expectations prevents future surprises.
· Pay off debt. From credit cards, student loans and even the wedding itself, couples should focus on paying off debt. Paying off debt saves money in the long run.
· Discuss whether to combine finances. Combining bank accounts, credit accounts or mortgages has advantages and disadvantages. Discuss what works best for your long-term goals.
· Budget. Couples should create a monthly budget starting from net pay. The budget should deduct monthly bills, such as mortgage/rent, water, electric and automobile, as well as estimated monthly costs such as gasoline, food and haircuts.