Spouses often have different tastes and as a result, they tend to possess various opinions on a variety of topics. From the attire and hairstyles they like on each other to the movies they watch in the theatre or at home, marriage requires compromise many times.
While frivolous matters like choosing between Sunday Night Football and watching someone on Netflix might produce a minor spat, when it comes to fights over financial matters, even the minor differences could end up leading to big fights.
There is no doubt that income and spending are at the center of most relationships. Just as business partners have to be on the same page when it comes to spending money within a company, spouses need to come together to avoid creating a crisis situation that could lead to irreconcilable differences.
All couples will have some differences when it comes to money because they’re different people. But if these differences evolve into a bigger deal, you may want to consider online therapy such as ReGain to help you through that time.
Here are four basic monetary issues that would put couples in better financial shape if both spouses could be in agreement with:
Purchasing Life Insurance
Every family provider should arrange financially for his or her survivors in the event of an untimely death. A common way to accomplish this is with life insurance. This is where controversy arises. You want an inexpensive and unadorned 20- or 30-year level benefit term policy, of sufficient face value (normally no less than 10 times the insured’s annual income). Spouses must agree on a policy and not waiver once it is purchased.
Managing Credit Cards
No single implement has led to greater misery for more couples than the credit card. These should be used as merely a convenience when cash is not available, and account balances should be paid in full each month before any interest is charged. Both spouses must conduct their lives by this rule. If either cannot do so, destroy the credit cards.
Minimizing Transportation Costs
The car constitutes the typical American’s single most important fixation. No other product is more forcefully marketed, and far too many people succumb to its allure, forfeiting a substantial portion of disposable income. No one should drive a leased or financed vehicle. Instead, consider paying cash, even if that means you drive a 1984 Toyota Corolla.
Being Smarter About Education
The educational establishment has convinced the nation that a university must appear prestigious and be costly for it to be worthwhile. The result: Untold numbers of college graduates and their parents are in hock big time, some never to emerge from debt.
Unless a student is able to earn a scholarship, freshman and sophomore years should be spent at a community college, commuting from home, and the junior and senior years at a reasonably priced local state university.
The social and psychological pressures brought to bear on customers are more than many people can resist. But if two people hope to prosper together, both spouses must avoid the impulse to make purchases unwisely.