Managing your finances in a marriage is a daunting task for anyone. Even long after you’ve retired, it’s important for both of you to keep a good handle on your finances.
Maintaining good credit is especially paramount.
It’s always a good idea to have good credit because you never know when you’re going to have to make a future credit purchase. Cars die. Refrigerators die. If you have credit problems, it’s going to be difficult to get future credit. It’s important to have good credit for that purpose.
Your credit also matters should problems arise in your marriage. If you decide to split from your partner, you want to be sure your financial situation is in order. While you hope you and your spouse will honor your vows, things can happen to wreck your relationship. Cheating, for example, is a big one. While you hope that is not the case in your relationship, fortunately, there is an app that help you catch a cheater.
To keep your credit history spotless, there are two things you can do — plan purchases ahead of time and pay attention to where you are using your credit card and what you are using it for.
A lot of people get themselves in trouble because they charge with a credit card and worry about it later. When the bill comes, a couple of financial emergencies may have popped up or they had some unexpected expenses and they no longer have the money to pay it. We try to get people in the habit of planning ahead of time how they are going to pay for purchases and how long it will take to pay for before they use a credit card.
To manage your purchases, track your credit expense regularly. Since some people forget from one day to the next what they charged or where they used their credit card, she suggests getting a little piece of paper and wrapping it around your credit card.
That way every time you use it, you write down on that little piece of paper how much you charge. Hopefully, it will help you keep in line with your budget because you can look at that credit card and you can see how much you charged.
Because of financial scams and identity theft, also keep an eye on your credit report.
Stay on top of your credit report and make sure it’s accurate and is your credit. That goes hand in hand and this will help keep your financial house in order. Her final recommendation is to read the terms of your credit card or any credit for that matter.
Many people are not educated about the fine print. It’s worth taking the time to read your bill every month and see what your due date is, what the finance rates are and to get a handle on all of the terms on your statement.
Obtaining a power of attorney is also important in case you become incapacitated or suffer mental health problems that may affect your ability to manage your financial affairs.
A power of attorney is an important planning tool in case you become incapacitated; somebody can step in under the authority of that power of attorney and do things for you when you are no longer able to. It’s important to have someone from your own choosing to take care of your affairs when you are unable to. And the sooner you obtain a power of attorney, the better.
No one has a crystal ball. No one can tell when you’re going to become incapacitated and that’s when it is important.
There’s also always the potential for fraud. One of the single, most important decisions you can make when you’re doing a power of attorney is the selection of the agent. To grant these powers to someone you cannot absolutely trust, that’s where the fraud comes in because the agent will do things that will benefit themselves and not live up to their fiduciary duties under powers of attorney.