Why financial literacy? Well, this article is not intended to tell you what to do in your relationship or marriage but to guide you in the area where little things are being ignored.
The recent global pandemic should be an eye opener for some old and newly married couples if they fall in this category of unhealthy financial habits.
Today we hear about how couples don’t agree when it comes to finances and it’s no secret that fighting about money put a huge strain on them. Life happens and things change, so it’s not unusual for people’s financial expectations and priorities to shift as time goes by. Problem arises when couples forget to check in with each other to make sure they’re still in synch.
So how can this be handled?
Here are six ways to handle financial problems.
1. Couples must know how to communicate effectively and take themselves serious when discussing finances.
2. Budget planning is key, and should be done in a timely manner. Budgeting may seem tedious, but having one can yield significant benefits for you and intending children. Design a budget and learn to track it.
3. One very important thing to note is that once children begin to get in the picture, budgeting increases and there would be need to re-strategize. As couples, you need to set up a banking account for your children that would be spent towards their education till university level.
4. Build an Emergency fund. This helps when there is financial crisis.
5. Have a weekly money meeting.
6. Save for Retirement.
Financial literacy is key to your future financial wellbeing. Remember, you married each other for a reason. Believe it or not, you will always need individual skills – especially the ones you don’t have.
The free spirit you both display in your marriage can bring valuable insights and knowledge to the table. You both are teammates, and it’s time to start treating yourselves like one. Couples with sound knowledge in financial literacy have it easier than the financially illiterate ones.