Are you a newlywed or engaged couple? If so, it’s time to start talking about money. It’s wise to be on the same page about money and plan for financial security to set you up for a successful marriage.
What is Financial Security?
Financial security is having money to achieve the desired standard of living now while still being able to cover emergencies and future financial goals. Imagine not having to worry about where the money will come from when something breaks! That peace of mind means that you’re financially secure, which makes your marriage stronger.
Combining finances doesn’t have to be stressful. Here are 5 quick tips to help you start building a foundation of financial security together.
1. Be Transparent
Transparency is the key to financial security. Put it all on the table and be honest about your current individual situations. Be sure to include all your debt and view about money. Talk about what you learned from your parents about money. Don’t leave out how you differ in saving and spending. Stay away from criticism and judgment. Talking about finances is a great way to learn to communicate with each other kindly and openly.
2. “Marry” Your Bank Accounts
You are becoming one, so should your bank accounts. A common trend today is to keep separate bank accounts. But, keeping one area separate can lead to separation in other areas. Establish the unity from the get-go. A joint bank account says “we’re in this together!
3. Budget Together
Practice budgeting together even when you’re engaged. That way, you can adjust easier, and things work more smoothly once your Mr. and Mrs.
4. Plan for Financial Security
With everything on the table, it’s time to determine what Baby Step you’re on as a couple. If you are on Baby step #4, but your fiance is on Baby Step #2, the as a couple, you’re on Baby Step #2. Set priorities and make a plan together by moving through Dave Ramsey’s Seven Baby Steps as a team.
5. Prioritize Your Relationship
Make your relationship a priority by making your finances a priority from the start. Couples who have healthy finances and plan together almost always have a stronger marriage.
Congratulations on your decision to make financial security a priority from the start, and blessings on your marriage!
Are you an engaged couple who needs help preparing for your life together as Mr. and Mrs.? Eagle Family Ministries provides valuable tools through premarital counseling for engaged and married couples to build a strong foundation to last a lifetime. Let us know how we can help you. You can reach us at (479) 464-4442.
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