Wise Marital Advice On Saving Part 1
Marital Advice on saving
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Marriage counselors often have to counsel couples who can't seem to see eye to eye when it comes to matters concerning money whether it's spending it or saving it.
Counselors often hear complaints such as he spent 5000 a new car without even talking to me about it first, I was hoping we could have put that money towards the deposit to buy a house or the husband might say something like she is always complaining that I spend too much but I'm the one that goes out and makes the money, I should be able to spend it however I like.
Our background and upbringing usually influence our views on saving money. One spouse because of their upbringing might be concerned about the financial security and stability of the family; they may be more conscious of falling behind on bills and might be fearful that if they don't keep up the payments on their home they could end up homeless. The other spouse on the other hand might be comfortable and not too bothered about falling behind on payments because that's the kind of environment they grew up in, where mum and dad we're always running from the bailiffs!
When it comes to saving, although you and your spouse might have different views; ultimately you need to see eye to eye in order for things to work out or else there will be constant quarrelling.
My first marital when it comes to the issue of saving is that you both need to establish that it is necessary.
It doesn't matter whether other couples are spending everything they earn, you as a couple and as a family need to settle it that saving is an absolute must. You need to have enough set aside so that even if both of you we're to lose your jobs, you could still survive financially for at least 6 months without working. If most couples today we're both to lose their jobs, they probably wouldn't survive two months without exhausting their savings because they simply don't save enough. (Thats even if they save at all in which case they could even become homeless)
My second marital advice when it comes to the issue of saving is to have the equivalent of 3-4 months of your combined income as savings towards an emergency.
For example, if your monthly combined is come is 3000 then you should have at least 9000 in savings in case of an emergency. That way you can still pay your expenses even if you both suddenly became unemployed or if you couldn't work due to medical reasons. If possible, set aside this emergency fund before you even begin saving towards a new car or house, or retirement.
Wise Marital Advice On Spending Less To Fight Less Part 2
Wise Marital Advice On Spending No: 2 Set yourselves a budget
In order to establish a budget you first need to account for exactly what you are making and how you're spending it. It may be a good idea to track all your spending during the course of the day, track how much you spend on drinks, coffee, muffins, lunch, etc. Track everything. Most couples are amazed about how much money they waste on snacks and beverages. Spending 2 or $2 every day at work on coffee soon adds up to 10 a week and 40 a month. Many are easily spending 40 a month on coffee yet will claim they don't make enough to save anything.
Lets take another example, here in the United Kingdom, the average person spends about 5 a day on lunch at work, some spend even more. 5 a day on lunch soon adds up to 25 a week and 100 a month. If as a couple you saved that 100 every month until you retire, say you started when you we're both about 30 years old. By the time you retire you would probably have about 500,000 or more in your account if you we're earning about 10% interest on your savings which would have been compounding over the years. To Understand this better buy the smart couples finish rich book that I recommended at the bottom of the money issues page
Once you can track your spending you will be able to identify areas where you can make cut backs and save money. The extra money can then be use for something more productive.
Wise Marital Advice On Spending No: 3 Stick to your budget.
Avoid going back to your bad financial habits, stick to your budget and don't overspend. It is also advisable to have an emergency or miscellaneous fund to cover unforeseen circumstances.
Wise Marital Advice On Spending No: 4 Set up a direct debit for your bills and savings from a joint account.
Have a joint account that you will both contribute to which will cover your monthly expenses. From this account arrange for your bank to automatically pay all your monthly bills to all your service providers or companies you owe. From this same account also arrange for your bank to transfer a fixed amount either into your retirement or savings account.
The advantage of this is that as long as you are paying enough money into the account (and you should know how much you need to pay in based on your budget) you can never miss a bill payment and you will be automatically saving without the temptation of spending the money on something else. In fact you can make sure you have enough money in the account by arranging for your employer to pay your salary into that particular account or set up a transfer from the account your salary is paid into to the joint account where the expenses will come out from.
This is the method my wife and I use. It helps us cover our monthly bills and also ensures that we are putting something away towards our future every month.
From time to time you might need to modify your budget, you might get a pay rise and therefore can afford to save more, instead of wasting the extra money you are making as most people do, invest it towards your future or use it to clear debts. Whatever the case, the basic principles are the same, always make sure you have enough to cover your expenses and enough to save.
In conclusion
I hope that this has she'd some light into looking at your spending habits and how you can manage your spending better. I encourage you to apply the various marital advice I have shared in this article if you are not already using them. And I wish you less financial conflicts in your marriage.
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Posted in Financial Services Post Date 12/26/2020