Keeping Marriage and Finances on Track Together

photo credit: orangeacid

The NY Times has an interesting take on one way to help make your marriage last: marry someone who’s financially compatible to you. Or try and become financially compatible by following these tips:

• Talk openly about a savings philosophy and agree (or make a compromise) on it. Then get serious about your family approach to money - some recommend holding a weekly meeting to check on the finance situation
• Support your partner’s career so that both partners can be earning when the stage in life is appropriate
• Rotate responsibility for different aspects of your finances - don’t have one person responsible for everything, all the time
• Agree on how much money you can spend for enjoyment and luxuries and still be financially sustainable
• If things get rough, use a mediator (who might be a financial planner) to agree on a new money philosophy
• Make sure each partner still has some money that is slightly “independent” - that they can spend for themselves, how they want
• “Invest in your marriage” by going on dates and planning holidays - this investment in your relationship might cost a little money, but it’s worth it in the long run. Apart from the obvious distress of a relationship break-up, divorce is also an expensive business and it can quite often be avoided with a little more care earlier on.