Do Love and Money Go Hand and Hand?
Marlon Jerez / Consultant in Economics and Financial Issues
Translated by Economic Adviser Soraya Nasrallah
Are you ready to go into marriage with the person you love?
Or, are you married? If that is so, congratulations! I hope you have a
long and happy life together. Apart from the emotional and moral
compromises that will be made or have been done with your loved one, it is
possible that your finances will also be united. It would be quite
unusual for both of you to have identical ideals toward your finances;
after all, opposites attract. Even if you both have agreed on goals for
the future, remember that to administering money together with another
person is very different from administering money alone.
So that financial decisions don’t affect your relationship
with your loved one, you should take into account the following:
Many couples never discuss their goals before getting married which
frequently brings about problems in a marriage. Finances are often the
subject of discussion and fights! Usually the most common subjects talked
between loved ones are: children, family, relatives and careers. One of
the ways to minimize the damage that may be done in a marriage is to know
ahead of time what one is getting into. Ministers and the like, offer
premarital counseling in regards to finances and other important subjects.
Don’t let passion blind you to important subjects that may destroy your
partnership with your loved one.
some countries when you declare your taxes as a family and not an
individual, it will offer certain advantages. It is important for a couple
to review which is the most beneficial way to do their taxes.
and establish goals together:
Couples should dedicate
some time, every year or several times a year, toward discussing each
others personal and financial goals for the coming year to see if there
are any differences. In order to have financial health it is advisable to
Never Spend More Than What You Bring In!
whether to manage jointly or separately your finances:
Some couples decide to manage separately their finances and
others do so jointly. Managing finances jointly is a more common practice
in society, since marriage is like a society where no longer there is a
relationship of “him” versus “her”. Just because you
both decide to jointly do your finances, does it mean that
everything must be joined! For the sake of the marriage, one should not
hide money from the other partner. Resources available should be properly
used for the benefit of the couple. Also, just because one partner
produces a larger income than the other; does not mean that the person
with the greater income should assume control of all the income available
from both persons.
to which debts can be realized:
There are debts that
are not beneficial to a marriage and are considered unnecessary. For
example: eating at the fanciest restaurants, drive the best cars, dress in
brand names, place your children in the most expensive schools etc. Many
couples get in trouble financially by placing themselves in heavy debt
just to compete against their neighbors. Try to be compassionate with your
loved one and don’t make your partner get things that are out of reach
financially. The final result will be a healthy marriage! Try to take
advantage of discounts in stores and purchase items that are continually
used, like detergents etc., in large quantities so that you may save extra
Coordinate and Maximize company benefits:
If one or both
individuals have company benefits it is best to figure out which benefits
are the most beneficial for both persons. For example, if you both can get
health benefits then you should choose the family plan that is less
expensive and most beneficial for both.
saving money a good habit:
You should be in
agreement with your loved one to set aside a part of the income toward
savings on a monthly basis. This saving can be applied towards a variety
of goals, like your children’s education, retirement, or traveling! The
fact that couples do not talk about their finances and make an agreement
as to how the income will be used, is the main cause of divorces. This is
the reason why it is imperative for couples to take the time to discuss
their finances and to establish current and future goals. By doing this
you and your loved one will have a healthy financial and emotional future.
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had the confidence you desire to have." – Brian Tracy