Five Suite New Financial Agreement

Diposting oleh pak yons on Rabu, 19 Desember 2012

MANAGING finances in marriage is clearly different from when you were a live single. Various bad habits and failure to draw up financial plans with friends, get a bad impact on married life.

Read and study the following five points to find out what financial mistakes often made by new bride in the early days of their marriage.

1. Financial secrecy
Money is one of the most frequent trigger problems arise in marriage. However, that does not mean you and your partner should avoid talking about it altogether.

In many cases, most often due to failure bickering couples to discuss mutual financial backgrounds, expectations, habits and attitudes of each since the beginning. Therefore, before getting married to make sure your partner knows the tiniest details of your financial problems, ranging from the amount of credit card debt up to the fact that you are an avid shoe hobby shop.

2. Not having a budget
After you customize a new life with a partner, it's time to discuss the budget. You and your spouse must combine two spending habits and two saving habits into a household financial budget. So although it has had its own financial budget while still single, after marriage you have to create a new financial budget with family by including income, debts, and monthly expenses.

The first step is to write down fixed expenses, such as rent, car payments, and insurance premiums. In addition, you should also set aside money regularly for savings and regard it as an obligation such as payment of household bills.

Then write down other expenses are more flexible, for example, the cost of electricity, water, telephone bills, transportation costs, groceries and other purchases. Track your spending for a few months to see where your money'' flight''. After an evaluation of whether there is waste and how to avoid them.

3. Financial control is held one
There's nothing wrong with letting one person in control of the family finances, for both parties did not object. However, that does not mean the other one should be excluded. Therefore, it is important for everyone to get involved and know the daily financial problems.

Everyone needs to know the account information, password, and the due date as anticipation partner if something happens to the couple.

4. Carrying debt into the marriage
If one person has a debt before marriage, after marriage it's bound to be a problem that must be faced together. You and your partner must work together to plan to pay it off.

If possible, avoid debt when you are starting a household. Many couples make the mistake of celebrating weddings are lavish and large-scale, on a honeymoon to exotic places to dream, and purchase a variety of new furniture and equipment are expensive

Before digging the hole too deep, it helps you and your partner are considering first cookbook, where spending is needed and what is not needed.

5. Failed to create an emergency plan
No one likes to think about bad things that might happen to them. However, one of the best gifts you can give to your partner in a marriage is financial security and protection in the storms of life.

The first point, make sure you and your partner have savings for an emergency fund of three to six times the cost of living per month. If at any time an emergency situation occurs, for example, one person in an accident or fired from their jobs, funds could be used to help sustain life for several months.

After that, make sure you have adequate insurance, including health insurance, vehicle insurance, and life insurance. Learn more about each type of insurance is to check what insurance should be owned by everyone.

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