Many married couples discuss money, and work out a way to make bills and money work. As a married service member, it is important to face the financial challenges squarely with your spouse; the fiscal and emotional challenges that married Servicemember families face can test even the strongest bonds in a relationship.
Surveys reveal that as many as sixty percent of married couples quarrel about money. And along with the everyday stresses over finances, Military couples can also face stress and challenges that other couples do not have to deal with. The most important thing that couples of all kinds can benefit from is open communication on financial matters. Having all the information and trusting your spouse as you face financial challenges together is key. Here are some tips that are valuable down the road as well as to couples just starting out in their first year or two of marriage:
Teamwork
Whether or not you are new in a relationship, or have been together for many years, sit down and talk about where you are at financially. Share what each of you sees as goals, where you are right now, and where you each want to be in three, five, and ten years on a financial basis.
Acknowledge the steps in the process to make those things, those goals that you set happen. Talk about a budget; list your expenses, and the income that comes in. Decide together how the finances will be handled, and what each of your responsibilities financially will be.
Emergency Savings
Know what you spend each month, and try to set aside a little each money as an emergency cushion. The rule of thumb is to try and have between three and six months of monthly expenditures as an emergency fund.
Credit and Debt
Having an excess of Debt can burden an otherwise happy home. Try to set up a workable plan to start reducing and eliminating debt wherever you can. Work to pay more than the minimum if possible in reducing your debt, make paying credit cards off as one of your top priorities.
Plan for Future Events
As you move through your marriage together, try to anticipate what things will come up down the road, and be ready for them financially. Most events can be predicted, and if you have a plan for how to accomplish your goals including events that you have foreseen, then financially you will enjoy a much less reduced level of stress.
