6 Steps to Financial Happiness
When it comes to finances, it can make or break any relationship. Finding a common ground and having clear and respectful communication is key to discussing financial goals. Getting on the same page will these great steps will allow any couple to find true financial happiness.
Be on the same page
You and your partner need to ensure there is a clear idea of your financial desires and goals. Having a common strategy will allow purchasing much easier. Think of it as financial planning. Having a plan in place will allow you to create measurable goals on what the future looks like for each of you. The process of starting a family or purchasing a new home will become much easier
Be an open book
When it comes to your accounts, you have to be completely open and honest. Having clear transparency on where you stand and allowing your partner to be open will only allow honesty and a clear plan to be put in place. Make sure you don't allow any judgment as to not allow for future ruin.
Sticking to a budget will ensure that both partners stay on the right path to financial success. When overspending comes into play, it will encourage argument or resentment. Both parties need to understand what the budget is and stick to it. Overspending including fun expenditures can occur only if it lives within the budget.
Get out of debt
Your goal and dream will never be reached if you are both constantly in debt. Having debt-consuming a relationship is known to be a large driver for confrontation and argument. Both partners need to be on the same page when it comes to a joint goal of being debt free.
Having a clear plan to rid of consumer debt such as lines of credit or credit cards is a good place to start. Only when these debts are gone can a couple focus on larger non-consumer debt such as a mortgage.
The best approach to investment as a couple is to utilize great opportunities such as TFSA's and RRSP's. Saving at an early time in your relationship will prepare for a long retirement.
Getting into secure investments such as real estate and getting good advice from a professional realtor can be another way to have security for the long term.
This is a great way to come together and build something out as a couple. Making a great financial plan together will all there to be more money for the future. Couples who have a clear plan in place are two to three times more likely to have more money when they retire.
Make your dreams into a reality and find financial strategies that work for both of you. Nothing ever works out with a good plan and system in place. Although the plan could always change or be updated, sticking to it will allow for endless financial success.
Health, happiness and wealth come from a good balance of financial, personal and professional goals. Together, anything is possible.