It has been discovered that Money, Sex, and Communication are three top reasons marriages end in divorce or struggle for a long time. While these issues may not seem like big deals to those who are yet to be married or those who have some good money, you need to note that it is wrecking a lot of marriages.
There some marriages where lack of money is not really the issue. The people in the marriage are wealthy but there is an accountability problem. In some other marriages, the wealth is what is breaking the marriage because when issues come up, they don’t bother to discuss. It is either the husband or the wife jets out of the country until they feel like returning again. As for the people who are struggling, they have nowhere to go except for their parent’s houses or friend’s apartments.
Now let’s face the financial goal issues. It is good to start with a financial goal at the beginning of the year by listing all your expenses. What are the regular things you must spend money on in order to live a decent life. Your annual rent, monthly feeding cost added up for 12 months, housekeeping, school fees, car maintenance and all the things you need daily. It is important to have an idea of this cost and look at what you’re earning at the moment.
The first thing you’re likely to see is that what you earn is not enough to cover your cost. If what you earn does not cover your cost, that probably explains why you’re in debt. The next step for you in that situation is to then begin to ask yourself how you can earn more and from what sources you can possibly earn more.
Before you arrive at the sources of earning more or the implementation of additional sources, you need to review your expense versus current income to know what can be removed or reduced. There has to be something you can cut down on so that you can be more stable on the current income especially because you’re also paying back debts.
Some other couples earn enough. They’re just not spending money on the right things. It could also be that they didn’t realize they are spending money on so many irrelevant things because they do not take notes. Once you start paying attention to what you’re spending money on, you will certainly see the need to change certain things that you’re currently doing.
Now in order to increase your income, you both need to ask yourself what other skills you have that can be monetized in addition to your paid jobs. If you have paid jobs, please do not rely solely on the paid jobs to pay your bills. While your jobs may look secure at the moment, what do you do if you wake up one day to being fired? Start making plans to run a business along with your job. Do something that brings extra income. When you start, the extra income may not be huge but it can take care of weekly feeding. As the extra income grows, you then begin to consider things you can invest in.
I can imagine that because many people do not earn enough, saving is not even something they want to consider. They want to save but they keep asking how they can save when they do not even earn enough. Let me remind you that saving is never easy. It is something that you often do joyfully. You save in pains and denials. You save and tell yourself it is for good when your friends are living in more beautiful houses and buying better cars. You will have to force yourself to save when friends are traveling abroad for vacation but you keep your focus on a given goal.
How can you easily create a financial goal as a couple?
1. Know exactly how much you need on a monthly basis
2. List the projects you want to embark on and give cost
3. Decide on what to save monthly to cater for your goals
4. Specify what you earn
5. Identify other sources of income
6. Look for investments to multiply your money.
7. Agree of financial habits and trainings
If you take steps 1 to 6 and do not agree on financial habits, not much will change. This is because in most marriages, there is one person who does not worry about how the money is being spent! This person just spends. That is why there is always a clash in the marriage. You should not just save and decide on investments. When you do everything right and your financial habit does not change, you will still struggle financially and that will eventually affect your marriage.