Couples often have very different opinions on a plethora of subjects. From haircuts and clothes to books and TV shows they watch every evening, marriage in itself requires a lot of compromise. While ordinary, everyday things like choosing between which TV program to watch might lead it a minor squabble, when it comes to issues and arguments over money, respective differences between couples can lead to more than just mild disagreements.
Income and spending are at the core of any partnership – family as well as business. Just as business partners needs to be on the same page when it comes to spending company money, spouses need to come to agreement when it comes to money matters to avoid creating a crisis situation that can possibly even lead to ruining a marriage.
To avoid problems like that, there are four basic issues that would put families in a better shape financially if both spouses could be in agreement on them:
There’s no single thing that has lead to greater misery for more families than the credit card. Credit cards should only be used as a convenience when cash is not available and account balances should be paid in full every month before interest is charged. Both spouses must act on this rule and if both fail and cannot do so, then it’s best that credit cards are not used at all.
Every family provider should arrange beforehand for his/her family members in the event of an untimely death. The best way to accomplish this is with life insurance. But this is where controversies usually crop up. What you want is an inexpensive and unadorned 20 or 30 year level benefit term policy of enough face value. It’s important that spouses agree on a policy and not disagree or waver once it is purchased.
The educational establishment has convinced the public that university and higher studies institutions must appear prestigious and be expensive for it to be worthwhile. The result of this is that an untold number of college students and their parents are in a whole lot of trouble financially, and some never get free from the debts they have incurred.
The answer to this is that unless a student is able to earn a scholarship, freshmen and sophomore years should be spent in a community college and junior and senior years at a reasonably priced state university.
A vehicle is a typical family’s single most important interest and it’s one of the products that are forcefully marketed, resulting in far too many people succumbing to its attraction, forfeiting a significant portion of disposable income. It’s best if couples don’t use a leased or financed vehicle and it’s recommended that cash is paid for the vehicle, even if it means a older model.
The psychological and social pressures brought on upon people are more than what many people can resist. But if two people want to prosper together, both spouses must avoid the impulse and allure and make purchases wisely.