“For better, for worse, for richer, for poorer”.
This is the promise we make to each other in marriage. When couples bind their lives together, not only does it create an emotional bond, but a financial one as well. Unfortunately for many couples, their marriage cannot survive due to issues surrounding shared finances, in both a business and personal sense.
The demands of running your own business are constant. There is always something to do and someone to see and the pressure to perform at the highest level in your business is always present. As business owners we are constantly devoting a significant amount of time to the business. After all, we want it to be successful in order to provide for our families! In the midst of this, we sometimes forget that time is a precious commodity which needs to be divided between work, family and your own personal time.
It is not surprising to talk to many married couples who tell me that their work is so demanding that they have little time for anything else and invariably their marriage is on the verge of a breakdown.
The sad fact is that unless you can find a system that allows the work/life balance to co-habitat, then marriages and other relationships can suffer.
Do I think there is a solution? Absolutely YES!! A healthy marriage, business and bank account can all co-exist.
Talk about your finances.
Being open and honest about money is integral to a healthy marriage. Ideally, this conversation happens before the walk down the aisle; but it’s never too late to have the conversation.
Speak honestly, yet respectfully about your current situation, both partner’s spending habits, your financial goals, and your plan for protecting your financial security.
Write down your goals.
- “I would like to purchase that new home.”
- “I would like to have extra money in superannuation.”
- “I would like to take that family trip we have been talking about for so long.”
- “I would like to spend more time with the kids.”
Whatever your goals may be, write them down! This creates even more conversation and understanding. A married couple should be working together to achieve their goals.
Design a budget.
Using your goals, plan out a budget to be the tool to help you achieve them. Look at your expenses, income and current debts in order to gain a complete picture.
Without a solid budget to put into action, it is impossible to take responsibility for our financial future.
All in all, marriage and money can be tricky but if you can be open and honest with each other and work as a team; you can achieve those goals you have set. Anything is possible!