As a married couple, you have no doubt already worked out merging your finances: but what do you do when you want to figure out financial goals that you want to reach with your spouse? The following is a guide to 5 financial goals that you should be tackling with your spouse now that you are married.
Goal: Buying a House Together
Buying a house (or whatever type of residence you and your spouse prefer) together is one of the most common financial goals for any married couple. As a married couple, you want to take your relationship and future to the next step by creating a home together - and this means buying a place that is all your own.
Goal: Saving a Set Amount for Retirement
You will be with your spouse for decades to come, so it’s time to start saving for retirement now! The sooner you save for retirement, the better; it’s best to start scrimping and saving now and to find yourself with a nice nest egg when you reach retirement age than to splurge too much when you’re young and be SOL once you reach your twilight years.
Goal: Eliminating Credit Card Debt
Credit card debt is something that most married couples face, including single credit card debt that each half of the married couple brings into the marriage as well as credit card debt from cards taken out as a married couple. Credit card debt can seriously mess up your finances and credit score, so it’s best to tackle eliminating your credit card debt as a couple as soon as possible.
Goal: Eliminating Loan Debt
If either you or your spouse has debt from loans (such as student loans) then you will want to set a financial goal of eliminating that debt in a timely manner. The sooner you can pay it off, the less interest you will build up, and the less you will pay over time. Make sure you consider all loan debt in this goal, not just your own.
Goal: Saving for a Family
You will also likely want to begin saving for a family. The "family" you save for will greatly depend on you and your spouse’s personal goals. Will you be having children? If so, do you have a planned amount? Will you be sending them to public or private schools? Do you want (or need) to save up for a new home to accommodate a family? The more you can discuss in regards to this goal, the better, as it will allow you to plan out tackling it much more efficiently.
As a married couple, you will be handling lots of complicated financial situations together. If you want to get your finances under control, make sure you consider tackling the above 5 financial goals together as soon as possible. Remember, it’s always better to plan out your financial goals sooner rather than later to avoid building interest on debts and to avoid finding yourself without savings as you get older together.
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