Most newly-married couples are having a hard time adjusting to a different way of life, especially when it comes to financial matters. As separate individuals, your spending habits will differ. This is why you both need to make certain adjustments to combine the household budget.
Here are some ways on how you and your partner can make the ‘financial aspect’ of your marriage harmonious and organized:
1. Understand the way that you both look at money.
If you and your spouse have different beliefs when it comes to money matters, sit down and discuss it. The key here is to be able to compromise. For some people, money is a security measure that needs to be saved. Other people spend it luxuriously and look at spending money as a means to reward themselves for their work. Still, other people are very thrifty that they hardly ever spend a cent of what they have earned.
Understand that the way that you both treat and spend money stems from how you were brought up by your parents. Think of everything that you need to discuss when it comes to your household budget. If possible, set rules on how you will spend your combined income on utility bills, food, mortgage, car maintenance, etc.
2. Set future financial goals.
If you are newly weds and you are planning to have a baby soon, consider this when organizing your finances. If you are a couple nearing the age of retirement, you can make plans on where you will spend your leisure years. Setting long-term and short-term goals will help you finalize your financial plans.
3. Share your money-saving skills with your partner.
If you have different family backgrounds, then you would have something to contribute towards organizing your joints assets. Make each other aware of your personal finances then think of ways on how you can further boost your money-handling tactics.
By following these tips, you will surely have your finances organized to lead a more comfortable lifestyle.
In today's fast-paced culture, convenience is king. Consumers are becoming less satisfied with establishments that offer only one product or service, and "one-stop shopping" venues are gaining popularity for the time and effort they can save.
The convenience trend has changed the face of many types of businesses, and financial services is no exception. In the past, customers visited local bank branches to cash checks and make deposits and were content with these limited services. Today, customers expect more from their banking relationship-they look to their local bank to help them effectively manage all of their financial activities.
Banks of all sizes-from national institutions to community banks-now offer a wide array of financial services and products, including annuities, life insurance and financial planning. Customers can obtain these services in the same convenient location where they have conducted every-day bank transactions for years.
While most banks offer some type of financial planning and investment services, the scope of these programs varies greatly from one institution to the next. Customers should carefully examine their bank's offerings and determine whether they are receiving the level of assistance they require and deserve. Many institutions claim to be committed to empowering clients, but fail to actively reach out to customers and provide the support they need.
In the U.S. retirement market, investors face a number of significant financial challenges-rising health care costs, dwindling Social Security and increased longevity mean that many people are in danger of running out of money in retirement. Furthermore, most Americans are not taking the necessary actions to ensure a secure financial future. Financial institutions should proactively engage their clients to make them aware of these risks and provide effective solutions.
More than ever, financial advisors are choosing to set up practices in bank branches and banks are recruiting experienced professionals. The expert advice and comprehensive services that today's customers demand are available in a growing number of banks. If your current financial institution doesn't provide what you're looking for, maybe it's time to find a new banking relationship that can meet all of your financial needs.
Since 1985, Investment Centers of America, Inc. (ICA) (member NASD, SIPC and a Registered Investment Advisor) has been a leader in offering investment and insurance products through non-affiliated banks. Securities and insurance products offered through ICA and affiliated insurance agencies may lose value, carry no bank guarantee and are not FDIC insured.