Anyone who has ever married knows the importance of financial stability. I agree that love surpasses all factors, but finances play an important role in a relationship. A lot of people neglect this issue only to realize that they should have discussed it early even before deciding to settle. It is true that the future is uncertain, but that is not a license to live a life that is free falling. Below are a few things that have helped my partner and I be stable financially from the time we decided to get into marriage.
Giving should be a priority
This is often ignored but it is the best way to keep rule over money. A lot of people think that the more you keep and hoard things the richer you become. The principle of life is, you reap what you give. We learned this in our marriage early enough after observing what a few rich people did.
We realized that among their priorities is giving, not just giving people jobs, but donating to charity organizations, sponsoring orphans and so on. We started by giving to our local church, and then we moved to the nearby orphanage. The most pleasant part is that the more we have been giving, the more opportunities to make money we have come across.
Spending should be managed well
In as much as we are givers, this does not mean that we spend carelessly. We are all aware of budgeting and planning, this is a means by which we have come to realize how to spend and be accountable for what we spend. The problem of having money without a plan is that it can be placed anywhere. This is a dangerous position to find yourself in with money. A plan for my finances tells us where we are heading in terms of spending our money.
I prefer spending time with my partner planning, sometimes even for hours depending on the project, than to spend time accusing each other of spending badly. A pen and paper budget still works great; technology has brought us software that has helped us plan our finances. We do not have an excuse to be bad spenders.
Alternative source of income should be looked into
If the first two principles are handled right, it becomes easier to invest. Financial stability in marriage is not just about giving and spending. When we spent well the extra penny that remained, we saved and soon enough it was clear for us that we needed to invest.
When the kids came, more responsibilities arose and had we not invested wisely, we would be struggling to meet the very basic things our kids need. Do not get me wrong, we do treat ourselves from time to time, but we ensure that our investment ambitions continue. A wise investment plan has given us some space in our budget.
Saving for emergencies should be upheld
Taking insurance is not a bad idea since we never know when sickness will come. Besides, whenever we budget, we ensure that a certain percentage of our monthly income goes to special savings for emergencies such as accidents and funerals. We decided way back that we will avoid being caught off guard by circumstances. Set some money aside for any unplanned thing that may happen to you.
Being good stewards of finances is a thing that we are still learning and there are many other ways of ensuring stability. The earlier you start the better, do not wait for the perfect time because money will never get you there. Learn to manage the little you have, as this is a principle we have applied in our marriage and it has worked pretty well.