Financial stability is extremely important in a marriage and can save your marriage from distress in the years to come. As newlyweds you can start out with fresh new plans that can work well for the both of you. One of the those plans should include how you as a couple are going to deal with your finances.
The conversation about finances is a discussion that my wife and I had prior to our marriage and continued to have after we said ‘I do.’ To prevent arguments about our finances, we devised a plan that we decided to execute right after the wedding. The plan was to live off of one income and to stick to our plan. We knew that if we started living off of one income from the beginning of our marriage, it would become commonplace for us and would simply become “our” way of life. We also knew that if we did not stick to the plan from the beginning and started wavering even a little bit, the plan would, ultimately, end in failure. Here are the great reasons we decided to live off of one income:
Early Retirement. We do not want to have to work our entire lives. We want to retire when we decide it is time for retirement and not the other way around. We want to be able to enjoy our retirement years and to travel when we want to travel, to stay home when we want to stay home, ultimately, we want to do what we want to do and not have to answer to anyone.
Preparing for a Family. We also plan to start a family and would like to have money saved up so that we do not have to worry about finances when we start our family because raising a child is very expensive. It has been estimated that raising a child from birth to 18 will cost $241,080 for a middle-income couple. That is a lot of money and we do not want to be forced to live paycheck to paycheck because we were not prepared financially to start a family.
Financial Safety-net. We have all seen emergency signs stating, ‘in case of emergency, break glass.’ My wife and I think of our savings like the emergency sign. We want to have a cushion just in case an unforeseen emergency happens. We cannot predict the future so we must be ready for anything that could affect us financially. We live by the motto, ‘if you can think it, it can happen’ and we do not want to be caught off-guard financially if anything happens.
It is important to start today planning for your future. If you plan accordingly then you are setting yourself up for a stable and financially secure future. Your marriage will be less stressful if you master early on the ability to be financially stable. One key way to save money in order to gain financial stability is to live off of one income. Yes, it is challenging to live off of one income but the long term gains are so worth it.