My Personal Finance Blog

Again and again you hear from everywhere that financial planning is a key to your future prosperity and well-being. Any married couple should ask themselves why they live beyond their income and have financial problems. It happens because couple make several wide spread financial mistakes.

Most married couples talk about money on a weekly basis but they are too emotional instead of being strategic in their attempts to discuss important financial problems. But you must be serious and methodical like running a business and your financial tactics will become wiser and more successful.

Some financial advice may be of great use for married couples and they should not ignore it even if they dislike advice.

If you have separate account and one joint account for household needs it does not mean absence of unity in your marriage or that you demonstrate lack of trust in one another. It shows your wise approach to your family financial affairs and that you give each other freedom.

In order to be financially secure, you should track your spending, unless it will be impossible to set financial goals and plan your budget.

Of course everything must be discussed regularly especially financial aspects of your family life. Ask for a financial planner’s help if you need.

Save at least 10% of your income and invest in a retirement account because you both want to have a steady retirement lifestyle.

Pay off existing debt together in accordance to the made plan. You should never separate from your spouse’s debts. Try live debt free rationalizing your budget.

Do not fall in financial infidelity like many couples do and be honest about the cost of your purchases. Big financial secrets can destroy your relationship.

Read this article carefully once more and try to practice the tips in your everyday family life.

The role of women in society has changed dramatically over the last fifty years. We have moved from an expectation that girls will marry young, stay home and bring up children to a new world in which women are financially independent and less dependent on the decision-making powers of their fathers and “husbands”. This has, in some ways, made life more difficult for women. They must now find a balance between developing a career and the biological drive to have children. Women have also retained their role as carers and are often expected to look after ageing parents. As a result, many neglect their own financial affairs. To protect their interests, the challenge for the modern woman is to make the claim of independence real. This means having a formal life plan. Because life expectancy is longer for women. they should establish goals and set out strategies for achieving them. Just drifting through life is a recipe for disaster.

In all this, proper life insurance is a must. The latest national statistics show that about a quarter of households across the US do not carry any insurance. Why should this change? If you leave debts behind you, the family may be forced to sell off assets to pay off what is owing. If you die young, will your children have enough money to go through college? Will your parents manage on their retirement savings? Having some insurance gives you peace of mind. You know there is an adequate sum of money for those you leave behind. What are the specifics?

If you are a single mom, you are the sole breadwinner. The family looks to you to provide for all their needs. With insurance, there will be enough to pay all the funeral and other expenses, pay off the mortgage on your home and leave some cash to meet future expenditure. Nothing can replace you as a person, but you can leave a lump sum representing your earning capacity behind.

If you and your partner are just starting to get a base together, life insurance cover on both of you gives the survivor a safety net. Otherwise, with young children and a new mortgage, it’s not going to be easy to cope.

As an older woman, having a long-running policy in hand gives you financial room to plan. If there’s a surrender value or an investment element, you can borrow or sell the policy for a lump sum. This gives you access to cash during retirement when all your other savings may be tied up or run down.

This puts the pressure on you to get the right coverage in place from an early age. Shop around and get as many life insurance quotes from different companies as possible. You need to get a feel for what the marketplace can offer. You should also take advice. The life insurance quotes are only useful to a point. An independent professional can tell you which policies make the best long-term investments. Remember, it’s cheaper when you start paying premiums early in your life. If you delay, the premiums will be significantly higher – a shorter working life if you have children to care for and a longer retirement period. Plan now for a long and successful life.