Money does matter and within a marriage it matters even more. Statistics cite financial problems as one of the major issues in a breakup of a marriage. Here are 5 simple rules to ensure you live happily ever after: 

Track your spending

It is imperative to create a spending budget, which allows you to save for the future.  It is important to save for an emergency. Make sure you set aside a minimum of 3 to 6 months of living expenses. Simply knowing it's there can greatly reduce stress associated with situations such as unemployment, illnesses, etc.

Invest wisely

Discuss your investments and review them at least once a year to keep abreast of any changes and developments. Keep short term, long term as well as retirement goals in mind when planning your investments.

Don’t lose your financial identity

Getting married does not mean giving up your financial independence. According to a survey by SmartMoney magazine, 64% of couples put their money in a joint account. This could be dangerous if the marriage dissolves. It is a good idea to maintain 3 separate bank accounts: yours, your spouse’s, and a joint account. Also, use separate credit cards.

Deal with debt

When one partner enters into marriage with outstanding debts, things can get difficult. Remember, once you are married, your spouse’s credit score will affect your ability to get joint credit. For those engaged, a pre-nuptial agreement will protect your assets against creditors and for those who are already married, find a way to pool your resources and pay off any debts as quickly as possible.

Keep no secrets

According to a recent survey, 36% of men and 40% of women hide their spending from their spouse. Whether it’s about how much you spent on that new pair of shoes or about outstanding debts, always be honest. Trust is vital in a marriage.

We at CESI offer free financial counselling services and debt management planning for your unsecured debts.