Marriage is a pivotal moment in anyone’s life. It’s a time of happiness and confusion as you start to settle into your new role as a partner. Arguably, many newlyweds get into serious trouble during the first five years of their marriage.
About 20% of marriages fail during the first five years. That number doubles after ten years into the marriage. Although the number has decreased throughout the years, divorces are still reasonably common in the US. There are many reasons why marriages fail, but one of the main reasons is finances.
Disclose Debts
If you want someone to accept you fully, you’ll have to tell them any undisclosed debts you might have. This can come in all forms, such as from a scam or an investment that went wrong. Your partner needs to know these things, preferably way before you even get married. This will help you settle your finances as a couple and make your life a lot better in the future.
Overcome Financial Incompatibility
Financial incompatibility is one of the main reasons people get divorced, and this is closely related to the subject we’ve discussed above. Sometimes financial incompatibility can lead to debts during your marriage, which can eventually lead to divorce. Thankfully, it’s one of the things you can work together on as a couple.
People spend their money differently. Some enjoy saving money, while others spend it the moment they get paid. Knowing which kind of person are you will make a difference in your marriage. You can avoid financial incompatibility through communication and making adjustments to your goals for the year.
It’s okay to spend your money the moment you get it, given that you don’t have huge financial obligations during the first five years of your marriage. However, if you do, it might be good to save money with your partner.
Purchase a Home Early
Many couples want to purchase a home, but experts have found that they are likely to buy one much later in their relationship. This can be problematic given the fact that homes are an early investment.
When purchasing a home in this economy, you’ll have to be smart. A cheap option would be to look for packages that include homes and land. These packages are very convenient for you and your partner. Furthermore, they usually come at a discount, making them the best option for newlyweds.
Purchasing a home early can help you settle in for the long haul. Once you disclose your debts or deal with your financial incompatibilities, you can make your way into this goal. However, it might be wiser to rent instead, depending on where you live.
Rent to Save Money
It might be smarter to rent a place to stay during the first five years of your marriage. You might think that you’re technically throwing money away if you’re renting, but this isn’t true most of the time.
Renting a place to stay can save you money, given that you have an excellent price-to-rent ratio in your city. Here is a list of cities and their corresponding price-to-rent ratio. If you live in the top ten cities on these lists, then you’re better off renting a home and putting your savings into an index fund instead. This will help you and your partner save enough money to purchase a home in another city in five years.
It’s a wise decision and one that will stabilize your financial situation if done right.
Give Time to Yourself
We’ve been talking a lot about ways you can solve financial problems, but not much on the intimate side of things. Well, here’s one great tip that will help you get through your marriage: giving time for yourself.
We all need our alone time, but we’ve been raised in a world where husband and wife must sleep in the same room together. This shouldn’t be the case in your household. Give yourself some alone time to do the things that you want to do. Trust us. It’ll make a difference in your marriage life.
Go Into Adventures
Lastly, if you want to spice things up once in a while, don’t be afraid to go on adventures with your partner. Go fishing in Alaska, explore the Gobi Desert, or go hiking in New Zealand. These are just some of the few things you can do together. Make sure to save up for these things once in a while. It will make a difference in your marriage.
So here are some essential tips that will help you get through the first five years of your marriage. If done right, this might get you through your entire time together. So make sure to do these things whenever you can, and plan out your life together as a couple.
