If you're thinking about getting married or have been married for years, it is never too late to establish some money rules for your relationship. Below are some money guidelines to help you as a couple.
1. Do not make the mistake of starting your marriage by purchasing everything it took your parents a lifetime to accumulate. Try to plan your lifestyle on one salary.
2. Do not take for granted that you and your spouse think the same about money and how you should spend it. Good names and credit are ruined daily because couples fail to plan their spending, shopping, purchases and paying of bills.
3. Save for the unexpected by having an emergency fund. Set aside savings first from your paycheck. The goal is to save three to six months of wages in case of emergencies, because anything can happen.
4. Plan for your kids and family. Kids get more expensive with age, so plan and determine how many your family can afford.
5. Honor and respect your credit rating. Pay your bills on time to keep the best credit score and interest rates. Better credit means more money saved.
6. Do not be an impulsive buyer. If so, you can kill your chances of enjoying the good life. Avoid door-to-door sales people and shopping on television. Compare products and prices. Do not be penny wise and dollar foolish.
7. Do not sign a contract or agreement without reading it completely. Be sure that all blanks have been filled in and that all verbal agreements have been put in writing.
8. Do not rob yourself of future wealth by securing new high interest loans to pay off old due bills. This method buys you time, but does not pay your bills.
9. Do not purchase a car or anything on an installment plan without looking into the true annual rate of interest, taxes, and maintenance. Shop for your credit as well as your merchandise.
10. Compare the costs of renting versus buying by including all of the costs of home ownership. Besides monthly payments: down payment, taxes, insurance, closing cost, and maintenance.
Sharman Lawson is the President of Freedom Concepts USA and author of the book 12 Steps to Eliminate Debt Forever! Visit her website at http://www.freedomconceptsusa.com
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