Valentine’s Day is right around the corner – focus on these Financial Commitments to Improve Your Love Life and your Relationships! Get your finances off on the right foot, and grow your relationships instead of spending money on expensive gifts.
TAKE ACTION! USE THESE FINANCIAL COMMITMENTS TO IMPROVE YOUR LOVE LIFE.
Table of Contents
- 1 TAKE ACTION! USE THESE FINANCIAL COMMITMENTS TO IMPROVE YOUR LOVE LIFE.
- 1.1 1. ‘Life Insurance’ is one of the most important Financial Commitments to Improve your Love Life.
- 1.2 2. ‘Budgeting’ is a foundational part of these Financial Commitments to Improve your Love Life.
- 1.3 3. ‘Emergency Funds’ for when life doesn’t go as planned.
- 1.4 4. ‘Destroying Debt’ and freeing your Budget to fulfill your Dreams.
- 1.5 5. ‘Dreaming: Retirement & Savings’ are exciting steps to enjoy together.
- 2 Here are a few more posts that might interest you:
Effective Communication is essential to any team, and it is also critical for success in managing family finances. Money and financial stressors often drive deep chasms between people and can pull one another apart if not addressed.
My wife and I have been through some difficult financial times and one of the best things we EVER did for our relationship was working out our family financial situation. It forced us to work together, communicate, and grow in our relationship. By committing to these basic points we were committing to our family and to each other as well. We hope they can serve you, your family, and your relationships very well.
Take advantage of the holiday, ignite romance, and re-examine your finances together!
1. ‘Life Insurance’ is one of the most important Financial Commitments to Improve your Love Life.
Make no mistake: this was something we dodged for several years, and it was most certainly one of the more awkward conversations my wife and I had.
However, knowing that we have a plan in place for our children (and each other) has provided a high degree of support in our family’s financial planning. Nothing says I love you like making sure your loved ones will be taken care of in your untimely passing.
Need an idea of a starting place? Consider purchasing Term Life Insurance and investing in the stock market (e.g. low-cost Index ETF or Mutual Fund).
2. ‘Budgeting’ is a foundational part of these Financial Commitments to Improve your Love Life.
Second to Life insurance, but absolutely essential to achieve success, is the Budget. My wife and I got married with lots of pre-marriage counseling “in tow” but we never took the time to really get on the same page with our budget or budgeting process.
Budgeting is hard work and maintaining it over the years takes effort. Now that we’re in the habit of budgeting, my wife and I have both reflected on how it helped our marriage grow. It forced us into a conversation about every dollar we made and every dollar we spent. It required us to dream about our future together: where do we want to be in 5 years? What kind of house do we want to retire in, etc?
All of that engaged our relationship on a level and in a way that makes us both thankful and appreciate each other more!
3. ‘Emergency Funds’ for when life doesn’t go as planned.
After getting Life Insurance and a Budget, I think a great next-step is the Emergency Fund. Here, you’ll be able to prepare for the unexpected events in life (at least partially prepare anyway). Having this money set-aside was a big relief for us, and it took pressure off our relationship. I distinctly remember the day we hit our first target with establishing an emergency fund because I knew we didn’t have to depend on credit cards anymore.
With Life Insurance, a Budget, and an Emergency Fund our lives felt less stressful and as a result, helped create harmony in our relationship.
4. ‘Destroying Debt’ and freeing your Budget to fulfill your Dreams.
With these recent successes in our family finances, we felt empowered and far more positive about controlling our financial situation. The next item we went after was an aggressive pay-off of credit cards and non-mortgage debt.
This part was fun, and watching the debt fade away reinforced and confirmed our dedications thus far. Armed with the psychological ‘wins’ of joining together to accomplish the first steps we knew we were ‘winning’ more of our financial battles. And we did it together!
5. ‘Dreaming: Retirement & Savings’ are exciting steps to enjoy together.
My wife and I really enjoy dreaming about the future together. With the first 4 goals in place, we found ourselves dreaming more about our future together, and it gave us a spring in our steps. We feel the future is there for the taking; it is bright, and getting brighter!
At the time, we worked with my employer to get our 401(k) up and running, and contributed what we needed in order to get the matching contribution and save for retirement.
Then, we worked on establishing separate funds for various savings goals such as vacation and Christmas.
All said, we regularly revisit and refine our goals each year to ensure we keep working towards a healthy financially balanced lifestyle.
Of course, as with all investment choices, we recommend consulting with a trusted financial advisor who is aware of your unique financial circumstances.
Here are a few more posts that might interest you:
- The Only Investment Guide You’ll Ever Need | My Review
- A Beginner’s Guide to the Stock Market | Book Review
- Passive Income, Aggressive Retirement | Book Review
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