Are you a newly married couple, trying to get your personal finances in order?
As a couple, have you been experiencing problems related to debt?
Do you wish to bring some form of financial discipline into your lives?
Have you tried talking to the leading financial advisors for a workable solution to your personal finance issues?
In this article, one of the world’s leading financial advisors, Ladder Advisors, helps you answer some of the above important questions.
Why Young Couples face Personal Finance Problems?
As a married couple, you want to make every living moment a memorable one. This leads to overspending, lack of budgeting and poor financial planning. We also live in societies that work under severe peer pressure.
This leads to an unfair sense of comparison, leading us to spend well beyond our means. Add to this, the marketing and advertising complex, which adds to couples buying things that they really do not need.
The result of all these results in:
- Huge outstanding credit card debts
- Double mortgage payments
- Student loans for kids
- Personal Loan Payments
- Car Loans
In the following section, Ladder Advisors helps us plan couples plan their personal finances better. This leads to lesser or no debts, and a better personal relationship.
Ladder Advisors: 5 Ways to create Financial Discipline in your Married Life
- Plan a Monthly Budget-
It is important to take note of your monthly income and expenditure. This needs to be done every single month. Please keep in mind that when you are preparing the monthly budget, you see that all the priority expenditures are mentioned at the top. Planning a monthly budget is a great way to offer a financial roadmap into your immediate future.
- Start Small Savings immediately-
You do not have to be a millionaire to start saving. No matter how little you earn, it is advisable to save some amount of money every single month. It can be an amount as low as hundred-odd dollars. The important thing is to get into the habit of doing savings. This can also help you keep a motive for your next holiday, or your kitchen renovation.
- Seek help from a Credible Financial Advisor-
It is always to listen to the advice of experts, who are financially sound and credible. Again, you do not have to be very rich to seek help from financial advisors. They can help you plan your outstanding debt in a manner, which is in your best interest. We go to a doctor, when we have health issues, why don’t we do the same when it comes to our financial issues?
- Avoid using your Credit Card as the principle mode of payment-
Credit card usage has high interest rates attached to it. The reward points, flying miles, lounge access, might sound very attractive, but they are just traps to increase credit card usage. Try to avoid using your credit card as much as possible. This will lower your dependence on using credit all the time, as well as lessen your unnecessary expenditures every month.
- Steer clear of Peer Pressure at all times-
We live in a society where the markers of status are defined by how much we can spend. It does not matter that your close friends took that trip to the Caribbean islands last summer. It is best to live within one means and not be overwhelmed by what people are uploading on their social media platforms.
According to Ladder Advisors, they see couples routinely experience the above-mentioned problems. While there might be certain unforeseen situations, such as a health emergency, which we cannot do anything about, almost all other debt related problems are our doing. By following the above five points, you can stay away from personal finance and debt problems.