Patrick Tucker is an entrepreneur, writer, asset manager, coach, lifelong learner, father of six sons, and a husband with an unwavering passion for educating a huge community about finance, money, and the good life. He is excellent at managing his daily life and has a passion for educating others about financial education services.
He grew to fame in the United States of America with his couple’s finance education services. Patrick Tucker is devoted to presenting solutions to all the mishaps, confusion, misunderstandings, and problems commonly developed due to less income and more expenditures for a young couple in their early married life. So, a couple at any stage of their life can seek out Patrick Tucker to make their lives easier.
Researches have reflected time and again that money-related disagreements and attitude-discrepancy are primary reasons for divorce. The ingredient to an unhappy marriage consists of overextended budgets, a differing attitude towards money, mismatched financial priorities, debts, financial infidelity, inability to compromise on economic grounds, and much more. Unfortunately, couples often fail at gauging these indifferences, and it grows into their relationship, ultimately pushing a tightly-tense situation leading to divorces.
Here’s what Patrick Tucker has to say about that…
“Personal disagreements over a couple’s financial decision-making are among the most critical causes why married couples end up in divorce court. Unluckily, even when teams have resources and financial advice readily available to them, they still end up fighting over money”, says Patrick.
Diligent financial planning and setting up ground rules on money-management can save such dying relationships and they can go without all the uncomfortable conversations, especially between newly married couples.
Here Are Patrick’s 6 Top Personal Finance Tips For Couples:
Set Financial Priorities Mutually
Communication is key to any happy relationship for young couples, and discussing financial decisions is no exception. A conversation about a relationship finance education service is challenging because personal finance priorities are as distinctive as the individuals themselves. Any savings approach must consider the needs and ambition of both partners to be successful.
Before getting married, you manage your money for yourself, but your financial planning bifurcates into several other priorities once your marital life starts. There has to be a mutual ground for both the partners to understand it.
Save Ten Percent
Couples living on a “month-to-month” billing cycle do it for a possible explanation that they do not have enough money to invest. This paycheck-to -paycheck approach is where a budget becomes vital; to save at least ten percent of monthly income for future use, it is essential to deliberately and collectively make small changes and sacrifices every month.
Your marriage marks the beginning of many new and vital experiences that you’ll live through your life. Saving for such times and also being prepared for any circumstance to fall upon is practical and crucial. Start saving early with your partner; it might leave you with a light pocket initially. It will also alter your budgets and spending habits, but eventually, you will have deep pockets and a secure saving! Now, who doesn’t like that?
Manage Debt as a Couple
Though, in the eyes of the law, any debt acquired before the marriage will remain in the name of the person who took the debt, working as a couple towards living a debt-free life will help both partners.
Alter your perspective towards debt, and see it as a responsibility that can be better managed if shared by two partners. Not only it relieves you or your partner who has the debt, but it also helps you become more financially stable and creates a more robust team out of you! When you experience such lukewarm financial strains early in your journey, you become better prepared for the unforeseen times that may test your strength and stability later on.
Use of Joint Accounts
If a couple has a business mutually, this may seem counterintuitive, but structuring individual accounts can be as unique as the couples themselves. Furthermore, budgeting a certain amount of cash into individual accounts each month is a way to reduce spending on personal items and support accountability.
Joint accounts also open you to check on each other’s spending, have equal access to money for uncalculated expenses, and promote mutual trust and understanding among partners.
Discuss Your lifestyle choices together
Your partner loves to buy name-brand items at full price. If you have an income that does not sustain expensive taste, that won’t be easy. So, it is essential to discuss your lifestyle choices and to set them together.
It’s inevitable and unreasonable for anyone to ditch their habits entirely at once, but opening yourself to a conversation will kickstart the need to leveling to your partner’s expectations. Compromises come from an understanding and accepting your partner’s financial standing and scale-up your motivation to compromise wherever possible.
Set Expectations together
When it comes to money and relationships, unmet expectations can root a lot of disagreement. If you have always thought you have to purchase a house after getting married immediately, you might feel let down when you have your first anniversary in a home you are renting. Couples always dream of a life together, and it’s only human. But it’s equally vital that you know the fine-line between dreams and reality.
Be practical with your expectation and avoid overwhelming yourself and your partner with unmet goals. Also, when you know what you desire, you start working together towards achieving it, and that’s a great way of living a happily married life. Do not let your impractical expectations pave the way for money and life problems!
These are some great tips by Patrick Tucker on managing a couple’s finances for their future. Patrick has also authored some blogs that a lot of couples find helpful and guiding. Head to his website to dig into some great content, and you can also sign-up for his courses, specially curated for couples who want to learn the language of money mastery. Learn more about Patrick here.
