For any list of the top 10 causes of marriage breakdown, money and financial issues will be on the list. Take steps now to remove that risk to your marriage.
For both newlyweds and long-term relationships, financial stress is still a major cause for the marriage breakdown. There has been a lot of research on this issue. The one recommendation for all couples is that create a financial plan together. This is one of the best ways to reduce this risk of marriage breakdown.
Online financial planning software is an easy solution.
Financial Mappers is one of the most comprehensive planning tools available. You plan your long-term financial goals together.
The advantage Financial Mappers has over other software is that you can create a Joint Plan. This plan allows ownership of your assets and loans by either partner or held jointly.
What do the experts say about marriage breakdown?
Marriage.com lists infidelity as the most common cause of marriage breakdown, with money as the second.
Everything from different spending habits and financial goals to one spouse making considerably more money than the other, causing a power struggle can strain a marriage to the breaking point.
Huffington Posts has the following to say about finances and marriage breakdown.
Opposites can attract but when two people are opposites in the financial department, divorce often ensues. Imagine the conflict if one is a saver and one is a spender. One is focused on the future while the other beliefs in living for today. One has no problem buying on credit, while the other believes in saving up for what one wants.
Free ways to reduce stress caused by money and financial issues
Fox Business says that for too many people, money equals stress. The following are their seven free ways to reduce financial stress:
- Get the facts and make a plan. Avert Financial worries by making sure you have the right financial facts. But making a financial plan is the key to your successful marriage.
- Differentiate between good stress and bad stress. Bad stress is worrying about things you can’t change. Good stress is addressing real issues and is a useful function. With regards to financial stress, consider different “What If” scenarios. This will let you estimate your risk tolerance. Know at your current stage of life and plan your specific financial goals.
- Share the Load. You need to discuss your financial worries. “Toxic stress is created when you tackle these things in solitude”.
- Hit the ‘pause button’ on worry. Take regular time-out during the day to daydream . Take a mental vacation to somewhere peaceful.
- Imagine the financial outcome you want. Say you have determined that you major goal is to own your home debt free. Start working on plans which will achieve that goal. Once you have an achievable plan, you financial stress will disappear.
- Nurture your Physical Health: You need good health to manage stress. Treat yourself like your favorite pet. Walk every day, drink plenty of water and eat well. Good health allows you to solve your financial problems.
- Chew Gum. According to research, it helps your memory by pumping blood into your temporal lobes. It relaxes you and it also helps your memory.
MoneySmart (ASIC) sends a strong message about Relationships and Money
My favorite authority on all things financial is ASIC’s Money Smart. A recent newsletter highlighted the topic Relationships and Money. This is a ‘must read’ for everyone in a relationship.
Are you moving in with someone, opening a joint account, or starting a joint loan or investment? It pays to go into love and money matters with your eyes open.
The four topics discussed are:
- Talk to your partner about money
- Take action together
- Know the facts about sharing money
- Take care of yourself
After you have read their article, sign up for the newsletter. They have lots of valuable information on all matters financial.
Financial Mappers may save your marriage
Financial Planning Software to manage your money without stress
Financial Mappers is a low-cost solution to remove the stress of money worries. It gives you the two most important things to stop financial stress.
Firstly, making a financial plan is the key to stress-free finances. You can work together on a financial plan which is going to suit both of you. This will help you build a stong, long-term relationship. You can review your plan and decide what is going to meet your joint financial goals.
Secondly, you can get all the facts about finance. Financial Mapper has a large help file that explains financial terminology. The software does not give specific financial advice. It will never sell or recommend financial products. It creates a report based on the information you have supplied.
You can generate over 20 financial reports. These will help you test and understand your finances.
Joint Plans let you allocate your assets and loans to either partner or you can own them jointly. Select the option from the dropdown menu:
There is a quick and easy way to allocate your salary savings to an Investment Plan. The software calculates your loan obligations first. By using percentages, you can allocate the balance to your investments.
In this example, John owns a Share Portfolio and Mary has chosen to invest in a Managed Fund. But, their Emergency Money is held in a joint account. Both John and Mary have decided to salary sacrifice into their superannuation funds
Taking the time, to build a financial plan may help save your marriage.
For as little as $347.00 you can now create a financial plan for you and your partner.
Glenis Phillips SF FIN – Designer of Financial Mappers
Check out these articles I have found for you:
- How to deal with financial stress in marriage without losing your mind (Marriage.COM)
- 10 Ways to prevent money from ruining your marriage (Forbes)