Money Management Tips for Newlyweds


by Nick on August 26, 2016

Money Management Tips for NewlywedsIf you’ve recently committed to your partner “for richer or poorer,” you may be wondering exactly how that will play out over the coming decades. Hopefully, you will never have to experience poverty, but in the interest of keeping your marriage strong, healthy, and happy, you may want to spend some time talking about money.

Money can be a sensitive subject, especially if the two of you have spending and saving habits that aren’t similar. While your marriage is young and tender is an excellent time to take stock of your current financial situation, set goals for the future, and decide how you want to achieve them. By establishing a smart financial plan early in your marriage, you may find yourselves with some real wealth in the future, both in your bank account and in your relationship.

Be a Team

An important part of marriage is teamwork. Whether you’re shouldering wage-earning responsibilities, dividing household chores, or taking care of children, working as a team is fun, fair, and effective. Likewise, deciding how to handle your finances should always be a team decision. Consider these topics when you have a conversation about money:

Do you want separate or joint bank accounts?
How much money can one partner spend on an item without the other’s consent?
How will you handle supporting each of your parents when they grow older?

A list of pertinent money questions could be much longer, and will vary from couple to the next. When you have your money talk, be honest, and discuss the topics that matter the most to you. Because you love and trust each other, honesty is the glue that binds you together.

Budget Wisely

Living within your means, or better yet, below your means, is the best way to stay out of debt. By budgeting your monthly take-home pay, and sticking to it, you can avoid the credit card trap and enjoy living in financial freedom. Creating a budget will be easiest if you both have the same priorities, but in case you don’t, be prepared to make compromises. For example, each of you may need to give something up, such as weekly manicures or weekday lunches with a buddy.

Stay on Track With a Monthly Checkup

Having a conversation about money early in your marriage is just the beginning. To keep your finances and your relationship healthy, plan a monthly checkup with each other. Discuss the prior month’s spending, and pinpoint where you can do better as a couple in the coming month. Review your goals and track your progress in achieving them. If you’ve done well, reward yourselves with a fun night out or whatever you would enjoy together.

Ensure Your Future With Adequate Insurance

Preparing for the future is important for couples of all ages. Once you are married and your assets have been combined, your insurance will need to be updated. Auto, home, health, and life insurance are all critical to maintaining healthy finances until death do you part and beyond. Click here to learn more.

As newlyweds, you may have a lot on your mind, but be careful not to overlook the importance of talking about money. Just remember to keep your conversation honest and loving, and form good financial habits early so that you can live happily ever after.

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An overview of the 20 Myths about Forex- BustedHave you heard about Forex trading myths? Many traders have stopped trading in Forex from these myths thus preventing them from making millions of dollars from the investment. However, when you know about these myths, you will start to make money in Forex.

Here is an overview of the 20 Myths about Forex: Busted:

1. You have to be rich before starting to trade Forex
Truth: You do not need to rich before you can start trading Forex. In fact, you can start trading Forex with as little as $100.

2. You can only lose when trading
Truth: Forex trading is a game of strategies. This means you have to know gaming strategies that would enable you trade to make profits from trading. In addition, you should never fear losing money when trading since it is a learning process.

3. You can trade without any form of Forex knowledge
Truth: You must have the fundamentals of trading knowledge before you can begin to trade Forex. This will enable you make sound decisions when trading Forex. This basic education in trading of Forex is crucial for your success in Forex.

4. You must have experience to be successful in Forex trading
Truth: Once you master the skills and knowledge on how to trade Forex, you will always be in a position of trading to get more returns on Forex.

5. Trade in the morning to make profits
Truth: Forex trading works well all day. You can always choose any time of the trading hours and trade to make money.

6. You must stick to your Forex trading Plan
Truth: Since the Forex market is dynamic, you can always change your strategies when looking forward to make money when trading.

7. You need a Forex Broker when trading
Truth: Once you learn on how to trade in Forex market, you do not need a broker since you can always do it directly by buying and selling currencies to make profits on the difference in bid-ask spread.

8. You must have Bank account to trade
Truth: In today’s world, you can operate a virtual bank account that would enable you to trade Forex without having to open a physical bank account.

9. You can only make money by buying one currency
Truth: In Forex trading, diversification of currencies is key when you need to get higher returns. When you buy more currencies in a given order, you are likely to reduce risks thus getting more returns.

10. You can only trade on your currency
Truth: You can always trade the currencies of other countries without having to focus too much on your home currency. This should enable you to make huge returns when trading in Forex market.

11. Trade according to emotions
Truth: For success in Forex trading, you must restrain yourself from emotions. You can only use certified strategies and market trends for higher returns.

12. Can only trade in the market you know
Truth: Forex trading systems works almost the same in many countries. When you learn how it works, you do not need to learn on the market before trading.

13. You cannot make millions from Forex trading
Truth: Many people in the US and other countries have made millions of dollars from Forex trading. The return depends on the amount of money that you have invested when trading.

14. You can use robots to trade Forex
Truth: Forex trading needs dynamic strategies when trading that only a human being can have when trading. One can change strategies suddenly that a robot does not have.

15. Don’t Trade Against the market trend
Truth: Always don’t follow the market trends when trading since they can be misleading thus resulting to huge losses in the Forex market.

16. You can only trade using business hours
Truth: Most of the Forex market today has been automated meaning that you can always trade 24-7 and 365 days a year. You do not need to trade Forex only during business hours.

17. You must know mathematics to trade Forex
Truth: Forex trading is not a game of numbers. You need to know simple arithmetic to trade.

18. You must trade frequently to make money
Truth: You must know the best time to trade if you were to make money.

19. It is an investment for financial savvy people
Truth: Anybody can trade Forex provided you have a capital

20. Forex trading is a huge gamble
Truth: When you know how it works, you will always be sure of profits when trading.
In conclusion, you can always use CMC Markets to help you trade Forex. They understand the tips that you can use when you need to trade Forex if you were to get more returns.
This was a guest post.

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