How To Effectively Manage Your Finances During Marriage

Reaching old age with your spouse is something that all married couples aspire for. Long-lasting marriages, however, require more than just love and attraction. There’s actually a lot more behind relationships that last decades, and it could be different for each couple.

If you’ve made it this far, that’s truly wonderful. But you should know that life doesn’t end in your senior years. In fact, for many, it’s just the beginning. And how you’ll enjoy these years of your life usually depends on how well you manage your finances, which is now more true than ever before.

Putting things into perspective, you’re likely now retired or have much less work than you did before. So unless you have other sources of income, you’re living off of your savings and retirement fund. That’s fine. Retirement, after all, is a time for you to really enjoy life and be with the people you love. But you also have to remember that whatever fund that’s keeping you and your spouse fed will eventually run out if all you’ll do is spend.

To wrap this blog series about marriage, I’ll be sharing some money tips to help you make the most out of your golden years:

Maintain A Budget

There’s a common misconception during this stage of life that it’s okay to blow through your savings. That, of course, won’t do you any good. While there’s nothing wrong with indulging yourself here and there, you and your spouse will still need a budget, if you want to remain financially independent. Surely, you don’t want to lose your dignity and become reliant on other people for money.

Start by discussing your spending habits as a couple. Then, create a week-to-week or month-to-month budget around it that both of you can agree upon and follow. Again, having open communication makes this a lot easier. Even after being married for this long, you still have to be open and honest with each other. The same should be true with how you save and spend money.

Look into having a guaranteed lifetime income, which can cover your basic expenses for the rest of your life. This investment vehicle provides you a guaranteed stream of income while protecting your wealth from various market risks.

Reassess Your Lifestyle

Now that you’re retired and aren’t raising children anymore, you might want to consider making a lifestyle shift. It’s much easier to make adjustments in this stage of life since you’re no longer burdened by life’s other worries. So take that opportunity. In some cases, a bit of change might even be good for you as a couple.

For example, you can downsize your home, if there are less people living in it than before. You can similarly move to a smaller and cozier place where it’s much easier to enjoy your spouse’s company. Doing so also allows you to cut back on your utility expenses. This is, of course, just one example of how you can reassess your lifestyle.

What matters here is that you’re able to find ways to maximize your savings and minimize your expenses.

It’s worth noting that you are also exempted from paying value-added tax and can enjoy discounts for certain goods and services. Know and take advantage of these government-mandated benefits, which can help you save, too.

Take Care of Your Health

It goes without saying that you should take care of yourself more than anything. But now that you’re at an age where problems are more prevalent, you really ought to keep a closer eye on your health. Staying healthy not only prolongs your life but also saves you from having to spend your savings on medications and hospital bills.

Invest in yearly check-ups, diagnostic tests, and preventive care that help you take control of your health. Get on top of problems as soon as you can as treatment is generally more effective and affordable during early stages.

You should also take into account that your health insurance premiums will be more expensive than before now that you’re much older. But that’s really how it is, and it’s not wise to stop paying now that you arguably need it the most. Just do your best to fit it in your budget or find other ways to save to ensure that you stay protected by your policy.

Also, review the details of your policy thoroughly. Check whether any of the conditions you may already have are actually covered. If not, try to shop around for a new policy or add to your existing one.

Plan Your Estate

No matter how healthy or secure you feel today, you’ll never know what tomorrow holds. For that reason, it’s always smart to plan your estate as early as possible. One of the key components of any estate plan is life insurance, which you can use to protect, conserve and transfer your wealth.

Plus, some life insurance policies might offer living benefits that you can withdraw and add to your spending needs.

Many people get the wrong idea that reaching senior age entails becoming less active, getting sick, and being stuck at home. But that’s not actually true. There’s so much for you to do now that you have more time, whether that’s going on a vacation with your spouse or spending time with your grandchildren. You can now actually live life rather than just survive. As to how fruitful and meaningful that life will be is ultimately up to you.