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Happy couple using laptop in the kitchen
Finances play a critical and fundamental role in predicting how happy and successful your marriage will be. Lack of financial resources is one of the leading causes of stress in relationships. On the other hand, married couples who trust their spouse with financial issues most often feel more secure with less arguments and more fulfilling intimacy.

However, such level of trust and confidence is usually rare among newly married couples. Although you may know a lot about your spouse-to-be, there may still be huge gaps in your conception about his/her finances. Here are nine money tips you must utilize in order to live a happy and financially stable married life.

1. Have Open Conversation Related to Monetary Matters

Remember intimacy and confidence regarding financial matters begins with better communication. Therefore, you must begin conversations with your spouse on your personal and financial goals. Be fair and open when sharing your current resources as soon as you are married or, better yet, share them with your better half before getting married.

2. Define Shared Goals

Talk about your mutually shared goals with your spouse such as buying a home, having children, seeing them graduating from a renowned school or college, family health and life insurance, and retirement plans. Although financial planning may not be as romantic as other topics may be, you will have peace of mind in the long run if you share mutual financial goals.

3. Create a Budget

Budgeting is essential to achieve your personal and family goals, just as bookkeeping is crucial to managing your book of accounts. Most money tips explained so far revolve around budgeting. It helps us achieve financial balance between our expenditures and our savings within our means, preventing us from getting into a debt burden. A newly married couple’s family budget expenditure categories include Groceries, Entertainment, Dining Out, Shopping, Traveling, and more.

4. Track Your Budget

Making a budget is easy but that is not enough. Married couples needs to maintain their lifestyles strictly on their pre-calculated budget. They must track their expenditure and saving patterns, changes in their earnings and other financial matters and see where adjustments are needed to improve their budget. There are many great smartphone apps designed to manage personal finances such as Mint, an app that can automatically generate a personalized budget based on your income, expenses and other relevant financial activities. It also ensures easy budget tracking and improves your financial outlook by providing money tips and essential acumen.  

5. Build an Emergency Fund

If you are not a couple who keeps an emergency fund set aside for rainy days, wait no longer and start to build an emergency fund for use on a urgent basis. It is one of the most important money tips for married couples which should be your top priority if you want a stable monetary life. An emergency fund is typically money that is proactively set aside and helps you when an unexpected costly event strikes. Such events include and are not limited to loss of a job, a major home repair, family illness, or any natural disaster. Consequently, it aims to save about six month’s worth of your family expenses as an emergency fund.

6. Have Weekly Money Meetings

Having weekly money meetings with your spouse is one of the most powerful money tips to stay on track with your budget as well as achieving financial goals. This ultimately strengthens the level of mutual trust and communication in your marriage. During meetings, newly married couples should discuss what their budget looks like in the current month, how they are doing with their financial goals, if they have any upcoming bills, and anything else regarding money. Also, setting aside some time to communicate financial matters helps the married couple stop worrying about money as they know their matters will be dealt with promptly.

7. Share Expenses

From household purchases like food and groceries to home buying, married couples can qualify for lower charges on bank transactions and retirement accounts and avail mortgages with easy terms upon combining their earnings and savings. In fact, account management fees fall below one percent annually for couples with combined accounts of $250K-$500K and can be a maximum of two percent for smaller accounts.

8. Save For Retirement

Even if you are not married, you must make sure that you are financially secure for the long haul. Consequently, you should start saving for retirement right away. If your employer offers a 401k plan, then put in the maximum amount possible to benefit from any company matching. The compounding interest will grow your retirement fund. Thus, avoid being delayed.

9. Pay off Debt as soon as possible

Debt can render damaging impacts on any person. It can affect married couples more significantly as the two individuals rely on each other and are responsible for paying for their expenditures. Thus, start eradicating your debt as soon as possible.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Businesswoman holding piggy bank drawing front of blackboard
If anyone is to ever name two things that are critical for startups, they would undoubtedly be ‘time’ and ‘money’. Both play a significantly important role in defining the fate of a new business. Gone are the days when people could afford to launch a new business with a relatively common idea and still make profits. Now, they can never expect to survive without a brilliant idea backed up by a failure-proof plan, as both go hand in hand. Business adventurists have a different set of priorities and they try to put their best of knowledge and skills to task right from the beginning to yield intended outcomes.

Why do New Businesses Fail to Survive in a Challenging Business Environment?

According to statistics, 3 out of 5 entrepreneurial business ventures fail to survive in the first year of their launch. The reasons may include lack of experience, knowledge, skills, expertise, managing critical business affairs like cash and inventory management, marketing, the strategic balance between demand and supply, etc. This indicates that the reasons could be internal as well external and one needs to keep a close eye and focus on changing corporate dynamics in order to ensure long-term survival in terms of profitability, sustainability and growth.

Capitalizing On Score Strengths and Avoiding Risks

Trust me! Starting a new business is no easy feat. Your thrilling adventure may turn into an awful experience if you don’t create and follow a unique strategy and execution plan. Moreover, entrepreneurial business ventures are often threatened by risks. In the core of every startup business lies risks and uncertainties. Those who are able to fight them well and capitalize on their strengths are able to achieve both their short/long term targets and business goals. With so much entrepreneurial knowledge and professional guidance, fighting against the odds has become relatively easier than ever.

Money, Money, Money

It wouldn’t be wrong to say that ‘money’ is one of the main reasons why most entrepreneurial ventures fail to survive long term. According to studies, the success or failure of any business is usually determined by how well they can manage their money. For any new business to survive and succeed for long, it becomes absolutely necessary to manage money-related tasks effectively—the better they are, the better the results! In order to avoid risks and uncertainties to a complete business failure and mismanagement of money, a solid game plan must be in place and priorities must be set.

5 Crucial Money Tips to Failure-Proof Your New Business

Manage Your Money

Starting a new business requires a hefty stack of hard cash. For ensuring a smooth flow of a financial life cycle, you need to keep track of business transactions on a daily basis in order to avoid discrepancies for the whole month. You must know your financial status exactly; the influx and outflow of cash. Since the beginning of our entire academic and professional career, we have been learning that profits keep the business running.  However, we’ve focused little on the ‘effective cash management’ behind every successful business.

Entrepreneurs may have a fantastic idea to launch their new business but they usually lack cash management knowledge, skills, and experience quite significantly. Hiring an expert bookkeeper or accountant to manage money-related tasks is a smart choice for ensuring optimal results. This way, you will have a clear snapshot of your business’s financial status. Moreover, it allows you to focus on core matters of business, while your accountant takes care of the finances. Investing in a professional accountant will surely save your time and money in strategic terms!

Diversify Your Business

It is really important for any new business to keep itself up to date with the latest trends. Businesses fail to keep their competitive advantage and market share if they solely rely on old customers. The sole reliance on one single client is a secret recipe for disaster as you may never know when that big client might change their direction. When you want to keep your new business up and running, you need to evolve with time and find new clients to maintain and grow your business.

Don’t Overpay Your Taxes

This is a serious mistake often made by most start-ups when they unintentionally overpay their taxes. Tax returns must be filed very carefully and you must only pay what you owe, not more! It is better to procure the expertise of a professional accountant who may turn things into your advantage, which is a reduction in taxes. Any new business feels the heat to save as much as possible, so hiring the expertise of a professional will lower your concerns of mismanagement and calculation.

Know Your COGS and Margins

COGS stands for cost of goods sold, which refers to the total cost incurred on the goods produced and sold. It is critically important to know the total production costs of different products or services in order to set a price that will bring you significant rewards or returns. For example, if a product costs you $20, then obviously you won’t be selling it for $20. You will need to sell it for more in order to earn a return.

Time Is Money—Both Must Be Allocated Wisely

Any new business start-up has very little time to make a mark. Creating a perfect balance may be very hard in the initial phases of business development. However, for attempting things correctly the first time, you need to make a sensible judgment and realistic analysis for allocating time and money in your business. As you know, no business can survive for long without being productive, so you need to allocate your hard earned money and time wisely. This means that spending too many resources on a single person or employee can be dangerous for a new start-up, as you may never know when they may leave the organization.

 Summary

In order for a unique business idea to survive and thrive in the market, money tips to failure-proof the new business can be implemented and applied to give the business more time to create an impact.  It all starts and ends with an effective management of money—the better that is, the better the result!

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.