Finances and Marriage

 

Before lookingMoney for Wedding Venues in Salt Lake City couples should discuss their finances. Because one of the most common topics married couples fight about is money. As such it is important that the bride and groom discuss their finances honestly before they tie the knot in order to avoid larger problems down the road.

Honesty

It is most important that the couple is honest with each other. Any secrecy regarding finances in a marriage is deadly. For example, say one spouse runs up a few thousand dollars in credit card bills behind the back of the other spouse. This will cause tension for the spouse who has to maintain this secret. This tension will inevitably be felt by the other spouse causing further tension and resentment. Once the secret has been brought to light, addition resentment will result and regaining the initial trust will be difficult and perhaps impossible. It is far easier to be honest from the beginning and proceed from there.

Make a Budget

This honest discussion should primarily involve making a budget. Figure out how much income is coming in and how much expenses are going out. Then determine how much discretionary income remains and how it will be allocated. How much can be used for purchases? How much should be saved or invested? If the couple intends to have children money should be saved for their education and other expenses. Some thought should also be given to retirement. The earlier investment begins the longer time the money will have to grow.

One or Two Incomes?

Today it is common for both spouses to be employed and have two sources of income. If this is the case, one arrangement that can potentially ease tension is to maintain separate bank accounts and have each spouse be responsible for different household expenses depending on their income. If only one spouse is earning income then there will need to be a discussion about who will keep track of the finances and how will both spouses have access to the money.

Credit Cards

It is also important to discuss credit cards and how much debt the couple is willing or able to incur. Certainly, the less debt a couple incurs the better because interest payments will eat away at future income in a way that might not be immediately apparent. As such credit cards should be used with caution and vigilance.

It is important for couples to discuss their finances openly, honestly and on an ongoing basis. Ideally this discussion should start before the marriage begins to avoid problems in this potentially dangerous area.

Do You Have the Temperament to Start a Home Based Business?

Join Scentsy

If you are thinking of starting a home based business in the Salt Lake City area or anywhere else there is one basic question you need to consider before determining your business’ legal structure (LLC, S Corp etc.), obtaining a tax identification number, registering for state and municipal taxes and obtaining the proper permits. First you must ask yourself if you have the proper temperament to operate a home based business.

What Type of Business Do You Want to Start?

The type of temperament required will depend a great deal upon the type of business you want to create. Some businesses simply require a phone and a computer to operate. Other types of business require space for storage, equipment and employees. If you have limited space will you be able to deal with cramped quarters?

Will your business require employees? If so will you get annoyed by having your employees working in your home in and around your personal space? If your business is just you and requires your presence in your home will you be okay with staying in your home (the same place you eat, sleep and relax) for extended periods of time alone? Will you go stir crazy? If you have family members or roommates not involved in your business will they get in your way or distract you?

Solutions

If any of these questions give you pause you should take time to consider them. You may not have the temperament to jump into the deep water of starting a home based business right off the bat. If you think you do not have the proper temperament but you are still committed to starting a home based business, there are possible workarounds. Perhaps you could rent a low cost, basic office space. This will give you the space and variety of experience you might need to keep your home and work life separate and preserve you sanity. Another option might be to try working from home in smaller doses at first to see if it is for you or to see if you can adapt.

Starting a home based business is a serious undertaking especially if this business will be your primary household income. This article is not intended to discourage you from starting a home based business if this is really what you want to do. Rather, the intent of this article is to tackle these potential pitfalls before you start so that you optimize your home based business’s chances for success.