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Financial Planning for a Happy Marriage

Posted 4 months ago by droberts@quailcreekbank.com

Financial management for newly married couples is one of the biggest changes a person will go through. Most people are already well aware that nearly half of all marriages end in divorce, and that one of the most frequently cited causes of divorce is financial problems.

There are several things you can do to increase insure you have a happy marriage by improving your finances.

Be honest about debt

Couples considering marriage need to be upfront and honest about their financial situations, including any outstanding debt. This includes:

  • Credit card debt
  • Student loans
  • Auto loans
  • Mortgages

Many people fall in love and get married only to find out later that their partner is deeply in debt. This newly discovered issue often leads to resentment and financial problems that can be difficult to overcome. Credit card debt can be especially debilitating because the interest is often much higher than student loans, auto loans or mortgage rates. Talking with your partner about any financial liabilities before walking down the aisle is critical to warding off any unpleasant surprises later in the marriage.

Creating a budget and a payment plan is a good way to establish how you will pay off debt as a couple. Put your plan in writing, and follow up every few months to make sure you are on track. Eliminating outstanding debt can bring some harmony to your relationship.

Talk about priorities

One of the main causes of relationship strife is different spending habits. If one partner is a spendthrift and the other partner is frugal, you may be constantly battling over how much is spent. Additionally, expectations are an important component in how satisfied a couple feels with their financial situation. Financial priorities form almost every decision a couple makes. Here are some questions that you should answer – or at least bring up and think about – with your partner:

  • How much do we expect to earn as a couple?
  • Will we have children?
  • How much will we need in retirement?
  • What kind of lifestyle do we expect to lead?
  • What role will each partner take in handling their finances?

Being on the same page when it comes to long-term priorities will make it easier to achieve financial goals as a couple – and increase the chance that both partners will be satisfied in the relationship.

Make a plan and write it down

According to a 2009 National Consumer Survey on Personal Finance, only 17% of respondents had established a financial plan in writing that they follow up on regularly.

Having a written financial plan will help you pay down debt, fund your retirement, save for emergencies, and help you build your savings. If you are not sure where to begin, a financial advisor can help you create a written plan for managing your finances. Working together as a couple to create a solid financial footing will reduce the likelihood that financial problems will play a role in your relationship.

Once you establish your written plan, it is equally important that you continue to update your plan as you reach your goals. Financial planning is ever-changing. Over time, your priorities as a couple can change and so can your goals. Thus, it is important to assess your financial needs throughout the course of your marriage.

It is never too late

While it is best to talk about finances before you are married, it is never too late to get on the right track. Even if you have been married for 30 years and feel overwhelmed by debt or other financial obligations, it is never too late to establish a plan together. Being honest with your partner about expectations, priorities, and obligations and making a plan to tackle these issues together is the key to eliminating financial worries as a stress point in your marriage.

Alan Webb at Quail Creek Investment Center can help you plan for your financial security.  Contact Alan today at 405-755-1000 or ajwebb@quailcreekbank.com for more information.



Building Progress 11-15-2013

Posted 5 months ago by jerika@quailcreekbank.com

The outside of the back entrance is nearly complete! We will begin on the front entrance next week.

Also, the lobby floor is getting a make-over!


Qcb_11-1-13_back_entry_quail Qcb_11-1-13_lobby_tile_existing Qcb_11-8-13_lobby_2 Qcb_11-8-13_lobby Qcb_11-8-13_ne Qcb_11-15-13_back_entry Qcb_11-15-13_lobby_new_tile Qcb_11-15-13_ne Qcb_11-15-13_w_walkway_being_removed Qcb_11-15-13_w Assets Assets

Building Progress 10-25-2013

Posted 6 months ago by jerika@quailcreekbank.com

Check out the updates to the old building! We are almost finished and ready to move to the inside!


Qcb_10-21-13__1 Qcb_10-21-13_2 Qcb_10-21-13_3 Qcb_10-22-13_4 Qcb_10-21-13_5 Qcb_10-22-13_6 Qcb_10-22-13_7 Qcb_10-22-13_8 Qcb_10-22-13_9 Qcb_10-22-13_10 Assets Assets

Building Progress 10/07/2013

Posted 6 months ago by jerika@quailcreekbank.com

The front of the original building is taking a new shape! The lobby is still OPEN for normal business hours during construction! Come see us!


Qcb_10-07-2013

Building Progress 07/31/2013

Posted 9 months ago by jerika@quailcreekbank.com

We have started to make the outside of the old building match the new building! Also, the old customer service area is getting a makeover too! The boardroom is finished, and some of the upstairs has been remodeled.  Moving right along! Please bear with us as we continue to make Quail Creek Bank even better!


Qcb_7-30-13_boardroom1 Qcb_7-30-13_boardroom2 Qcb_7-30-13_n1 Qcb_7-30-13_n2 Qcb_7-30-13_ne Qcb_7-30-13_nw Qcb_7-30-13_upstairs1 Qcb_7-30-13_upstairs2 Qcb_7-30-13_se Qcb_7-30-13_sw


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