How to avoid money problems in marriage

Image result for money problems in marriageMarried people know that money is one of the main reasons why it is discussed at home. This situation can range from entertaining dialogues to the most acute lawsuits.

It does not matter if a couple lives with enough to cover their expenses or if they have more money than they can handle, they will still experience disagreements about the money at some point.

There may be some important financial stresses in the marriage, but if you have the right solutions, you can avoid conflicts and a possible breakup.

Money should not affect love, but one thing can lead to another if you do not know how to take home finances properly.

Buy less expensive personal items

Have you ever discussed how much you spend on electronic devices ? It may seem like an inconsequential expense to you, but it is an absolute necessity for your partner.

On the one hand, you must learn what is important for the other person, so you can understand what you need and you can propose an alternative that suits you and fits your budget.

The key here is to recognize that both will have personal items that they will want to buy, some of which can be expensive. Instead of getting angry, write down the products they need, make a budget they can meet and buy what they both need.

This may mean that they need to cut something to allow you to get what you consider important. For example, if your partner is absolutely determined to buy the latest iPhone , but is not so interested in technology, you can choose a more economical option.

They could opt for another alternative that meets the communication and entertainment needs that they want to satisfy. By doing this, you will save a significant sum of money and avoid litigation.

Allocate funds for personal expenses

Image result for personal expensesTo avoid heated discussions about consumption and spending habits , you can allocate a certain amount for personal expenses each month. Then, both can spend their money on whatever they want without getting into trouble about who spent the most and on what.

It does not have to be a lot of money, it can be a thousand or two thousand pesos, even less if necessary. Spending on what they want to buy each month will do wonders. If you choose to save it and buy something bigger at the end of the year, it’s your decision, and you’re less likely to fight for the result.

Make a budget as a couple

Image result for budgetWhen a person has control over their regular expenses, they can set savings goals, plan future purchases and lead a quiet life with healthy finances.

Life as a couple can be easier if a budget is made about household income and expenses.

They can make a budget for each one and a set, or only one in which they add the income and expenses that will be made per month. Once you have agreed on a method to make a budget, allocate the expenses and generate savings for the future.

They must take into account the purchasing priorities of each one and those of the household. Make sure that both participate in the decision making. Then, make sure that everyone is responsible for not leaving the budget.

Check the bank accounts together

Some married couples have separate bank accounts. Everyone makes their own money and this goes to an individual account. This point is complicated for several reasons: different income levels, different consumption needs, among others.

However, joint review of bank accounts can help build trust. Knowing how they spend both speaks of transparency and honesty in the relationship.

That one earns more or the other spends less does not imply that the money must be a reason for conflict.

As a couple they can combine their income and expenses, as well as sharing love, they can share the complications of everyday life. This will make accounting at home easier and avoid discussions of envy and monetary resentment.

On the other hand, when it comes time to pay taxes, arguments can arise when one has to help the other. In the same way, they can also cooperate; at the end they are a family unit that shares everything .

Eliminate debts

Image result for eliminate debtDebts are a huge burden on marriages, particularly if one of the spouses has contracted more debts than the other.

Debt comes in many forms and volumes, through credit cards, car loans, mortgages, gambling, student loans or other personal debts.

The feeling of being chained by a balance owed can exert heavy and unnecessary pressure on a relationship. Develop a plan to reduce debts and eliminate that heavy burden.

These are some of the best strategies to eliminate debts that threaten a marriage:

  • Cut your cards cr e Dito and not spend more than you earn.
  • Use your tax refund and any bonuses to pay your debts.
  • Sells art icles unnecessary to take home for cash.
  • Make a regular budget with a part that includes an amount to achieve the elimination of the debt.
  • Get a loan to put your debts in one place and settle them, you can have a more convenient interest rate and you only have to make a monthly payment.

 conclusion

Do not let money control your marriage. You can avoid many problems for family money if both are aware of how many resources they generate and spend. Family accounting is one of the fundamental pillars of a happy life as a couple.

With some pará meters b asic, you two can learn to manage the stressors of money and prevent serious discussions that could lead to divorce.

You probably know several couples who separated because they could not establish healthy ways to manage money in the home.

Do not let money destroy your marriage: use it to build a better future for yourself and your family. All you have to do is analyze what are the most appropriate ways to carry finances in marriage.

If you want to know a little more about financial culture, we invite you to download the guide that we created in Credifiel about financial culture without any cost. We know that you will be very useful.

Miss mortgage payments and foreclosures | Loans Quebec

Image result for missing mortgage paymentThe last thing you want that happens to you is not paying your mortgage on time or not being able to repay your mortgage completely. But in reality, financial problems can occur at any time and managing them can be difficult.

If, unfortunately, you find yourself in a situation where you can not repay your mortgage, do not ignore this problem under any circumstances. Banks are more inclined to renegotiate your mortgage if you do not ignore them. Rather, take the initiative:

  • Contact your creditor right away, even if you are not 100% certain that you can not pay
  • Be as honest and transparent as possible, so they can help you better
  • If a second chance is offered, work hard to demonstrate that you are serious
  • Cooperate with everyone

Whatever the reason, if you can not make your payment, get ready to hear the word entered. Although the majority of creditors do not want to seize your house, if you do not make the necessary payments, they have the right to do so.

Rather than waiting for the inevitable to happen, you must take responsibility for what happens and inform you about the foreclosure process. Once you understand this process, you will know how to avoid it or how to reduce the negative effects of it.

What is an entry?

Seizure is a legal procedure that is taken against a creditor who does not make his payments. Since the house that was purchased with the mortgage is at the same time the mortgage’s guarantee, the creditor can seize it if the debtor stops making the payments. As this is a legal procedure, the creditor must first obtain court approval. Once the house is seized, it is usually sold for the creditor to recover his money.

The process

Seizure is a serious consequence if you do not make your payments on time. However, be aware that this process does not happen instantly. That’s what you can expect once you’ve stopped paying:

  • You will not lose your house after a missed payment;
  • Expect to be contacted by your creditor right away, they will help you establish a plan to repay your debt
  • The seizure is a long and expensive process, your creditor will not suggest it right away
  • You will receive letters from your creditors asking you to make the payments, these letters usually arrive after 30, 60 and 90 days.
  • Once you exceed 90 days, you will be in default
  • If you do not cooperate with your creditor, expect him to start the process of entering

In Canada, seizure varies from province to province. So it is your job to inform you about the rules surrounding seizure in your province.

Generally speaking, the creditor has two ways to get his money back.

The judicial sale

Judicial selling is an integral part of the legal system; the seizure being performed under the jurisdiction of the Canadian courts of justice. The process is slow, up to 6 months. Once the seizure permit is returned, the property passes into the hands of the creditor. This means that when the house is sold, the capital will go directly to the creditor.

The judicial sale is enforceable in the following provinces:

  • British Columbia
  • Alberta
  • Saskatchewan
  • Manitoba
  • Quebec
  • New Scotland

Right of sale

Image result for right of saleThis process begins when the creditor sends a formal notice to the debtor giving him 35 days of redemption. Within these 35 days, the debtor can start making the payments again and all will end without consequences. If the debtor returns to the right path, the creditor can not invoke the right of sale. However, the debtor will have to cover certain expenses.

The right of sale allows the creditor to sell the house put on legal sale without the involvement of the court. This process is much faster than the judicial sale.

The judicial sale is used in the following provinces:

  • Newfoundland and Labrador
  • New Brunswick
  • Prince Edward Island
  • Ontario

Judicial selling is not a process we would like to go through. However, if we prepare well and if we cooperate quickly with our creditor, everything will go very well and in a short time you will be on the right track again.

Did you know that in some cases you can qualify for a refinancing or a 2nd rank mortgage to prevent your property from falling into disrepair?