How to Create Financial Stability for You and Your Partner

At home here in the UK and away in places all around the world, marriage is a huge institution that spans countless religions, bringing people together to celebrate their love for one another. It’s also a truism to say that in the vast majority of cases, the marriage of two people facilitates greater financial stability of those individuals – two pillars are stronger than one.

Some commentators would even go as far to say (perhaps jokingly, perhaps not,) that married people are better for the economy than single people. Whether or not this sort of claim has any truth is yet to be proved or disproved. However, if you’re married, or you and your partner are just about to tie the knot, one of the things you should be thinking about is how you’re going to create a financially stable future for yourselves.

Now, there’s no one method that you can implement that will give you perfect results, but you might find that by following some (or all) of the below advice, that you are able to carve out a strong financial position for you and your partner. Here are just a few of the things you could be working towards.

Not Married Yet? Reduce Your Wedding Day Spending

First-things-first. If you’re not yet married and you’re still in the planning stages, really look over the figure you’ve allocated as your total budget for the big day. Can you really afford it? Even if you can, could some of that money be better spent on a more practical purchase (such as one of the investments we mention later on in this article)?

Although your wedding day might seem like the most important thing in the world to you whilst you’re planning it (and it will certainly be a day you remember for the years to come!), with the average cost of a wedding over £18,000, and some publications even suggesting higher averages, you can’t deny that some of that money could be better spent elsewhere.

Analyze Your Credit Scores and See Whether They Can Be Improved

One of the benefits of getting married is that when it comes to large financial purchases, you can always choose to pay for them together over a period of months using credit.

Of course, to do this, there’s one large prerequisite: that you and your partner both have good enough credit scores to allow you to pass whatever credit check the credit providers put you up against.

To enable you to be confident enough that your credit score will be up to the challenge, you should check your credit report using a site like Experian. Looking closely at your report will allow you to see what aspects of your credit history are working for and against you, and this can enable you to change some of the negative factors in your favor. This is essential, as Different Money suggests, because a poor credit score could prevent you from attaining credit cards, a mortgage or other essential loans.

Start Saving for Your First Investment

Finally, personal finance is a long game, and this means that if you really want to secure your and your partner’s financial future, you should be thinking about your first investment. Whether that’s brick and mortar, or some basic dabbling in the stocks and shares market, investing your money is a smart way of securing your financial future as a couple.

If you are planning on investing, remember that all markets are difficult to predict and chaotic. This means that you should always consult with your partner and ensure you’re confident in the outcome before you invest.

Ultimately, creating a secure financial future for you and your partner will be challenging. However, it’s not an impossible task, and if you’re willing to follow some of the above advice and stick to it, you’ll see you and your partner’s finance start to shine.

Forex Transaction Basics

Understanding the basics is a simple but critical component of becoming a successful Forex investor.  Once you get started, things are actually rather easy.  If you are just getting started, then start here to determine how to place your order and some critical points to be aware of.

 

What kind of order are you making?  A market order is the most common and easiest kind of Forex order.  This allows you to buy the currency pair immediately for the quoted price on your screen.  Then you need to watch your order to see where it leads and make a decision from there.  An entry order, on the other hand, tells the software to execute your order once the currency pair hits the price you have specified.  A stop order is basically used to limit loss.  The currency pair will only be purchased once your target price is identified (or higher) or sold one it reaches your specified price (or lower).  A limit order narrows the price range before your order will be placed.  How to distinguish amongst these orders?  Determine your ability to watch the currency pair.  If you have limited time and may miss your window to sell, you probably don’t want to go with the standard market order.

 

Understand leverage.  This is a critical component to either making money or losing your shirt, so you need to understand how to properly use leverage.  Forex is one of the few markets where leverage can really be deployed – and it is one of the highest leverage rates than an investor can attain.  Leverage means that you are able to put in an order for more money – sometimes far more – than you have to initially put down.  If you are going to take advantage of leverage (and a savvy investor should), then you would benefit from learning how to use stop and limit orders when you trade.

 

By planning your strategy and understanding how leverage can work for you (or against you), the basics of Forex trading can get you swiftly started!

Should You Tell Your Partner If You Gamble Online

Whilst 2014 has been a progressive year in many ways, one thing that continues to decline, statistically, is love. These damning statistics released just last week:

  • 42% of marriages end in divorce. England and Wales (ONS, 2014)
  • More than 236,000 people divorced in 2012. England and Wales (ONS, 2014)
  • Almost half (48%) of divorces in 2013 involve children under 16 years. England and Wales (ONS, 2014)
  • 40-44 is the most common age bracket for divorce. England and Wales (ONS, 2014)
  • 65% of divorces were on petition of the wife. England and Wales (ONS, 2014)

Of every divorce in 2011:

  • In 71% of cases it was the first divorce for both partners
  • In 19% one party had been divorced previously
  • In 9% of cases both had divorced previously England and Wales (ONS, 2014)

With a staggeringly high 42% of marriages ending in divorce, it becomes clear that there is a huge national problem.

Statisticians will likely attribute domestic violence, conflict in ambition and arguments over children as the most relevant causes for this epidemic problem.

What I am most interested in however is the subject of online gambling, and whether this could have any impact on the rising rates of divorce.

In complete contrast to the above figures, the online gambling industry is currently booming. There are now over 1000 gambling websites available at any persons’ fingertips, making it easier than ever to gamble from home. Predicted to top a £41.4 billion pound turnover in 2015 (13.8 billion in 2005) could the correlation between an increase in online gambling and divorce be merely a coincidence?

My immediate reaction is no.

Whilst, like in anything, there are extreme cases of addiction and huge net losses, online gambling is largely seen as more recreational than “hardcore”.  Would a £1 – 25 team football accumulator really alienate you that much from your partner? Hey a £50 spin on roulette could even spark some much needed excitement into a stale relationship.

I believe the only major problem online gambling can create in a relationship is a lack of trust. It’s fine to gamble, yet it is not fine to keep it a secret from your partner. With the modern day relationship revolving around shared bank and credit cards, in and out goings from gaming sites should not be made discreet. There are plenty of entertaining sites out there that offer responsible online gambling, including www.pokiesparty.com.au and www.pokiesking.com.au.

For a healthy relationship to exist where one partner is a gambler, I believe that they should be completely honest with every transaction they do. Getting this information out in the open would help diminish the somewhat negative opinion on gambling, and would give the other partner the option to limit and monitor their significant others behaviour. This would also be a perfect way to prevent the likelihood of addiction, or the chance of losing substantial amounts of money.