I know life doesn’t end after you have kids, but being married without kids has fewer responsibilities and does allow you to have a lot more freedom to do what you want with your money.
Also referred to as D.I.N.K.s, (Double Income No Kids), couples who don’t have children can freely choose to live their lives how they want, without worrying about providing for their children’s present and future.
Some parents feel like they must give their children whatever they want, despite the cost. They feel that if they say “no” to their kids, their children will feel unloved or neglected. This is simply not the case. Kids just want to be loved. They don’t need all the fancy gizmos and gadgets. They might think they do sometimes, but deep down they just want their parents to spend quality time with them and they want to feel accepted by them.
Sesame Street has a website that parents and educators can use to teach kids about money, making choices, and more. Children learn about money by observing their parents and by following their example. As a parent or educator you can guide your children’s understanding with easy activities about making choices, determining what is valuable, sharing, spending, saving, etc. As a result of this education, your kids will grow up to make good financial decisions. The process of learning should be fun and at their level. Check out this link for ideas and activities: http://www.sesamestreet.org/parents/save
Recently my husband and I decided it was time for us to create a will and set up a
power of attorney. We have been married now for about 6 years and we realized that if something happened to both of us at the same time, no one would really know what we would want done with our assets.
This realization prompted us to pay the $275 worth of lawyer fees to get everything set up. If you don’t have a will, maybe it’s time you thought of setting one up. Although it is somewhat uncomfortable thinking about a time when you won’t be on this earth, it is inevitable and we might as well just face that fact. You never know when your last day may be, and we can never discount the possibility that a terrible accident may cut our life short. Of course, in these cases, it’s important for loved ones to hire experienced wrongful death attorneys in your area to gain legal advice, but if you have written a will, the whole process will be made much easier for them.
A great way for couples to manage their money effectively is to routinely set up money dates. Pick a time when you are both alert and set aside about 30 minutes to discuss your current financial situation. Be sure to touch on any outstanding or upcoming bills and evaluate your current debt situation. It is also important to talk about how much you are saving as a couple each month and what your goals are for the short and long term.
Couples who set up money dates on a regular basis find it much easier to manage their money. It is important for both parties to understand where the family is at now and where they are headed. Both can contribute to the discussion and can have input into where changes need to be made.