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Family

Young Couples And Joint Bank Accounts

I read an interesting article on the Globe and Mail website recently that indicated that one third of young Canadian couples (aged 18 to 35) keep separate bank accounts, and that only one in ten couples share all their accounts.

This may be a bit surprising, except for the fact that many of the couples that were polled were not necessarily already married. I think it’s important for couples to be on the same page with their finances, although I can understand why some couples choose not to keep everything joint.

April 18, 2010

Family

Money Saving Tips For Brand New Parents

If you’re like me and have never yet had any children, you will likely be as surprised as I was at finding out just how expensive it really is to have kids. I found this really interesting article on globeinvestor.com that talks about the first year of parenthood. If you are thinking of taking that big step and having a baby in the near future, I would highly recommend checking out the article.

The article includes links to some helpful websites that can provide tips for saving money on baby items. Suggestions such as using hand-me-downs instead of buying everything brand new could help with the financial side of things. It also includes information on the Canada Child Tax Benefit and the Universal Child Care Benefit that will be important to know. It’s important to understand all of the government benefits and tax credits you are entitled to when you are a parent. Every little bit helps.

January 20, 2010

Family

Should I Have A Prenuptial Agreement Before We Get Married?

Well, that’s a good question! Only you can decide whether or not this will work for your particular circumstances.

Robert is engaged to Janet. They’re planning on getting married in a few months. Janet has several pieces of property, numerous investment accounts and is worth millions of dollars. She’s been dating Robert for almost five years prior to his proposal of marriage. She’s decided that she wants a prenuptial agreement prior to marrying Robert, but, is unsure how to tell him. Janet doesn’t want to hurt Robert’s feelings, but she knows that she should protect herself prior to marriage.

October 22, 2009

Family

Marriage & Money Tips

I recently read an article that is worth checking out if you are planning on tying the knot in the near future. It also would be helpful for newly married couples that are trying to figure out how to deal with their finances.

The article is titled Six Money Mistakes of Newlyweds and the author, Erin Burt, discusses the importance of being honest from the beginning about your financial situation. You can only hide your credit card debt from your spouse for so long anyway, so it’s better to just be up front from the start.

The author also emphasizes the need for couples to create a budget, taking into account their current debt as well as their financial goals. She also suggests setting up a “money date” once a month to keep each other in the loop on how their finances are going.

Another must do, according to the article, is to make sure to have an emergency fund in place so that couples are prepared in the event that something unexpected happens. My favorite suggestion found in the article is to not sweat the small stuff. There’s no point in arguing over small money matters. It’s important to pick your battles carefully. For more details, you can find the article posted on Kiplinger.com.

June 21, 2009

Family

Marriage, Money, & The Recession

Money issues in a marriage can be tough at the best of times. Couples argue about how much to spend, what to spend it on, whether or not they should have joint accounts, and the list goes on. Differences in spending habits definitely can make for some interesting conversations, or should I say, arguments. It truly doesn’t matter how much or how little money a couple has, disagreements about money still arise. During a recession, however, finances can get tight, and the pressure is on.

The most important thing to realize is that your marriage is way more important than your financial situation. As a couple, you need to stick together and work out a game plan for how you are going to tackle the situation as a team rather than letting the tough times divide you.

You can start by sitting down together and discussing your specific situation. Create goals as a couple and write them down. Think of ways you can cut back spending and extra things you can do to supplement your income. Come up with a plan involving both of you so that you can have the sense of working together and feel the satisfaction of attaining your goals.

May 16, 2009

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