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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

Family

Teach Your Kids About Money

Whether you like it or not, if you are a parent, you are a role model for your kids. Your kids observe the way you handle your money and will often handle theirs the same way. However, even if you are financially savvy, your kids won’t necessarily be as successful without some guidance starting at a young age.

Here are some things every kid should learn about money from their parents:

1. Money doesn’t grow on trees. Parents have to work hard for every dollar they earn.

2. Parents have priorities for their money. It needs to be used first for food, shelter, clothing, and savings, and whatever is left can be used for extras. Kids have to learn that they cannot always get what they want.

3. Teach your kids the value of giving. Encourage them to give part of their allowance to a charity or sponsor a child as a family.

4. Teach your kids the value of hard work. Have your children do some small chores around the house in order to earn their allowance, rather than just handing it to them.

May 2, 2009

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