FACT: Money has very little to do how much you love someone
. . . but it has a lot to do with how much you fight with
that person, especially if that's your husband, wife,
boyfriend or girlfriend.
Let's face it, if you and your spouse have vastly different
opinions about money, how to spend it, how to save it and
how much credit to take on....and if you make financial and
credit decisions that don't jibe with one another's
beliefs, well you might as well get ready now, because you
are heading for some pretty serious relationship problems.
Love is powerful, it's an emotion, but it will not solve
your rational financial problems. So here are 5 financial
facts to consider as you and your significant other head
hand in hand down the road to financial bliss:
1. How you spend money has nothing to do with how you feel
about each other.
2. The two of you were probably raised differently when it
came to money, so you naturally have different outlooks
now.
3. You probably value money and credit differently.
4. The two of you may spend money differently.
5. The two of you probably save money differently.
With that many differences, it's easy to see why so many
couples disagree about money, savings and credit. The good
news is that this makes you a perfectly normal couple.
So how do you manage your household finances with this
difference of opinion? Here are a few simple suggestions
that could help smooth out the potentially rough road:
1. Get real: is it the money or the relationship?
If you constantly argue about money, it may be indicative
of other issues in your relationship. The person who makes
more money shouldn't have any more power, leverage or
responsibility in a relationship.
2. Fight right
Fighting about finances is ok. It can actually be a good
thing, if you do it right. That means learning to fight
fair. When you hear voices starting to get louder, take
action quickly. Calmly explain your concerns and your
goals. Threats and anger are never constructive. State your
case and be respectful. If you have the stomach for risk
and your partner is financially conservative, don't be
pushy about it. Find the middle ground.
3. Keep your eye on the prize and keep your finances on
auto-pilot.
With all you have going on, it's easy to take your eyes off
long-term goals. You both have to agree on your big-picture
goals—things like saving up for a home down payment,
funding your IRAs, or paying off the mortgage ahead of
schedule so you can retire debt-free. Then, whatever your
goals are, set up an automated way to fund those goals.
Automate and you don't have to argue.
4. Divide and conquer
Ok, so maybe you're the one who gets stuck doing the bills,
handling the banking, balancing the checkbook, etc. Maybe
your spouse refuses to, or simply isn't good at it. Or
maybe you both are trying to retain total control, and
butting heads. This is a perfect time to set regular
meetings to discuss your spending patterns and financial
plans. 5. Make sure you're on the same page...right from
the start.
If you're engaged to be married or thinking about it, now
is the time to really talk about your finances. You need to
know if she's a shop-a-holic or if he's a compulsive
gambler. It's better to get things out in the open now, so
you know what you're getting into.
While you're at it, you should explore each other's
thoughts on credit card debt, renting vs. buying, your plan
to save for retirement and the kids' education. If your
fiancé has problems with your finances or doesn't want to
change, then you need to seriously rethink the
relationship. It could be headed for disaster.
----------------------------------------------------
TransUnion's TrueCredit empowers consumers to manage their
credit health, providing information on credit-related
issues that range from the significance of a credit report
to identity theft protection. TrueCredit's offerings
include educational materials, free monthly newsletters and
online products, including credit reports, credit and
insurance scores, credit monitoring, debt management tools
and identity theft insurance services.
http://www.truecredit.com/
No comments:
Post a Comment