Did you know that 43% of all married couples argue over money issues, making it the major reason couples fight? If you and your spouse handle money differently, now is the time to talk, establish expectations, and draw up a financial plan.
Money is a very big part of a marriage. Having enough to spend, and to do the things each wants to do, is important to both parties. When couples are not able to do that, then other issues pop up in the relationship. When husband and wife are not on the same page as far as family finances go, other difficulties inevitably arise.
Effective communication often emerges as the most difficult obstacle to establishing goals and expectations, and developing a financial plan. Many of us have been taught during childhood that discussing money is somehow inappropriate. Couples must understand that it is not only appropriate but absolutely necessary to managing finances in a marriage. Just as finances must be planned in a business, they must also be planned in a marriage. You must communicate in spite of any difficulty.
For example, how do you get your spouse to understand that he or she will need to curb their spending habits so that you both can begin putting money away?
There s got to be a viable agreement, because most couples discover that a lack of money, a lack of spending control, or a lack of fall-back savings eventually causes other problems in a marriage. Little things grow into much bigger things. However, as emphasized by Daniel Smith a noted financial expert cited in The Marriage Medics, future arguments over finances can be avoided by simply communicating, creating an understanding of expectations, setting objectives and agreeing on a financial roadmap.
The Marriage Medics outlines the following financial plan of attack for couples of any age:
1. Stop living beyond your means.
2. Treat the household like a business.
3. Create an income-and-expense statement.
4. Create a balance sheet.
5. Create a budget.
6. Figure out how to pay down your debt. Agree on a plan of action in which you both share equally in cutbacks.
7. Find ways to cut expenses.
8. Go on a debt diet starting with the little stuff.
9. Have only one credit card for your entire family.
10. Celebrate when you pay off a debt.
There are many resources for help in creating family budgets and living within them. For instance, Jim Miller, a Registered Investment Advisor, author of Retire Dollar Smart, and the host of a financial advice radio show is an excellent source. Visit his web site at: www.retiredollarsmart.com. In sum, married couples have an important opportunity to plant the seeds for a healthy marriage by simply talking with each other, being realistic about expectations, and making that financial plan. Money matters!
Copyright 2005 Cynthia Cooper
NOTE: You may run this article provided you run it with the bio box intact. Please email a copy of your publication with article in it to articledeptbill@rtir.com
Cynthia Cooper, Ph.D., is a clinical psychotherapist and co-author of The Marriage Medics which you can obtain via articledeptbill@rtir.com
detailed home cleaning Park Ridge ..I've been sharing the following idea with people for a... Read More
1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More
Just about everyone has a checking account. Checks present easy... Read More
Has anyone been to the gas pumps lately? Soon $3... Read More
Did you have a piggy bank when you were a... Read More
Most Americans have been brought up to be concerned about... Read More
If you are the normal consumer, then you've probably experienced... Read More
Women are charged more for dry cleaning services. Don't fume,... Read More
I have to admit, I do it too. I complain.... Read More
Our global society has had a wake up call in... Read More
Are you interested in saving money off your grocery bills?... Read More
Developing and living by a household budget is by far... Read More
Can you really afford a house? If so, how much... Read More
In this age of information, keeping track of your finances... Read More
Most consumers are aware of the importance of their credit... Read More
Those who keep a watchful eye on where their money... Read More
Before buying personal or business checks you should inform yourself... Read More
Good money management needn't be difficult. In fact, there a... Read More
Have you ever stopped to think about how your "mood"... Read More
I think most of us have at some point in... Read More
If you're like most people, your personal financial records are... Read More
Gas prices have soared to unimaginable heights of late. Since... Read More
Future financial success is not a guarantee that any one... Read More
Christians are called to be good stewards of God's resources.... Read More
An avid cyclist and bike racing fan, I sit transfixed... Read More
express cleaning service Des Plaines ..Holy Shenanigans! More STUFF?Loosing one's business due to lack of... Read More
There have been an estimated 9.9 million victims on America... Read More
It is widely written that you need 75% of your... Read More
Saving money is not easy and is made more difficult... Read More
Recent security breaches at several credit card companies continue to... Read More
The judge had to ask the question, and we had... Read More
There is a new bill that is being passes, it... Read More
With a traditional Investment Retirement Account (IRA) you pay taxes... Read More
Each of us knows how to spend money, but do... Read More
While 40% to 50% of us make New Year's resolutions... Read More
The Check 21 Law is the new federal law for... Read More
Millions of people have a checking account and many people... Read More
Those who keep a watchful eye on where their money... Read More
Ever wonder where address labels come from? Avery? is perhaps... Read More
Frugal living is more than a lifestyle. It's a passion.... Read More
Sorting out your personal finances can be a tricky and... Read More
**If it's Spam, it's a Scam!- If it sounds too... Read More
Shopping for groceries is an inevitable fact of our ever... Read More
Today many women are struggling with debt and it's even... Read More
You should thoroughly consider your business needs when selecting a... Read More
My personal opinion is that in today's new economy, it... Read More
This investment retirement account (IRA) is useful to you as... Read More
Six Scholarship judges were sitting around an oval table. Forms... Read More
I think most of us have at some point in... Read More
An avid cyclist and bike racing fan, I sit transfixed... Read More
Personal Finance |