jinijALL ABOUT THE MONEY!
Families and Finance
For some reason families do not like to talk to each other about finances. Your spouse should be your right hand, be able to handle all that needs handling, and should know as much as you about the families finances. Just think of some of the problems that could be avoided if your spouse knew exactly what financial problems your family was facing. According to a survey by Fidelity Investments, 60% of married couples between the ages of 45 and 70 say newly weds should discuss daily financial decisions.
Money issues are a big problem between couples, it cause arguments and in some cases divorce. I have never been married, so I cannot even begin to talk about why this is a fact. What I can discuss is the benefits of avoiding these pitfalls and why it is important to teach your spouse how to manage your personal finances.
I realize that not all relationships are created equal. One person might have more debt than the other, one might have a large amount, both might have close to the same financial situation, or a million other possibilities. No matter the situation, being on the same page with your partner is crucial when it comes to money matters. Understanding how you each hand money will help with future financial planning such as budgets, shopping, and saving. If you know your partner has a weakness when it comes to shoes or an affinity for electronics then that can be worked into your budget.
When times get hard and cut backs have to be made, your spouse should know and understand why this is happening. If you are the only one making these cuts and your spouse is still spending as if nothing has changed then your efforts are futile. When It’s time for retirement, if you and your partner do not have a solid plan your retirement could be put on hold and this could cause unwanted problems. Knowing each others debt and devising a plan to pay it off should be a major part of your future financial planning.
Many couples get in arguments and break up every year because of the lack of communication about money. If you do not share and teach each other about finances then you can not help each other when the time comes. According to Smartmoney.com debt was the #1 reason couples fight when it came to finance. Fact is, this can all be avoided and considering whats at stake should be enough for you to take action.
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