Sunday, July 26, 2009

Managing Household Finances as a Couple.by Sheri & Bob Stritof

It doesn't make any difference if you have money or if you don't have money. If the two of you have different spending habits, different savings goals, different thoughts about investing, or different fears about being poor, then financial problems will eventually surface in your marriage.

It's quite possible that the one making the most money may try to control all the finances. Sometimes a power struggle concerning money will creep into your marriage.

"Like success, money is an emotionally volatile issue for most women. It's probably the most complicated relationship we have—and the one that most controls our lives because we let it." ~ Sara Ban Breathnach, author, Simple Abundance.

How Many Checking Accounts?
Financial planners generally recommend that individuals in a marriage relationship who have disposable income should each have their own account. They can then save or spend money as they want without having to justify the expenditure or feel guilty about spending the money.

Importance of Talking About Finances in Your Marriage
Even though it is difficult sometimes to face into your feelings and thoughts about money, it is imperative that a married couple make time to discuss their finances and to make decisions together about budgets, short- and long-term goals, and investment strategies.

Examine your childhoods and expectations about money. Respect one another's values and find ways to compromise in how you will deal with your financial differences.

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