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A lot of people that get along just fine
with their spouses except in one area - money. Sometimes it's the wife who can't
spend the money fast enough who is married to the husband who won't spend a dime
on something if he can get it for free. Other times it's the husband who wants
to invest the nest egg in the stock market but the wife is afraid of losing it
all. There are many scenarios involving money - how to acquire it, how to use
it, how to hold on to it, how to invest it, how to spend it, and not seeing eye
to eye that keep many couples fighting.
Here are some ideas on how you can work your money issues out together:
Spouses who spend continuously without thought to the
repercussions - Perhaps your spouse needs a crash course in the home
finances. This is a good time to hand them the books and let them account for
how the next few monthly paychecks are to be spent (to include all expenses.)
This can lead to a reality check about the size of the paycheck and the fact
that it's printed on paper and therefore can't really be stretched.
Spontaneous buyers - Implement the 24 hour rule.
No buying something unless you or your spouse previously decided that item was
needed. In other words, no snapping up those gorgeous 2 inch red heels because
you just tried them on and they look great on you. If you went to the mall
purposely looking for red heels to go with that dress you're going to wear to
your cousin's wedding, then that's not a spontaneous purchase.
Tightwads married to spontaneous buyers -
You need to make a spontaneous purchase once per week, even if it's just a new
book or that sexy cologne so you can try to understand what your spouse feels.
Fearful investors - Education is key. Take
time to learn all you can about investing so you can make good decisions instead
of stabs in the dark. Don't invest all your money in the same thing, think
diversity. Go with the risk level you're comfortable with, but consider putting
a little extra in something a bit more risky.
Those not planning for the future - Sit down together and figure out
the cost of your child's college education or your retirement plans and what it
will take monthly to reach your goals. If you're young, it can be hard to see
past needing and wanting the money for immediate gratification and no fun at all
to stick it away where you don't see it. Split it up; keep some money for now
and invest some of it. Keep the investment visual with a bar chart or arrow
graph of your funds' growth. Tack it on the wall and add to it each month.
Buyers who forget they have to answer to a partner on
spending - There should be an agreed upon amount that either of you
can spend on a one-ticket item without having to discuss it. Anything above that
should be discussed and agreed on. It may take some compromising.
If you just can't see eye to eye, perhaps it's time for a 3rd party mediator in
the guise of a financial planner. A financial planner can help point out the
need for a retirement plan now, show you investments that will grow your money
faster than a regular savings account will, and help educate you both in
financial matters.
Sit down together and talk about your finances and financial goals at least once
a month. Ideally, keeping track of the finances and paying bills should be both
partners' responsibility. You can switch off every 3-6 months on who pays the
bills, or you can divide chores based on strengths.
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