Thursday, February 17, 2011

Moneywise to stop money stress

Tough economic times strain your wallet and your relationship, money has always been a major issue for married couples. But the economy plagued by a deepening recession, it's more important than ever for couples to stay connected about cash. "Financial uncertainly creates anxiety, and that can lead to more arguments". But you need to find ways to overcome the stress and work as a team to survive these tough times. Most important thing couples can do for their fiscal lives and their marriage is to unite on six absolutely critical fronts. Money doesn't have to drive you part. In fact, it can actually bring you closer together.


Agreeing on your goals and priorities is the single most important thing you can do for your money and your marriage. Shared goals give you a sense of greater purpose, partnership and mutual respect.


The moment i got her to pay for our date, we started talking more openly about money. I guess that broke the financial ice. She had always been independent, insisting on splitting the bill when we were first going out. When we became comfortable admitting that sometimes one of us didn't have money, the money talk came easier and more natural.


Roughly 70% of all couple have joint accounts according to a smart money and red book survey and found that those with joint accounts reported a slightly higher level of marital satisfaction. But when it comes to managing accounts - his? Hers? Ours? Mine? - every couple has to find their own solution, which may take some time. The important thing is to take an honest look at both of your financial styles and set up a system that suits you and also to be flexible and raassess it as your incomes and priorities evolve.


Once you've agreed on the way you combine or separate your cash the next step to keeping financial harmoney is sharing the responsibilities and duties in mananging it. Talk about which financial tasks you're each willing to do.


Just knowing that you have money saved is very powerful and comforting for a couple. Money in the bank is security if something goes wrong, such as a job loss or health emergency. How much money? Recommending that you have at least six months worth of living expenses in the bank, which should cover the basics, mortgage, car payment, food and utilities. The easiest way to save is to pay yourself first.

Set up an automatic transfer from your checking account to occur each payday. This way, you won't even miss the money.

Most finance planners also recommend putting at least 10% of your pre tax income toward retirement. If anything you need to saving more, since economic setback may have put your goals farther out automatic savings.


Having a will is an absolute must for couples especially if you have kids. Get a will and a health care power of attorney, which designates someone to make healthcare decisions for your if you are too sick to be able to make them yourself. If you have kids, you'll also need to name guardians in your will. Invest in a fireproof safe or rent a safe deposit boz to store your will, as well as old tax document, passports and other irreplaceable papers. Finally, be sure to keep a list of all internet passwords, financial account numbers and emergency contact numbers in a safe place.

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