7 Tips to Keep Money From Messing Up Your Marriage
Love and marriage go together like a horse and carriage -- but not necessarily money and marriage. Conflicts over finances rank among the most stressful for people in long-term relationships, whether they've been together two months or two decades. Here are some strategies to help you avoid some common pitfalls. http://n.pr/24NX2jD
- •First and foremost: Communicate, communicate, communicate."Get all the issues out on the table, work through a budget," says financial adviser Kitty Bressington of Rochester, N.Y.
- •Come to some agreement on "yours, mine, ours."Sometimes that means setting spending limits, Bressington says.
- •Bressington advises not to keep your money separate -- but also don't throw it willy-nilly into one account and hope for the best.
- •Set up a joint account to cover the basic bills.
- •Set up a plan with automatic contributions to a retirement account, college savings account and other long-term savings goals.
- •Then, each partner in the couple should get a set amount of spending or "fun" money every month that's discretionary."If you decide [the fun money is], say, $250 a month, and that fits within your budget, and one person wants to blow his $250 and the other person wants to save her $250, then that's OK because you've set those ground rules," Bressington says
- •Try using cash for your "fun" money."We're tactile," Bressington says. "Sometimes I need to put people back in touch with a dollar bill."