Financial Responsibility In Your Relationship
Wednesday, August 12, 2009
, Posted by Sandra Chat at 1:12 PM
Whether you are married, engaged or in a committed relationship, its very important to learn money management.
About.com states "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" and in your committed relationships.
For My Married Viewers:
Stop thinking like a single person. It is no longer "I" or "Me" but rather "Us" and "We". Your financial situation will not change until the both of you decide to change it. If one is spending while the other is saving, it is not going to work. The two of you should be setting both short and long term goals. For example: set a goal to pay off those credit cards and work on cleaning your credit. Do you owe friends/family money? Set a goal to pay them back. Does the house need an upgrade? Set a goal to upgrade it. Does your kids want to take up swimming or karate? Create a saving plan so that when enrollment time comes, you'll have the money. It takes a lot of compromising and sacrifice but it will work. This may mean eating out once a week instead of three times. You may have to put off on buying those new pair of shoes or jacket you loved so much but at the end you'll be stress free and happy.
For My Single Viewers:
It starts with you. Are you paying your bills on time? Are you saving for that new car or house that you really want or are you running to the mall as soon as payday rolls around? Do you know about investments or how to maintain good credit? You should be thinking about all these things as they will affect you in the future. If you haven't, find someone close to you that is well established and ask them for advice. Remember, the habits you develop now will eventually follow you.
I've put together a sample chart to help you get started. Everyones income and priorities are different therefore, you'll have to rearrange a few items to best fit your needs. Writing your budget down and including the dates that everything is due will keep you organized so your bills will be paid on time. Additionally, you'll get a better understanding on how your money is being spent so you'll know where to make adjustments when necessary.
Month: August 2009
Income
$2000
Saving
$250
Bills
Due 8/1 Tithes/Charity $200
Due 8/1 Rent $750
Due 8/10 Heat/Electricity $100
Due 8/15 Car Note $200
Due 8/15 Credit Cards/School Loans $250
Due 8/25 Cell Phone $75
Other Expenses (i.e Groceries, Gas, leisure, etc.)
$175
Maintaining a happy and healthy relationship is a challenge in itself, let's not let finances be the cause of your break up.
About.com states "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" and in your committed relationships.
For My Married Viewers:
Stop thinking like a single person. It is no longer "I" or "Me" but rather "Us" and "We". Your financial situation will not change until the both of you decide to change it. If one is spending while the other is saving, it is not going to work. The two of you should be setting both short and long term goals. For example: set a goal to pay off those credit cards and work on cleaning your credit. Do you owe friends/family money? Set a goal to pay them back. Does the house need an upgrade? Set a goal to upgrade it. Does your kids want to take up swimming or karate? Create a saving plan so that when enrollment time comes, you'll have the money. It takes a lot of compromising and sacrifice but it will work. This may mean eating out once a week instead of three times. You may have to put off on buying those new pair of shoes or jacket you loved so much but at the end you'll be stress free and happy.
For My Single Viewers:
It starts with you. Are you paying your bills on time? Are you saving for that new car or house that you really want or are you running to the mall as soon as payday rolls around? Do you know about investments or how to maintain good credit? You should be thinking about all these things as they will affect you in the future. If you haven't, find someone close to you that is well established and ask them for advice. Remember, the habits you develop now will eventually follow you.
I've put together a sample chart to help you get started. Everyones income and priorities are different therefore, you'll have to rearrange a few items to best fit your needs. Writing your budget down and including the dates that everything is due will keep you organized so your bills will be paid on time. Additionally, you'll get a better understanding on how your money is being spent so you'll know where to make adjustments when necessary.
Month: August 2009
Income
$2000
Saving
$250
Bills
Due 8/1 Tithes/Charity $200
Due 8/1 Rent $750
Due 8/10 Heat/Electricity $100
Due 8/15 Car Note $200
Due 8/15 Credit Cards/School Loans $250
Due 8/25 Cell Phone $75
Other Expenses (i.e Groceries, Gas, leisure, etc.)
$175
Maintaining a happy and healthy relationship is a challenge in itself, let's not let finances be the cause of your break up.
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