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Everyone has one of these growing in their backyard right???
And just like my tree, I am sure yours ONLY grows $20, $50, and $100 bills right??
{Don’t we ALL wish!}
Sometimes it feels like that would be the answer to a lot of our problems. If we only had the money. Studies show that financial stress is one of the leading reasons for divorce. Couples avoid talking about money because they don’t want to upset the other person, face the current financial situation or ask permission to spend it.
So what can you and your spouse do to better your own financial situation and quit throwing or flushing your money away?
We have some tips from the Divas! (Keep in mind that NONE of us are financial gurus and these are strictly suggestions from personal experience that have worked for us.)
Make a budget and stick to it as strictly as possible. Be sure to include a realistic amount of spending money so you won’t have any excuses when things come up.
Decide together as a couple, a dollar amount that is not to be spent without speaking about it to the other person. This could be as little $50 or as high as $1000 if needed.
Write your financial goals down and put them in a place where you can see and read them often. If you are working on paying off debt, keep a list of the balances and payments and cross them off one-by-one when they are paid off so you can see the success daily.
Whoever pays the bills needs to be organized enough that the other spouse could easily take over if something happened. Whether that’s teaching your spouse your system or creating a spreadsheet to keep track of monthly bills due, this is potentially a step to PREVENT financial frustration. It also allows both people to see where the money is going and can analyze if and where downsizing can occur.
On a weekly basis, balance your checking account and any other accounts you have so you can see where you are with the money being spent. When you do it weekly, you will know how much is left for the month and it is so much easier to stay within your budget when you are constantly thinking about it.
If you have a hard time saving money, make a completely separate bank account (NOT at your primary bank) that is NOT conveniently on your way home. Make a name for the savings fun like “Vacation Fund” or “Boat Fund”. It will help you want to save, and then when emergencies occur, OH LOOK! You have a bit in your “boat fund” that you can use. How nice. {wink-wink}
Make an appointment today with a financial adviser and educate yourselves on savings accounts, retirement, and most importantly what the market is doing today. Be sure to make a list of questions and feel free to take notes you can look back on later. There are plenty of advisers out there who DO NOT charge fees to sit down and talk about your personal situation.
If your situation calls for it, bring in help. Programs and books like Dave Ramsey’s or mint.com (just to name a few, but there are a TON out there!)
Be sure to contribute to a retirement account each month. TIME is all you have like we said. It is the only thing you can’t ever get back. Even if you think you cannot afford putting $25 away a month, you should and can afford to.
Look at successful people you know and learn good habits and strategies from them. Talking money with some people is too personal, but if you have a family member who is successful, how could you pass up learning from them? Perhaps they can share something they’ve learned to benefit you.
Be open to opportunities that come your way to make more money. We live in America! They are all around us all the time! Even if you take a part time job for a few months and direct deposit your earnings straight into your retirement fund… Like mentioned above, TIME is what makes the biggest difference! Brainstorm your opportunities together as a couple.
The most simple way to avoid money problems though… is to live within your means. If you don’t have it, don’t spend it. Credit cards only hurt most of us… that is not money you “have.”
HERE is a link I found for suggested income spending/saving…
{Again, these can be found all over the internet.}
Good luck with your marriage and your money! We hope it is more than successful! XOXO
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