![]() There are a lot of other great programs as well (in addition to numerous websites that review them) so it’s worth looking into which program works best for you. Mint also categorizes your purchases to give you a better idea of how you’re spending your money. One of the most popular programs, which many financial advisors applaud, is Mint - a program that let’s you create a budget and automatically track your accounts and transactions so you can see how you’re progressing. The good news is that technology has made budgeting a lot easier with the proliferation of online tools and apps that track your accounts and spending for you. It’s the most effective way to keep track of your money, however only around 32% of people have one, according to a Gallup poll.īudgeting may seem tedious, but having one can yield significant benefits, not least of which is preventing the marital turmoil that arises when one or both spouses are in the dark about where their money is going. There’s no sexy way to say it: you need to have a household budget. “It doesn’t matter the amount of money, once that spouse starts to they will feel more powerful.” It can be anything from selling items on eBay, having a garage sale or taking online surveys. She adds that it can also be helpful if the spouse that’s not working does something on the side to generate some money, even if it’s just a small amount here and there. Carrozza says that making sure both partners have the same goal in mind is essential. She adds, having goals aligned is especially important for couples with only one income-generating spouse: Often the non-working spouse feels guilty about not contributing financially or the working spouse may feel resentful that the money they earn isn’t being spent prudently. “It’s a good reality check for a couple to sit down once a year, no matter where they are on the financial spectrum, and discuss what they are working toward,” Carrozza says, whether it’s a vacation home, paying off debt, or saving more for retirement. ![]() The problem is when couples forget to check in with each other to make sure they’re still in synch. Life happens and things change, so it’s not unusual for people's financial expectations and priorities to shift as time goes by. These types of quizzes are a fun way to get the conversation started and add some levity to what could be a tense topic. For example, Money Harmony offers a free quiz that that determines whether you’re a hoarder, spender, money monk, avoider, or amasser. If you're unsure how to broach this subject with your spouse suggest taking an online “money personality” quiz. “Were their parent’s frugal or big spenders? Did you live on a budget? Did your parents talk about money or was it a taboo subject? What is your spouse’s greatest fear with their finances? All of these answers will play into a marriage and how that partner treats money today.” ![]() Michelle Perry Higgins, principal of California Financial Advisors and author of various financial books says it’s also important to have an understating of how your spouse views money and how they were raised around money. “Temperament is a huge potential source of conflict,” he says adding, one person may be upset that their spouse is spending too much, but the issue may not be just that they can’t afford it but may be something deeper, such as a real fear of not being able to pay their bills some day. It’s actually a clash of temperaments,” says Matt Bell, associate editor at and author of the book Money and Marriage. “A lot of the fights between spouses that seem as though they’re about money aren’t about at all. ![]() If you’re in a second or third marriage and you have alimony or child support payments or even if you expect to provide financial support to aging parents or adult children in the future, that is something you need to address as early as possible.ģ. (If you’re already married and still withholding this info, now is the time to bring it up). This is the time to mention outstanding debts, loans, income sources, investments or other financial assets or obligations. Experts agree that fully disclosing your financial situation with your significant other before tying the knot is a must, regardless of how uncomfortable it may be. ![]()
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