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Roy Sperr Jason Walters and Shawn Hunter NMLS: 202418/295556/348864 Equity Source Mortgage, Inc. Phone: Roy (763) 657-2012 Phone: Shawn (763) 657-2017 Emails: roy@equitysourcemortgage.net roy@equitysourcemortgage.net www.equitysourcemortgage.com |
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August 2014
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5 Money Fixes for Couples Money Fix #1: Know your partner's "money story" Getting to know each other's past is important on many levels, but especially when it comes to money—especially if one partner grew up in a different financial situation than the other, as money issues may trigger behavior without either one being aware of why. Money Fix #2: Reveal your secrets Money is not the place to keep a bit of mystery in your relationship, and hidden debt will be discovered once you apply for a joint mortgage or other loan. One easy way to avoid this problem is to trade off doing the household finances—not only does this lower the temptation to hide funds or debt, it keeps both partners in the loop if something should happen to the other. Money Fix #3: Talk more often Prioritize the financial topics you need to discuss—bills, credit scores, debt, savings, retirement goals—then make time to discuss them. The services of a qualified financial planner may help you clarify goals and understand how things work in the real world. Whatever you do, make sure to discuss these items on a regular, ongoing basis together. Money Fix #4: Stick to a budget Help each other stick to a budget by deciding which bills to automate and which to pay by mail. Try giving yourselves an allowance each week, and agree to discuss any expenses over that amount. Make sure to set something aside each month for having fun together before you retire! Money Fix #5: Discuss the "what ifs" Nobody lives forever, and unfortunately, accidents can and do happen. Getting your financial and estate planning ducks in a row with life insurance, burial decisions and a living trust can save your partner innumerable headaches during a very traumatic time. Poor financial decisions, even disputes by interfering family members, can all be avoided with a little planning. As you can see, most money troubles between couples aren't insurmountable, and good communication can alleviate most, if not all, trouble spots. Seeking a financial planner, reviewing each other's credit report, and talking through how to handle finances fairly should be considered an important part of building a healthy relationship. | ||||||||||||||||||||||||||||||
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