Well,
it’s official; David and I are married now. Good weather,
beautiful surroundings, wonderful friends and family all combined
to make the perfect wedding day … now it’s back
to work!
September
is a great time of year to get focused on your goals and take
stock financially. Plan for major purchases, save-up for holidays
or get out of debt by New Year. If you need some help focusing,
or you have questions about how to get started, you can sign
up for the November 16th Life
the Life You Want with the Money You Have
workshop.
Statistics
say the number one reason married couples fight is money.
The most likely reason couples fight about money is because
they don’t know how to talk about money.
It is
surprising how many people don’t know how much their
partner makes, or what he/she does with their money. From
what I’ve been told, the key to a good marriage is communication
and communicating clearly about your financial situations
is certainly a big part of that.
Talking
to your spouse about money might seem stressful, but how hard
is it to talk about your dreams? Whether you dream of buying
a home, staying home to raise your children, or retiring on
an oceanfront property, money can make or break that dream.
Do you
both share the same hopes for the future? Or are you each
doing your own thing and wondering when the other will get
on board? As a couple, set aside some time to write up a list
of your goals – and when and why you want to achieve
them. Go from short term – what you hope to do this
year – to long term. Where would you like to be living
in 10 years? What do you hope to be doing? What about retirement,
what will it look like?
In order
to make your dreams come true, it is important to have a plan.
And a good plan starts with good information. How much do
you each earn? How much do you save? When will you be out
of debt? What kind of retirement benefits can you expect?
It will be easier to get down to the nitty gritty when you
have a common goal to achieve.
At first,
you may need help finding common goals, agreeing on priorities,
or even figuring out what you have to work with. As a money
coach I have experience listening to your concerns and finding
solutions that will help you create the life you both want.
For information
on couples financial counseling or to set up a complimentary
consultation email
me.
Tips
to Make Your Marriage A Financial Merger, Not A Take Over.
Contribute
to a joint chequing account Use it to pay shared
expenses such as: mortgage or rent, household bills,
and other common expenses such as car insurance, debt
payments etc. Financially you don’t have to contribute
equally – but you do have to have equal accountability
when it comes to saving and spending responsibly. Merging
your accounts also gives you equal access to your financial
information and that will ensure you have plenty to
talk about.
Set
a Spending Limit Make it a rule that neither
of you can spend more than – say $200 - without
first discussing it with your partner. Different couples
will set different limits but when setting yours take
emotional questions like trust and the “good deal”
factor off the table and just think practically about
how the expenditure will affect your goals and what
you are working towards together.
Keep
some financial independence Allocate a certain
amount of money each month that both of you can be spend,
no questions asked. You might use it for lunches, coffees,
magazines, beers with the boys, pedicures with the girls,
you get the idea. It’s a good idea to make the
amounts equal, and remember you can’t question
it - so set the amount at a level you are both comfortable
with.
Make
sure you have a DPF (Divorce Prevention Fund) especially
if you have kids! Set aside a certain amount
of money every month for a date. Take turns picking something
fun to do – dinner out, a trip to Playland, a concert,
rent kayaks and go for a sunset paddle – whatever
you want. Go out and have fun, but stay within budget!
Survey
Poll
How often do discussions
about money turn into arguments about money?
Always, plain and simple.
Monthly,
bills come due and guess what happens.
A
few times a year, stress & big-ticket purchases play a
role.
Never,
we have a perfectly healthy financial life together.
Never,
we don’t talk about money.
Around
Town
Women’s
Expo – “Making Home Ownership a Reality”,
Come hear Sheila, Patricia and Katherine speak at
the Women’s Expo. Start your plan to buy a
home, learn how to get the best mortgage and the
ins-and-outs of home buying. Women's
Expo Website... Sat and Sun Sept 24th &
25th.
Call
Sheila at 604-716-5375
Money
Coach / Educator
Win
a Piggy Bank Full of Loonies!
Simply,
send this newsletter to a friend (button
below) and have your name automatically
entered to win a Piggy Bank full of Loonies!
FORWARD TO A
FRIEND LINK HERE
This
Quarter's winner for the Piggy Bank of Loonies
is Ginny Harrington!
Save
the last Monday of the
month for Money! Money Coach Sheila Walkington
hosts this informal series to give
women an opportunity to talk about how money works,
how to manage it and how to gain control of it.
Email
Sheila some questions in advance or just turn
up and take part.
