How Men and Women view Money Differently

From leaving the toilet seat up or down to household roles, men and women have always had a difference of opinion on many things and money is no different. This infographic compares men and women’s attitudes regarding money and how they choose to spend it. 

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Posted in: Couples , relationship

Couples: 10 Quick Tips for Planning Together

There's nothing more romantic than making plans for your future.  Set financial goals and vow to keep them.  Make sure that your goals are both specific and achievable.  Try to set goals that are equally rewarding so that you are both motivated to achieve them.  Depend on each other for support and encourage each other to stay focused.

"a couple will save much heartache down the road by learning to talk about money in the early stages of their committed relationship.  we say "learn to talk" because this isn't a one-time event where each of you asks a couple of questions and then you're done." Get Financially Naked, Manisha Thakor and Sharon Kedar

10 Tips for Planning Together

1.  Set priorities and specific goals.  Don't assume you both have the same goals without discussing them.

2.  Discuss values.  sometimes differing values make agreement on goals difficult.  When one person wants to spend now and one wants to save for later, it can be a source of friction.  The same is true when one spouse tends to be less risk oriented than the other about investments.  Do you know the key component of your mate's money history?

Image Credit- ONE: Extraordinary Marriage

3.  Plan in five year increments.  When planning for five year blocks, you can set both intermediate and long-range goals without feeling you're being deprived forever.

4.  Budget together.  Set up a manageable system for your cash flow together.

5.  Know where your money is going.  Keep records of your spending.

6.  Don't assume that because you're both working that you have a  lot more to spend.

7.  Save regularly so you aren't locked into that second income.

8.  Who handles the actual paperwork can be a matter of personal preference, although both of you should practice at it.

9.  Don't confuse the task of doing paperwork with the act of financial decision making.

10.  Sit down together and discuss finances at least once a month.

Get started today talking with your spouse or significant other about money matters. You'll find it very freeing. You will feel an enormous weight lifted from your shoulders and you will know where each other stand when it comes to money.


Sources: 
http://www.moneymanagement.org

Get Financially Naked: How to Talk Money with Your Honey by Manisha Thakor and Sharon Kedar

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Posted in: Couples , love and money , relationship

Couples and Money

Image Source: corriebradshaw.com

Congratulations!  You have found your perfect mate.  You are ready to embrace all of each other's outstanding qualities and unconditionally accept any less-than-ideal traits.  However, before you walk down the aisle and commit to spending the rest of your lives together, you need to discuss how you will be spending your money as husband and wife.

Money does matter when it comes to having a happy, healthy relationship so couples should try to devote time to improving their financial standing.  A little honest communication could keep your relationship from becoming a statistic.  

Share Your Feelings 

No matter how unromantic, having an open and honest discussion about your financial past and future is vital to your financial success.  Remember that everyone has their own money style, which has been shaped by their past experiences.  Talking about money issues honestly and openly gives you a much better chance of having a strong, healthy financial relationship.  

"If you are willing to take your clothes of in one way, you should be willing to Get Financially Naked." Get Financially Naked by Manisha Thakor and Sharon Kedar.

Commitment

No one will care more about your financial security more than the two of you.  Make a pledge to each other to take joint responsibility and steps to better your overall financial standing by paying down debt and establishing a savings cushion.

Establishing a savings cushion could keep a financial setback from becoming a financial disaster.  and reducing debt allows you to make smart financial choices in the future.

Make Plans 

There is nothing more romantic than making plans for your future.  Set financial goals and vow to keep them.  make sure that your goals are both specific and achievable.  Try to set goals that are equally rewarding so that you are both motivated to achieve them.  Depend on each other for support and encourage one another to stay focused.  

Spend some quality time.  Schedule a time to meet each month to discuss your financial goals and expectations.  Review your budget regularly in order to identify problem areas.  setbacks will happen, so try not to be discouraged.  Make adjustments as often as needed to ensure financial success.  You can either manage your financial life, or let it manage you and your relationship.

Know Your Individual Rights

State laws vary quite a bit regarding ownership of income and responsibility for debt.  Learning about your individual privileges and liabilities will only help your relationship and could provide future financial security in a time of need.  

Finally, the most important money move you can make for your relationship is to embrace your differences.  Understand that you cannot change feelings created by a lifetime of experience; instead, try to cultivate the positive aspects of each of your styles.  There is no one "right" way to handle your finance and marriage of your money styles may be the perfect solution.







Sources: 
www.moneymanagement.org
Get Financially Naked: How to Talk Money with Your Honey by Manisha Thakor

Read more »

Posted in: Couples , love , relationship