Daily Dupaco

Wednesday, September 09, 2009

Couples and Money: Achieving Financial Harmony Amidst Differing Money Attitudes

Experts say that, in a relationship, opposite money personalities actually can complement each other: Savers keep spenders out of the poor house while spenders encourage savers to enjoy the fruits of their labors now and then. Getting to that point--where both money personalities contribute to a balanced approach to the family finances--requires compromise and communication.

A willingness to accept your partner's money personality is a start, but you have to take action if you really want to achieve financial harmony. Here are some things counselors say couples should do to reduce conflict and to reach their financial goals.

  • Communicate: talk about your marriage and money

  • Set goals: together, identify goals for saving and paying down debt and rank the items on the list according to what you both feel are most important

  • Use individual and joint accounts: Pay for household expenses from the joint account, use individual accounts to pursue wish-list goals each person may have (for one person, the wish-list might include a weekend getaway, and for the other, the list might include contributing more money to a retirement account)

  • Revisit your goals: Review often and make adjustments as priorities and finances change

To read the complete Home & Family Finance article, click here.

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