According to a survey by American Express, nine out of 10 people avoid discussing money with their mate. Don’t be a statistic! It’s to your advantage to work together — the sooner the better. Whatever circumstances you’re in, they will only improve by looking at the facts and creating common goals.
How to get started: AnnualCreditReport.com is your key to a free credit report, no strings attached. Request a copy, check for errors and evaluate your credit standing. Employment, insurance, housing, and military service are affected by your credit history.
Mint.com is a trusted site for creating a whole picture of your financial accounts and goals. Online or on-the-go, you can record, track and reflect on your progress. The Consumer’s Almanac from the Federal Citizens Information Center (FCIC at publications.usa.gov) is a free, printable, 32-page resource which provides calendars and helpful financial advice for the entire year.
Have the Talk(s): Once you have the data, sit down with your spouse, in a neutral atmosphere. It might not be the most romantic date, but the money saved and chaos avoided will encourage bliss between you for years. Bring to the table your money goals, wishes, and dreams. Together, choose your top three priorities. Evaluate your current spending and expenses for possible reductions. Whether you use a website like Mint.com, or an “on-paper” system such as the Consumer’s Almanac, make sure it works for both of you. Set a date to come back and review your progress and to reward yourselves with a small “milestone” treat.
It’s his (or her) spending that’s the problem: The stories couples can tell are sometimes lighthearted, sometimes an agonizing illustration of how opposites attract. It can be tough also if you’re the only one in the “team” that wants to reach long-term goals. My suggestion is for the motivated to share with the unmotivated to define what treats or treasures are of interest to your spouse. In couponing, for example, we convert “noncouponers” by obtaining their luxuries in a less-expensive way. Showing them the receipts and the breathing room in the checkbook are also convincing methods of gaining their participation. The same method of conversion can work for other money matters. Enlist help by starting from their perspective and including some of what inspires them to keep working towards a common goal.
Saving for Life: In the cycle of “paycheck to paycheck” in which we might find ourselves, the whole picture of our finances is just too big for us to contemplate amidst our busy lives.
Saving the daily coffee or lunch expenses by bringing your own, trading a “night out” to fund your emergency account, and putting off that must-have purchase until it’s on sale – will all help get your financial health in better condition.
Document your savings on a calendar or bulletin board, or better yet, with a friend who’s your accountability partner. Follow those successes with reaching designated savings goals for each of your money priorities (home, debt reduction, emergency fund, vacation, holidays, etc.). Evaluate, adjust, record, then notice your progress. Repeat, of course, with good communication and shared priorities. You’ll “earn” your way to a lifetime of the best for your family and a legacy that you’ll be proud of.
For help with those homemade lunches and beverages, visit the website of your favorite manufacturer. You’ll find recipes, create-a-meal tools, and more. Invest in a few solid travel containers, exchange surprise love notes in the brown bags and enjoy new foods to keep the novelty fresh.
Amy Hannold is a money-saving mentor, coordinator of the North Whidbey Coupon Club, the proud wife of a retired Navy Chief and a busy mom. Her columns appear the second Friday of each month. Send your questions to Hannold via email at ahannold@comcast.net.
