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Marriage and Money: 5 Building Blocks for Success

A successful strategy for handling money with a partner means establishing procedures and understanding emotional implications. Establishing procedures and taking a look at the numbers can reduce uncertainty and conflict. Honestly working through emotional aspects is critical for success.  Below are some steps to help. Make a time for the discussion when you are both relaxed. Take one step at a time.

  • Discuss your values, goals, and priorities. Consider both long and short term goals. Try to come to consensus and establish priorities.
  • Understand your money personalities. Are you a spender? A saver? Explore underlying issues such as feelings of insecurity about the future, social status, and commitment.
  • Set-up a budget. Start with priorities. If both spouses work, decide how incomes will be allocated. If your budget allows, consider a set amount of “discretionary” money that each partner will have as fun money. Also decide types of purchases you will consider together and those you will handle independently.
  • Take a look at your credit report. The federally authorized site will provide the most details about credit history annualcreditreport.com. At this site you will not receive a score, but the report details provide a big picture look. Explore your feelings about credit and debt.
  • Communicate honestly and considerately. Listen to the emotions being expressed.

University of Florida Master Money Mentors can provide free, unbiased 1-1 education sessions to couples and individuals who would like to develop a spending/savings plan, learn more about credit, and save for future goals.  If you are interested in finding out more email Lisa Leslie lesliel@hcflgov.net