For many couples, money is a source of conflict due to differences like income levels or spending styles. Other couples have managed to find a happy balance where money is concerned.
Financial responsibility is twice as likely to sustain a personal relationship. Fighting about money is the number-one reason for divorce in America. It is widely known that financial issues are the culprit for significant amounts of stress in relationships, job performance or physical and emotional health. 1 in 4 American workers are seriously distressed about their personal financial situation. Even more alarming, 80% of financially stressed workers spend time at their jobs dealing with or worrying about money issues.
Talking about money is an intimate and unfamiliar act.
Talk with your spouse about a realistic lifestyle. How much can we afford to pay for a home, car, including our other expenses?
Communication enhances all relationships.
The couple should plan a 30-minute budget meeting weekly to discuss account balances, bills and projected income.
Couples should discuss their financial commitments both as individuals and jointly as a couple.
Managing your money by budgeting can help alleviate these concerns. It is important to know the amount of income you receive and your expenses. Never spend more than you earn.
Saving $10 a day will yield you a million dollars in 34 years.
Review the Money Matters section for further information on budgeting or call the Community Support Center/Fleet and Family Support Center’s Financial Specialist for some one-on one advice: (504) 678-7560.