Paying off debt is a team effort once you are married. If you and your partner have debt on your hands, sit down and honestly discuss how to deal with it together.
Do you want to more easily change your over-spending behavior? According to some new research, maybe all you need is to count your life’s blessings. A mindset of gratitude gives people the patience to handle money better.
One set of financial goals is hard enough to manage. Two sets can seem impossible until you learn how to merge finances with your spouse – and how to keep some assets separate.
Coming together with your spouse for big-picture costs – homes, a college education – is probably easier if you share financial goals and values. Some couples match up from the start; other couples grow into such simpatico. (Amazingly, some couples succeed in planning despite having many different goals and values.)
What’s life without joy, sadness, happiness and sorrow? Emotions enliven and enrich your existence – and, if you let them sway your financial judgment, they can drive your portfolio onto the rocks. How do you avoid letting your feelings determine your investing?
“Emotions do matter,” said Hugh Massie, chief executive officer of behavioral management advisory firm DNA Behavior in Atlanta. “They get in the way of investors’ success.”
One of the most ticklish situations in a marriage is dealing with money – often because couples don’t talk about it, or if they do, not well. Advisors explored this fraught subject at National Financial Advisor Week.
“Being compatible romantically does not mean being compatible financially,” said Hilary Hendershott, on a panel of advisors that dug into the issue.
The good news for the economy is that consumers are buying more. The bad news is that they’re not paying for what they buy. Debt delinquencies are surging, and so are collection agencies.
Your credit score is like the GPA of your finances. To get better financial options in the future, you should know your credit score and how you can improve it if necessary.
Your credit score plays a role in almost every financial aspect of your life. Banks check your credit score to determine whether or not to approve you for credit and how much you pay in interest charges. Your landlord may ask for your credit score for your lease application, and more and more employers are interested in it as a way to measure how responsible you are.
Bet you don’t feel richer lately. That’s because you’re not, say some co-called experts. What’s the real danger of this?
According to the Federal Reserve’s latest report regarding consumer finances, unless you are among the richest 10% of the population your median income stayed stagnant from 2010 to 2013. The Fed also states that not only did income drop for every other group, the gap widened between the richest and us common folk.
When a couple weds, each in the new pair often feels pressure to marry individual finances together as well. Smart financial planning actually dictates that you don’t have to – and in many cases shouldn’t – put all your money into a single, joint account. You can enjoy both cooperation and autonomy in your financial marriage.