Page 33 - Book3E

CHAPTER 5
Emotions and Money
Money breaks up more marriages than any other factor. Consider these tips from Jay MacDonald at Bankrate.com when embarking on a marriage, whether it’s the first time or not:
• Be aware that you’re going to have emotions regarding money.
• Set up a separate joint checking account for household bills and expenses.
• If you are marrying someone with children, keep accounts separate. Otherwise, you may build up resentment that your household money is going toward supporting the other family.
• Maintain a separate “don’t ask” account that is yours alone to spend.
• Agree on how you plan to use disposable income.
• Look objectively at your money styles. One of you will likely be considered the spendthrift, the other the careful spender. Make these personal roles work for you.
• Talk, talk, and talk until money matters are easily and openly discussed, preventing the buildup of resentment and eventual eruption.
To prevent emotions ruining your finances, spend some time analyzing your strengths and weaknesses. Some people naturally resist accepting they have weaknesses and even if they accept they have them, they have trouble acknowledging what those weaknesses are. It’s always easier to see what’s wrong with someone else. Keeping good financial records will help you see where your weaknesses are. They will show up in your discretionary spending, i.e., areas of spending which are by choice rather than for survival.
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