January 21, 2013
Discussing Finances With Your Spouse
Here are a few ways to ensure a successful financial partnership with your husband or wife.
A leading cause of marital breakups is failure to openly discuss money issues. Long before financial difficulties escalate, explore ways to ease the tension. Start by scheduling regular meetings with your spouse to discuss all things financial. Things like: bill payments; progress or setbacks with your savings goals; and budgeting for taxes, insurance premiums and back-to-school supplies. Also discuss strategies for coping with unforeseen expenses. Don't postpone discussing painful topics, like bounced checks or falling 401(k) balances. Whether you need to temporarily tighten the budget or make a major life-altering decision like postponing retirement, talk it through.
Bottom line: Like any other partnership, marriages can derail when the parties don't communicate. Make sure that doesn't happen to you.
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