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A recent poll by the National Foundation for Credit Counseling (NFCC) regarding money and marriage resulted in some alarming statistics. According to the results, 68 percent of respondents indicated they would feel uncomfortable discussing money with their future spouse. And five percent indicated the conversation would be so unpleasant, it would cause them to call off the wedding.
I don't know about you, but I find these numbers to be pretty alarming — on a few levels.
The key to a happy marriage lies in communication. And the key to good communication is trust. So ultimately, if you don’t trust your partner enough to believe that you could persevere through a tough conversation, there are likely some underlying issues that need to be addressed BEFORE walking down the aisle.
Don’t get me wrong, I know from personal experience that discussing finances is rarely (if ever!) a pleasant conversation. But I also know it’s a necessary conversation.
Being the daughter of a psychologist whose specialty is marriage counseling, I had it hammered into my head from a young age that open, honest communication (which also requires listening!) is important for a healthy relationship. Yet, even with that knowledge, I can tell you that 90 percent of the fights my husband (of only 10 months, mind you!) and I have had, are related to finances. So trust me, I get it!
But I also know that with every conversation, we get more comfortable talking about those hard-hitting money issues. And in the long run, it has helped to make our relationship stronger.
So whether you’re engaged, a newlywed or you’ve been married for 35 years, there’s still a lot you can do to improve your finances – and ultimately, your relationship. You just have to start talking.
Download our Love and Money eBook for more tips about starting the conversation, as well as tools and resources to help manage your finances as a couple.
How do you approach the topic of finances in your relationship? Any tips, tricks or strategies? Share your thoughts by commenting on this post!
Mother's Day is rapidly approaching! If you have found yourself scurrying to think of a gift that will show mom how much you really care, then you're in luck! You can call off the hounds, because the search is over.
As it turns out, mom doesn't want your money. In fact, what mom really wants is your time. And who are you to deny your mom what she really wants on her special day? So give mom the gift of ... well, anything, with our custom gift certificate generator!
Whether it's 10 free shoulder massages, breakfast in bed, or a promise to help around the house, there's no better way to show your mother how much you appreciate all she does.
Looking for more budget-friendly gift ideas? Check out MMI's Mother's Day Pinterest board for D-I-Y crafts, recipes, cards and more!
When it comes to the ability to influence your children’s future financial behavior, there is good news and bad news, according to the results of a recent survey conducted by the National Foundation for Credit Counseling (NFCC).
The good news is the majority of Americans say they learned the most about personal finance from their parents. But, the bad news is, unfortunately, that the majority of Americans say they learned the most about personal finance from their parents.
So how exacty is the fact that 44 percent of Americans learned the most about personal finance from their parents?
While it’s certainly encouraging to see that parents still play such a key role in the behavior development of children, it can be a bit worrisome when taking into account the admitted poor financial skills of the majority of Americans.
Because parents often find it difficult to adequately teach kids about money, children ultimately learn by example. To make it just a tad more complicated, according to a study by Ameriprise Financial, the way a parent approaches financial matters differs dramatically according to the gender of the parent.
The report found that, while women are more likely to talk about financial matters with their children, fathers are more prone to simply provide financial support. In fact, more fathers than mothers say they would help their child buy a car or pay off credit card debt than say they’d continue contributing to their own retirement savings.
While you may or may not fall into one of these categories, it is still important to be aware of the example you are setting for your children. So in honor of Father’s Day, make a pledge to address this important life skill. After all, raising a financially independent child could be the best gift you ever gave yourself!
The following are a few tips to help your children start off on the right financial foot:
Ultimately, the wisdom you impart upon your kids now – while you still have influence over them – will help them grow into successful, responsible adults.
The topic of love and money is highly emotional for both men and women. The first part of our two-part series will focus on the "She said" perspective.
In honor of National Financial Literacy Month, I encourage you to create your own personal financial dashboard.
Home is much more than just the four walls that hold a roof over your head. Home is your base of operations; a place to retreat, think and make plans for the future. As the foundation of your financial life, it is important that your household’s financial house be in order.