Blogging for Change

Ten simple steps for planning together

by Kim McGrigg on
5/19/2009
in Personal Finance

Few will argue that money is the number one reason married couples fight with one another. Since we are about to enter the peak season for weddings, I offer you the following guidelines for couples to use when discussing money and planning their financial future:

1. SET PRIORITIES AND SPECIFIC GOALS. Don’t assume you both have the same goals without discussing them.

2. DISCUSS VALUES. Sometimes differing values make agreement on goals difficult. When one person wants to spend now and one wants to save for later, it can be a source of friction. The same is true when one spouse tends to be less risk oriented than the other about investments.

3. PLAN IN FIVE YEAR UNITS. When planning for five year blocks, you can set both intermediate and long-range goals without feeling you’re being deprived forever.

4. BUDGET TOGETHER. Set up a manageable system for your cash flow together.

5. KNOW WHERE YOUR MONEY IS GOING. Keep records of your spending.

6. DON’T ASSUME THAT BECAUSE YOU ARE BOTH WORKING YOU HAVE A LOT MORE TO SPEND.

7. SAVE REGULARLY so you aren’t locked into that second income.

8. WHO HANDLES THE ACTUAL PAPERWORK CAN BE A MATTER OF PERSONAL PREFERENCE, although both of you should practice at it.

9. DON’T CONFUSE THE TASK OF DOING PAPERWORK WITH THE ACT OF FINANCIAL DECISION MAKING.

10. SIT DOWN TOGETHER AND DISCUSS FINANCES at least once a month.

 

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

Recommended Articles

Man sitting in front of pile of bills, trying to understand his options.
Professional Budget Advice
Make the most of every dollar and start building toward your dreams! Budget counseling is FREE and available 24/7.
Learn More
Learn more
  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.