The Money Episode - YMM #24

Welcome to another episode!  Our topic today is a tough one that MUST be addressed early on in a marriage (and even before marriage)-----MONEY!  Today’s episode will be Part 1 about the “How To’s” of confronting this issue.  Part 2 will focus more on Beliefs/Attitudes about money and spending.

Your assignment is to LIST THREE GOALS RELATED TO HOW YOU WILL MANAGE MONEY THAT SHOULD BE COMMUNICATED BEFORE YOU GET MARRIED.

There are two main issues to consider:

• LOGISTICS—Ask and discuss:  How will we manage money?  Who will pay the bills?  Will we have joint accounts, investments, savings, etc?
• BUDGET---This is a written plan for your money and basically a division of assets and liabilities.  An easy way to begin is to write down for one month where every dollar goes.  Saving each receipt is another way to track spending.

Make the following questions part of your conversation:

• What are your skills/knowledge concerning money?
• What gaps are identified in your experience with managing money?
• What are your goals for spending money as you move forward?
• What do YOU need to improve upon in managing money?

Identifying strengths and weaknesses in regards to financial resources can help us look at strengths and weaknesses in other areas as well.  This area of money can cause tremendous stress, so have the conversation NOW to prevent more problems LATER!  Thanks for joining us today!

LISTENER QUESTION OF THE WEEK:  We both are not good at handling money, and we need to make some drastic changes to the way we spend money.  What is the best way to NOT live paycheck to paycheck?

 

FUN QUESTION OF THE WEEK:  What is your favorite store?