Make Money a Priority

Make Money

 

I recently read an article about money management tips for couples and realized that these steps are crucial in a relationship to make money a priority so couples can increase their chances to  be financially responsible  together.

  1. Talk about money:This is the most basic and most important component to help couples become  financially responsible together. The old adage “ignorance is bliss” is not likely to help most couples achieve  financial bliss. Most of my couple clients have a spender and a saver, and in order to increase their chances of achieving their goals and objectives,  the two need to balance each other and discuss their goals, dreams and what’s most important to their happiness. Often times, after these discussions couples realize that planning for their long term financial objectives  is more important than the material goods and are willing to make some short term sacrifices to save and invest for their longer term goals such as vacationing, buying a home for their family and one day retiring.  Having your spouse as an accountability partner is one of the great benefits to being in a relationship.The alternative is chaos and potentially major strife. Which would you prefer?
  2. Write down specific goals:The first step to achieving anything is to figure out precisely what it is you’re after. What do you and your partner want? It could be a vacation home, more wealth, or being able to travel the world together.Make your goals specific, detailed, and with a finish line. Next, write them down. Numerous studies have shown that people who write down their goals are generally more likely to achieve them.  Many people don’t bother to change their spending habits or start saving simply because their future doesn’t seem compelling enough to motivate them. But nothing creates leverage and motivation like a dream.
  3. Create a plan:Failing to plan together is the same as planning to fail together.  Simply going through the motions won’t cut it — achieving your financial goals  requires a written financial plan to outline your budget and savings goals.Once you’re organized, don’t stop there, In order to stay on track from your starting point to your destination, you have to monitor your progress. This means revisiting your investments and general financial plan a couple of times a year and adjusting it as needed. Your time and effort will be worth it in the end, when you witness the benefits of following your plan, as opposed to just hoping good things will happen to your financial situation.
  4. Check your spending habits:The simplest way to achieve your financial goals  is to save more, which all begins with spending less. This is easier said than done. There’s no getting around it. Money is easy to waste. It’s especially easy to waste on the small stuff when you don’t track your spending on a regular basis. The challenge is that the small stuff adds up — and before you know it, you’ve cost yourself more than you realized.
  5. Compound Interest:Just remember, the cost of waiting is that you lose out on compound interest. Your money earns interest, and over time your interest earns interest so the sooner you get started the longer your money has to work hard for you!If you’ve thought about getting started but aren’t sure what financial strategies make sense and how to formulate your plan, reach out to your financial advisor.

The information presented does not constitute individual advice, nor is it solicitation for the purchase of any investment or insurance product.  You should consult with your tax, legal, and/or financial advisor prior to making any financial decisions. 

Securities and investment advisory services offered through Waddell & Reed, Inc., a Broker/Dealer, Member FINRA/SIPC and a Federally Registered Investment Advisor. 

Tess Zigo and Waddell & Reed are not affiliated with solidfoundationstherapy.com

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