Three Tips on Marriage and Money

Three Tips on Marriage and Money

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2017-10-30

 

When you get together with someone, the first thing you think of is not that you will be dealing with bills and mortgage payments. Unfortunately, arguing about money seems to be the norm when it comes to relationships.

According to a survey by SunTrust Bank, it appears that finances and money are the leading cause of stress in a relationship. 35% of all couples surveyed said that financial stress was their main problem. Out of the couples who were between 44 to 54 years old, the trend is even higher. A whopping 44% said money was the primary cause of friction between them. 

There are a few ways you can avoid arguing about financial issues:

Budget together 

Setting a budget together means you both are aware of what gets spent where and when. An accurate budget frees you up to get more done as you are both in control of your finances and are working towards a future together instead of apart. This way the arguments should be headed off at the pass as it is all out in the open, and the cards are on the table. There are a number of online tools and apps you can use to do so.

Common goals

Make sure you are on the same page working towards the same objective. If one of you wants to retire in Boca and the other wants to live in a brownstone in NYC, you will have different ideas about money and investments. Talk openly and honestly about what you want to achieve and plan to get there together.

Golden rule 

Treat your partner like you want to be treated. If it comes to a confrontation about money or spending, it pays dividends to consider the other person’s goals and feelings. Perhaps there was a reason for the credit card charge? Maybe it was a surprise birthday gift. Once you have all the information, you can discuss it openly and always with the respect you would want for yourself. 

There is no magic wand that can be waved that will make all marriages perfect, but if we can all stop arguing about money, we might be able to change a few things for the better.

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Contact

Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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