Through watching my grandfather's approach to life and money, I was able to grasp some truly valuable financial lessons. This was particularly poignant given that my father's approach to finances served as a stark counterexample of what not to do.
My grandfather, who grew up during the Great Depression, embodied the principle of living below one's means. This was not merely a saying but a lifestyle he embraced, shaping his prudent financial habits. He prioritized long-term financial security over the allure of short-term material gain.
The concept of saving was one my grandfather held in high regard. No matter his earnings, he made it a habit to set aside a portion of his income. This practice not only emphasized the importance of saving but also fostered in me the discipline to prioritize savings over unnecessary spending.
When it comes to new and even seasoned relationships there needs to be open and honest communication. This is especially true when it comes to money and yet it’s not always easy. Consider the following tips to get (and stay) on the same page with your significant other.
Start out by creating a budget. By doing so, you'll have the opportunity to talk with your significant other about how much you make, monthly and annual bills, and how much debt you've accrued. When you create a budget you'll know exactly how much money you do (or don't have) and will be able to make decisions together about what to prioritize.
Creating a budget doesn't have to be complicated. With a notepad in hand, break it down by expense: electric, water, gas, credit cards, student loans, auto loans, personal spending, rent, insurance, pets (if you have them), an average for groceries, and an average for dining out. Total it up and you'll both...
People widely acknowledge and discuss how money can negatively impact romantic relationships, but sometimes money causes tension in friendships, too. This is especially true when there is a large discrepancy in income between friends. Here are some simple do's and don'ts to keep money from ruining your friendship.
Your friends are not mind-readers and may or may not even realize that money is causing tension in your relationship. If they are real friends, they are not going to care that you would rather invite them over for a cup of coffee than go out for expensive dinner. Just be honest and find things that you like to do together that are free or don't cost much.
I know that money is still a taboo topic in many social circles, but honesty is so important for relationships to thrive. You may not be struggling...
Afraid to talk to your spouse about money problems? Money is a common argument amongst couples, and unfortunately, it often gets so bad that it leads to divorce. The earlier you can address financial stress in your relationship, the more likely you can resolve it. The best thing you can do for your relationship is to work together to solve your financial problems.
Premarital counseling can prevent a lot of problems. The theory is that talking about significant issues before getting married can reduce the friction caused by different beliefs and behaviors. Discussing topics like child-rearing, managing conflict, and managing money are essential before getting married. Waiting to sort out the differences after the honeymoon period can be hard.
If you've been married a while and now realize that you and your spouse don't agree on finances, it's important to get a handle on things before they affect your relationship. Money can create a great deal of strain in a relationship....