Getting married is still at the top of the list for being one of the most important decisions that we make. It’s amazing how those two words “I do” or “I will” can change our lives in very significant ways, especially in managing money.
In some states, marriage can change our financial picture whether we intended it to or not. There are a number of issues that newlyweds will need to discuss, but we’ll touch on the five that should be dealt with first. It’s very important that both spouses get on the same page as quickly as possible to avoid potential conflict.
File a Joint Account or Married Separate
The first important issue to discuss is the area of taxes. Usually this will focus on whether to file separate tax returns or to file jointly. Generally, filing jointly will result in lower overall taxes, however, this is not always the case. There are some situations where filing separate returnsresult in less taxes.
Some other caveats to consider. When filing jointly, both spouses are liable on the return. If, as an example, one of the spouses makes an error in reporting or not reporting income, both are View full post…
This is one topic that can stir up a hornet’s nest big time-and quickly. How to manage your money after marriage “has no one size fits all” solution. You can ask this question to a dozen couples and get that many different opinions. This topic is also responsible for many divorces so please read this with a broad and unbiased mind. (You can flame me in the comments below)
A married couple needs to be able to communicate with each other on how to manage your money, and in a way that each respects the others views. You won’t always agree, and that’s okay, just don’t be disagreeable. View full post…
When young adults begin to work and receive their first paycheck, they get a taste of a sense of real freedom & don’t usually think about money management. This feeling is usually not combined with the little voice that says, Save your money. They suddenly find that they are sharing their wealth and are buying things they could not afford in the past. Celebration is not bad, but it is only meant for rare occasions. Freedom comes with responsibilities.
If real money management is not practiced early, there is a real chance that spending will often be more gluttonous than necessity.
Counting Money Games To Teach Children About Money
If you have read the other articles on my blog, you know how much I advocate children learning early money management skills. The earlier children learn about money, the better. Small children can begin with counting money games.
Children who learn counting money games and practice early money management skills benefit in the following ways:
They never develop poor spending and savings habits that lead to debt later in life.
They are taught an early sense of responsibility and make wiser choices.
They avoid the negative connotations of money and rarely have a financial lack mentality.
The current mentality in our society about living above your financial means and having a lot of debt will not be carried forward with this generation of children.
Reason number 4 is very important and affects us all. We can bemoan our current society’s spending habits but until we make the changes that bring about a new way of doing things, we are wasting our breath. Complaining about something is worthless unless we are backing it up with action. Teaching our children from the ages of 2 or 3 with counting money games brings about a change in their mentality. Pushing for early money management programs in our schools are equally important. Again, we should not wait for someone else to do what we can do, so teach your children financial responsibility and don’t wait for a school system to get on board before you do.
Teach Kids about Money – Strategies for Raising Smart Spenders at Every Age
It’s never too early to teach kids about money. Whether they are 5 or 15, you should have an honest conversation with them about finances. With young people digging themselves into debt with credit cards at an alarming rate, make sure that your children have the tools to make good choices when they are out on their own. Ask any adult in their 30’s, and you’ll find many of them still paying off the credit card debt they acquired in their 20’s. When you teach kids about money, it’s best to lead by example. Start by making sure that your own finances are in order. After all, how can you expect your child to have good spending habits when yours may be out of control?
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