MONEY
MARITAL
harMONEY 6
relationship. In this way each of you retains your credit record at the bank and
you retain a sense of responsibility.
Ten tips to keep your marriage
financially fit I BY RUTH REHBOCK
Save and/or invest your money independently of your spouse. This
means you each have extra resources should something happen
to the other’s earning capacity, and you retain a sense of your own identity, financially.
7
Take responsibility for your financial
health. It’s critical to learn as much as
possible about how to keep your costs
as low as possible. This means understanding bank balances, loans, how to save or invest money, repaying a bond, and so on.
8
TEN TIPS ON FINE-TUNING
YOUR MARRIAGE FINANCIALLY:
1
Negotiate a realistic budget.
Take into account the cost of living and how much income you
have as a couple. Make sure you
are in agreement about your financial
plans. Also, negotiate a plan that is reasonable and fair, and remember, it’s not
set in stone. Review your budget if and
when the need arises.
46 JEWISH LIFE ■ ISSUE 83
2
Set realistic financial goals.
Look at financial goals for each
partner, for the two of you as a
couple, and goals for the family.
An example is that a budget for groceries
and so on could be a short-term goal (six
months to a year), but looking forward,
you both need to think about saving or
investing (a long-term goal).
3
It’s often a good idea to ask a facilitator for guidance. A trained financial
planner or advisor can look at your situation objectively and provide valuable information to steer decisions regarding
your investments, for instance.
4
Maintain separate bank accounts.
This is essential, even if you use a joint
account to pay for the household
budget. Each partner must maintain their
self-worth, independence and their identity.
It also makes each individual accountable.
5
Don’t share debt. It’s a good idea to
keep credit card debt separate, for instance. On the other hand, sharing the
burden of repaying debt is part of a good
9
Strengthen your relationship as
much as possible. Increasing and
supporting the bond you have with
your spouse will make the relationship
more resilient when stressors arise that
will test it.
Be open about financial issues. One of the things that
can be destructive to a marriage is hiding one’s individual spending
habits. It’s always better to be as open
and honest as possible in a real and loving
relationship, and this applies equally to a
couple’s finances.
Remember to always find out what is
causing stress and conflict. Is your disagreement about how much you spend or
how little there is to spend, or is the money issue masking other problems in the
relationship?
Moross adds that investing time and
energy, and managing and plannin