4) THE B WORD: I know, I know, no one likes a budget, but having one is essential, especially in a Spender/Saver relationship. It’s critical that you both have a clear picture of what your money is doing. A budget will help the Spender and the Saver understand why certain decisions about money can or cannot be made. Creating a budget is not as hard as you think. Use technology to your advantage to set it up, then automate it (saving, bills, retirement, everything!). Make sure to set aside money for both spending and savings, to satisfy both your financial personalities. 5) CAP THE KIDS: Much to the Savers dismay, I’m sure your kids just love the Spender. Unfortunately, constant splurging on unnecessary items for kids when they’re younger, not only takes from their future, it also teaches them poor money habits. Get your kids a Money Jar and contribute to it weekly/biweekly/monthly. The Money Jar is where their allowance, birthday, holiday and all other bonus money should go. Teach your kids to set aside a minimum of 10% of all of the money that they receive in a savings account in the bank. Instruct them to put the 90% left over into their Jar. The next time your child begs you to buy them some new, unnecessary item, point to their Money Jar. The beauty of this system is that you no longer have to decide whether to say yes or no to their nonessential, financial requests. How much money your child does or does not have in their Jar, will answer that question for you.
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photo by Comfort Photography http://www.comfortphotography.com
The Spender/Saver relationship can be a profitable one if you’re both willing to compromise and communicate. The Spender can help the Saver live in the moment and enjoy life a little more, and the Saver can help the Spender become more responsible and provide security and stability.
Live richer,
Tiffany The Budgetnista www.thebudgetnista.biz
www.munaluchibridal.com . DIGITAL.ISSUE 02. 2012