Learn about your finances together

MONEY MATTERS How to Manage Money — Together

In our lives, we are pulled in many directions. We both desire and fear the power of money, and most of us have problems harnessing the positive power of money through regular saving and investing. But that doesn’t have to hold you back. Here are five things you and your partner can do to foster good money management habits and get your savings on track. 1. Decide together what you want. Many people live from day to day. Unfortunately, they also spend from day to day and build no financial nest egg to see them through. To make progress in saving for the future, approach the future one step at a time. Begin by establishing some short-term financial goals: a vacation next summer, or a new car the year after that. A desirable short-term goal can be the carrot-on-a-stick encouragement you need to start a savings plan and take additional steps toward financial security. BY CANDACE BAHR & GINITA WALL

2. Build for your future together. As children, we learned about Cinderella, Snow White, and Sleeping Beauty, who were saved from peril by their charming princes and lived happily ever after. As adults, we all entertain the fantasy of financial rescue at some point in our lives. That’s why lotteries are so compelling, despite the odds. Although the fantasy of financial rescue is entertaining, it can become a barrier to accomplishment. Take serious steps toward providing for your own financial future, beginning right now to create goals based on your current income and financial situation. If your fantasy comes true, so much the better, but if it doesn’t, the two of you will have done what was needed to take care of yourselves financially.

3. Make a financial commitment to each other and your marriage. Many people tell themselves that they will begin to save when their income rises, but few ever do. Unless you put yourself first, when you make more, your expenses will inevitably rise to meet your income and nothing will be left for you. Persuade yourself that you deserve to keep a portion of your income for you and your future. Once you truly believe that, make a commitment to set aside 5 or 10 percent of all the money you receive in a special account that’s just for you. Just as some people tithe to church or charity, so should you tithe to yourself. You’re worth it.

4. Learn about your finances together. Most people learn little at home or in school about money, investment, and personal finance, and those people rarely seek formal training in finance as adults. Begin by learning about your personal income and expenses. Find out where your money goes by tracking last year’s expenses, and then decide where to trim.

5. Start right now. Procrastinators put off saving, or go on spending binges as soon as they accumulate much of a nest egg. To overcome financial procrastination, begin by setting some minor goals, such as reading one article or newspaper column a week on financial maters, then add more substantial goals, such as devoting three hours to preparing a budget and an hour or two a month to monitoring spending. Work together to develop financial knowledge and confidence, and soon you will find yourself gliding painlessly into the world of finance, and you will be ready to begin your savings plan. As you work to build a financial future together, it is important that you each understand your deep-rooted attitudes toward money, and the attitudes of your partner.dem: the greater the risk, the greater the potential reward.l

Reprinted with permission. Article edited. Candace Bahr & Ginita Wall, CPA, CEA,CDFA are founders of WIFE.org, a nonprofit that aims to teach females how to take financial control of their lives.

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