Guiding Your Business To Financial Safety
  • Home
  • Services
    • Services for Child Care Businesses
    • Accounting Services
    • Tax Preparation and Planning
    • Tax Resolution
      • Help with Your IRS Audit
      • Filing Prior Years Returns
      • Owing the IRS Money
      • Behind on Payroll Taxes
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Cash Flow Forecast
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Xero Cloud Accounting
    • Cloud Accounting
  • QuickBooks Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Child Care Businesses
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Manufacturing
    • eCommerce
  • Courses
    • Life Matters Plan
  • Testimonials
  • Resources
    • Resources
    • Blog
    • Mobile Accounting
  • About
  • Contact
541-955-0900
tlcynde@tlcbiz.us
February 14, 2019

Money and Marriage

Cynde Canepa Decision-Making Tips, Expense Reduction Tips

One of the biggest things that can cause fights in a marriage is money. No matter where you are in a relationship, it’s a good idea to discuss these major money topics so you’ll know where you stand. 

Show me the money:  Combine or keep separate or both

One of the best ways to avoid conflict is to put your money into three separate piles: yours, your spouse’s, and a joint set of accounts. In this arrangement, each of you has control over some money that is all your own. The household spending will then come out of the joint account, and you both will make contributions to it on a regular basis. 

As a couple, you’ll need to discuss who will pay for what as well as what your regular contribution will be to the joint account. This is no small discussion. The more thorough you are, the less conflict you’ll have over money.

One spouse or partner will normally handle the joint finances, and it’s typically the person with the most accounting knowledge. However, you both should have access to this account in case of emergency. 

Savings and future purchase goals

Do you have goals about upcoming large purchases?  These might include:

  • A home purchase or improvement
  • Children’s education
  • Health care needs
  • Saving for retirement
  • A car purchase
  • A second home purchase
  • A vacation
  • Another item such as a boat, furniture, technology gadgets, a plane, or something else
  • A nest egg or cushion

If so, calculate how much you need and make a plan to set aside the money you need in the time frame you agree on. 

Spending

Do you like to spend more than your spouse? Or is it the other way around? When money is flowing, there is usually no problem. When money is tight, that’s when the problems come in. 

When there are conflicts in the area of spending, the best course is to focus on priorities. If you can agree on your priorities and goals, it can often shift spending habits.  

Budget

You may want to set a budget to stick as close as possible to expected spending limits. Start by recording current spending in these areas, and then agree on the amounts you want to spend in the future. 

  • Rent or mortgage payment
  • Utilities, including electric, gas, water, garbage, phone, internet, cable
  • Food and supplies, including grocery, kitchen items, liquor, and eating out
  • Entertainment, including travel, vacations, local events, holiday decorations, Netflix subscriptions, tech gadgets, books, etc.
  • House maintenance including repairs, cleaning, lawn care, appliances, and decorating
  • Automobile, including gas, insurance, licenses, and maintenance
  • Clothing and accessories, including dry cleaning
  • Health care, including pharmacy, doctor’s visit, and HSA contributions
  • Personal care, such as haircuts, nail care, etc.
  • Tuition and/or education expenses
  • Contribution to retirement and savings accounts
  • Charitable contributions
  • Taxes, including federal, state, local, school, and property
  • Paying down credit card or student loan debt

Retirement

What does retirement look like to both of you? Having this conversation will be enlightening. Know that dreams and goals can change over time as retirement approaches.

You’ll want to have an idea about what you’d like to spend during your final years so that you can make plans to start accumulating that wealth now. The sooner you start, the more years you have to build up your retirement assets. 

Monitoring your progress

Keep an eye on your account balances to make sure everything is as it should be. Review bank and brokerage account statements and/or your budget once a month or at least once a quarter so there are no surprises or trends that sneak up on you.  

When you reach your goals, reward yourself. Managing money is hard work, and you deserve to pat yourself on the back when a goal is achieved. If there is anything we can do to help you make your financial dreams come true, please reach out any time.  

10 Ways to Boost Your Business Revenue for 2019 A Report Card for Your Business Financials

Related Posts

Bookkeeping Tips, Cost-Savings Tips, Expense Reduction Tips

Five Expenses to Cut During Tough Times

Business Tips, Expense Reduction Tips

How to Reduce Stress Around Money

Business Tips, Cost-Savings Tips, Expense Reduction Tips, Profitability Tips

34 Ways to Get Money Fast in Your Small Business

Recent Posts

  • Wrapping Up 2020
    December 31, 2020
  • The Power of Listening
    December 17, 2020
  • The Personal Financial Satisfaction Index (PFSi)
    December 3, 2020

Latest Tweets

→ Follow me
  • Home
  • Services
  • Products
  • Industries
  • Testimonials
  • Resources
  • Blog
  • About
  • Contact

Contact Us

Tax Services, Accounting Services and services for QuickBooks®

A-Z Business Services

2173 SW Judy Lane
Grants Pass, OR 97526

541-955-0900

tlcynde@tlcbiz.us

Training & Courses

Check out our Training and Courses!

Client Login


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.
Copyright A-Z Business Services 2020 | Site Design by Accelerator Websites