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Jack Perry

How to Save the Marriage When a Spender Marries a Saver

In marriage, often times one person is a super saver. This person wants to put any extra money that comes in straight to the bank account and keep expenses as low as humanly possible. The other person who is the spender is not terribly concerned about budgeting and spends money as they please. It’s very common for these two conflicting personalities to get into arguments and disagreements about money. Opposites attract and spenders and savers usually end up together. With all these conflicting viewpoints on spending and saving, it’s no wonder that money fights and money problems are the number one cause of divorce in North America today! If you have found your self in a situation like this, here are some things that you can do to make the marriage work and last.
You should outline differences with your spouse. Tell them that you would like to sit down with them and have a heart to heart talk and plan your budget. Recognize your differences with your spouse and talk about how both of you handle money. If you’re the saver, you probably think the spender is immature and bad with money, but there has to be some flexibility in the budget, and chances are you are not allowing that to happen at all. Recognizing that differences exist will allow you to come to some sort of compromise with money.

The person who is the saver in the marriage has to know that they are saving enough off the top to ensure security in their financial life. The saver will need to realize that they don’t need to save 80% of their income and be a millionaire in the next decade, but the family should also be saving enough to provide for their children’s college and for retirement.

The person who is the spender in the marriage has to know that when they want to go out and have a reasonable amount of fun with money, they should be able to. They should be able to go out to the movies every now and then, go out to eat, go to plays and the like. This should not get out of hand though, if you are going out to eat too often or buying tons of crap you don’t need, you have more of a problem than legitimate personality differences in the marriage.

The key word is compromise. You have to find a balance between spending and saving. The saver will instinctively budget, so make the spender budget in some money for fun. This way the spender have some money to enjoy life, but the saver will still be able to budget and save money.

If you are having serious marriage issues because of money, it is definitely a good idea to seek the help of a professional marriage counselor. They will help you learn to communicate better and get a better control of the deeper issues at hand.

Financial Advice for Teens; Financing 101 Topics to Discuss with Your Teen

When you hit a certain age, you declare a level of freedom for yourself. You can now drive and you can get a job. Sure mom and dad still get the big things, but those things, like heating bills, car insurance, and mortgage payments, can seem so unimportant in comparison to saving up for that killer pair of jeans. When you hit that awkward stage of new found freedom – it can be liberating. Get a job at the local coffee joint and the next thing you know you are going shopping at the mall with all of your friends to celebrate that first paycheck.
I’m sure we all remember those days when your paycheck meant a shopping spree with none of mom and dads rules. Those were the days. Sure the occasional splurge is rewarding for getting a job, but now is the optimal time to teach your teen about finances. They might be able to get away with blowing one check at a single store now, but would you want them to hold those values when they get older and have other bills to pay? Of course not. The teenage years are so awkward, but as part of becoming a young adult, these years are also filled with valuable lessons.

Giving financial advice to a teen can seem impossible; this is usually the stage where people tend to think they know everything as well – making it a difficult time for everyone. But we were all young at one point – so it does pass for the majority of us. If you want to approach your teen with financial advice, then determine the types of financial goals they have when they land that first job. They aren’t going to be thinking of long term goals here, but if there is a certain skiing trip, this would be a good chance to set the first financial goal. Maybe in the past you have always paid for that yearly ski trip. But now is better than latter for your teen to understand that you won’t always be able to get everything. Try setting a goal that they will pay for the lift tickets or a certain percentage of the trip. This might seem cold hearted at first, but if they have something to save for, they may rethink those $200 dollar designer jeans. Then stick to your arrangement, show them how to budget and put back from each check. Use this time wisely, showing a teen how to budget and save is one of life’s many important lessons.