Sunday, July 26, 2009

couples money wars

When you get married you also marry the financial aspect of your partner. That means the riches and the debts. So what happens when you marry someone who has the opposite money sense as you do? Chaos ensues.
Of course, a spending habit which has been going on for the longest time will be difficult to change. But like everything else in a marriage, compromise is neccessary.
When you are opposites like us, one is a spender while the other is a saver disagreements are commonplace. While the other spends too much the other would like to scream like a banshee (can you guess which of us is which?). Fortunately for us we've solved this by setting an amount that can be spent without resulting to world war III.
Being married, when one applies for a loan the other is of course involved too. So a poor credit history by one will definitely affect the other. So when we apply for a housing loan both of our banking and credit history will be perused upon. Good thing both of us have good credit standing. Of course this did not come naturally for us. We worked on that too. Again, the saver took an active role in making sure that the spender pays the debt.
Decide on your financial goals as a couple. Early this year we talked about what we want to achieve financially. We had year-long goals and long-term goals. Because we have a tangible list on hand it is easy for us to determine whether we are right on track or if we are so far-off the mark.
As I said earlier, financial "peace" just like marriage can be achieved with communication and compromise.

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