Money can wreck a relationship. In fact, how they spend, save, and account for money is one of the leading sources of friction between couples. In virtually every study, money ranks as the first or second most argued-about topic for twosomes of all types. Try to avoid these four common mistakes:
- Extremism. Work on changing your ways if you're on either end of the spectrum from shopaholic to cheapskate. It's a lot easier to have a meeting of the minds when both partners practice moderation.
- Secrecy. Don't hide your spending from your partner. Once you lose your partner's trust, it'll be an uphill battle to win it back.
- Assigning blame. If both partners stay involved, one can't blame the other for the household's money troubles.
- Using money as a weapon. Spending to get back at your partner won't solve your relationship issues, it will just make you unhappy and broke.
Life changes require more than an emotional adjustment--they require a visit to your Priority First Federal Credit Union branch. Marriage * Decide if you're going to pool your assets or maintain separate share draft/checking or savings accounts. See your credit union representative for help once you've made that decision and to open these accounts. * If you have a credit card issued by Priority First, notify us of your name change. * Update beneficiaries on your IRAs (individual retirement accounts) and other investments. Divorce * Priority First can help you examine financial accounts and determine where you stand financially. * Visit the credit union to open and fund a share draft/checking and savings account in your own name. Get a credit card in your own name and manage it carefully. Death of a spouse or parent * Inform all creditors, including Priority First, of the death. * Cancel any automatic or online bill paying services...