Many marriage counselors will tell you if a couple comes to agreement on four major issues — money, kids, religion and in-laws — they have a greater chance of forming a successful and lasting marriage.
I believe it’s vitally important that financial decisions are made by husband and wife together — as one.
Most women value communication in a relationship, and the process of doing a monthly budget together will be a wonderful sharing experience for the two of you.
Money isn’t the most important thing in the world. But the way a couple handles money is representative of their dreams, passions and fears. It’s also indicative of their vision for the future.
Question: I receive child support payments for my two kids from my ex-husband. My new husband and I are using your plan to improve our finances, but we can’t agree on how to handle these payments. I’ve been keeping it in a separate account. He thinks we should combine it with the rest of our house money and budget. What do you think is best?
ANSWER: I don’t blame you for being protective of the child support money. I’m sure the feelings you have stem from a desire to protect your kids. But if your new husband is a good guy, one who’s kind, loving and willing to treat these kids like they’re his very own, then my opinion is the money should go into the pile where it helps take care of the kids and family.
Your job as a parent is to be a blessing to your kids. That means feeding them, clothing them, educating them and giving them a good home. As long as these things are happening, and we’re talking about a functional, loving marriage, then all the money should be combined and be part of the family. Put it right at the top of your monthly budget, along with all your other household income.
Money is important, and I’d expect you to make sure your kids and your cash are treated properly. But I’m talking about two responsible people being involved in a happy marriage, too. A healthy, loving relationship is one of the best gifts any couple can give to their kids.
http://www.dallasnews.com/business/personal-finance/headlines/20150104-dont-drop-coverage-on-the-car.ece
I hate the Lifecycle funds; they’re awful. They adjust your investments automatically and the adjustments are uber, crazy conservative. If you’re in the TSP, I recommend putting the vast majority in the C plan. It is the premiere plan of the entire TSP. It is more like an index fund and it has done very well. I would put 80% into that, 10% into the S, and 10% into the I.
VIA http://blogs.fedsmith.com/2015/01/04/i-hate-the-lifecycle-funds/
DEAR DAVE: I just got married and my husband and I want to book a combination honeymoon and New Year’s trip to celebrate. We don’t have all the money for it right now, but will have in a few weeks. We were thinking about booking the trip on a zero-interest credit card, and paying it off when we have all the money. I know you hate debt, but would this be OK since it would be a very short-term debt?
— Laura
DEAR LAURA: I know you guys are excited and happy about being married. And I wish you all the happiness in the world. But I don’t recommend credit cards of any kind, for any reason, whatsoever.
I don’t want to burst your bubble, but if you can’t pay for this trip up front you can’t afford it. Believe it or not, lots of people postpone wedding trips until they’ve had a chance to save up a little bit of money. Some folks have never even gone on a honeymoon trip, and they have great, loving marriages.
My advice to you and your new husband is to work, and save up a little bit more. Maybe one or both of you could pick up extra jobs for a little while, and make it happen sooner. Then, when you can pay cash for the trip, go have a blast on a honeymoon you can afford.
Question:
My husband and I both lost our jobs over a month ago. I’ve been interviewing, and he started a two-week training program for a new job the other day, but right now we’re in survival mode. We just cashed in an annuity, and were wondering if we should pay down debt and reduce the money going out each month, or just live on it?
Right now, it’s raining and you need an umbrella. If it were me, I’d just sit on the money for the time being.
Dave Says:
Don’t misunderstand me. You need to be honorable and pay your debts, but you may have to put that on hold for a while. Right now, it’s more important to have food in the house and keep the heat on. This kind of situation is scary and can be really stressful, so make sure you hug and hold on to each other a lot, too.
It’s been rough for you guys, especially right here during the holidays. But it sounds like things may be taking a turn for the better. Your husband is about to start making money again, and you may have some possibilities on the horizon.
Through this stretch, honest communication can make a huge difference. Make sure your creditors know what’s happening. Let them know that you want to make things right, and that you will make things right as soon as you can.
