Financially Ever After

Getting married, that is the easy part. Staying married proves to be a bit more challenging. Top of the list of issues from divorcing parties is money issues. Interestingly it doesn't make a difference if you have to much or to little of the green stuff. So why does money affect our relationships so much? There is no simple answer. And in today's society, if the answer isn't simple we just plain don't want to put in the time to work on it. Now with a little effort and an open mind avoiding the following three financial pitfalls will help promote a healthier marriage.

Hiding purchases from your spouse/partner.Seems like a no brainer. No matter how small the purchase may be, unless the purchase is a gift for your spouse/partner, this typically will undermine the relationship. The bigger the purchase the bigger the problem will be in the future when the problem surfaces. In addition, hiding purchases may add undo stress to your relationship due to guilt or suspicion. Best to chat about what you would like to buy before you buy it.
Spender versus Saver. Having two financial personalities under the same roof can be difficult, especially as time goes on. Having a conversation regarding spending habits usually does not bring desired results. One of the spouses/partners will likely feel resentment as their needs are not met. Creating a spending and saving system or plan will need to be setup in order to bring balance to both spouses/partners.
Not having "Couple" financial goals. Being a couple is like being a team and teams have goals. The goals may be small or large. They can be everything from a night out to an exotic trip to retirement savings. Perhaps you do not share many of the same feelings towards money with your spouse/partner however developing a goal "bucket" list to create commonality within your financial structure may be time well spent.

Unfortunately there isn't an app for avoiding financial pitfalls in any relationship. Much of the solution is good ol' fashioned talking. Occasionally you may need to speak with an independent third party to assist in setting up a plan or getting ideas on how to make changes to your current system. Keep in mind that no matter what system you have in place, maintenance will be required to keep it running smoothly. And that maintenance is communicating with your spouse/partner.

Article written by Michael J. Fulkerson, AWMA

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Securities offered through J.W. Cole Financial, Inc., member FINRA/SIPC Michael J. Fulkerson, Investment Advisor Representative. Investment Advisory Services are offered through Chicago Investment Advisory Council, Inc. and is a separate entity of JW Cole Financial, Inc. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance may not be indicative of future results. CIAC or J.W. Cole Financial, Inc. does not provide advice on tax, legal or mortgage issues, these matters should be discussed with the appropriate professional.