Sheryl Garrett
Sheryl Garrett
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With time on our side a couple of months in advance of the holidays we have the opportunity to step back and ask, 'What's a reasonable amount of money I can spend on holiday festivities, gifts and donations?'
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For most of us, it took years to develop bad financial habits, and it will take at least the same amount of time to create the good habits we want. People spend more time planning their annual vacation than discussing their personal finances. That's not healthy, especially for newlyweds.
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Don't leap until you know exactly what you can afford and how you'll afford it. Stretch, but don't dream impossible dreams.
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Don't fall for the pitch '15 months is as good as cash'?even if you have lawn furniture in your living room. Retailers know that most customers won't pay in full within 15 months, and they'll be charged interest from day one. So, if you sign up for such a plan, be sure to put one-fifteenth of the full payment in a special account each month and pay in full at the end of the interest-free term.
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There's nothing finite or tangible about an electronic transfer or use of a credit card. We don't feel the pain of parting with our cash, but we still get the high from making a purchase.
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Many young couples are so busy being romantic that they forget to talk about anything practical like personal finance. Money isn't a romantic subject, but marriage should be seen as entering into a financial as well as a romantic partnership.
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I think people are reluctant to talk about money because there's always a scorecard--a bank statement, a credit report, a pay stub--and if you screw up, it's right there. But with sex, it's easy to be Don Juan or Donna Juanita. I think the record of past transgressions in black and white is why money is our last taboo.
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Maybe it's a reaction to going overboard in the 1980s and 1990s, but I sense a lot of people are moving away from materialistic things (and) toward more thoughtful and meaningful holidays.
spend
What you can't see, you won't spend foolishly.
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I'd want to be sure that I've got adequate insurance for the sake of my loved ones.
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Secrecy can be a killer. Many couples get married in their late 20s or even early 30s and are used to being independent. Having separate accounts allows the couple to maintain some financial independence while being completely open about it.
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Lending practices have become so aggressive that many people are qualifying for mortgages above and beyond the old guidelines. I think the total house expense shouldn't exceed 28% of net income, and the mortgage plus other debt such as a student and car loan shouldn't be more than 36% of gross income.
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There are about 1,100 laws that apply only to married couples that more than make up for the marriage penalty.
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This way, both spouses are kept in the loop, and there are no secrets. There's no blame, no shame. It's taking your financial pulse: Did we meet our goals? What can be done better? You don't want to beat each other up--you want to make the finances work better.