Engaged Marriage » Finances & Careers

Saving Up for the Future – Dos and Don’ts to Keep a Healthy and Financially Stable Marriage

Dustin — Tue, 01 Nov 2011 11:00:57 +0000

Note: This is a guest post from Kelly Austin.

Money and Marriage

Most couples headed down the unfortunate road to divorce will often cite money as the cause for their “irreconcilable differences”.

As we take the steps toward marriage, we base our relationship on common interests and goals. Many of us take the area of finances for granted, hoping they will “just work out.”

Our finances, like our marriage, will take work to be an area of success. Hopefully, as you entered into wedded bliss, you did so with a partner who shares the same view of money and spending as you do.

However, if you didn’t, there is no reason to jump ship. It is possible to get on the same page and develop a closer relationship with your spouse in the process.

“What’s the Matter?”

One of the issues that plague “good” marriages is a difference in spending and saving habits.

While these differences can create ongoing conflict, the bigger issue is communication about spending and saving. As you go down the road to creating a stronger marriage and a healthy financial future, both partners must be willing to openly communicate financial goals and ideals.

You may find that as you gain ground in understanding each other’s financial paradigm, you will grow and develop other areas of your marriage as well.

Let’s take a look at some of the dos and don’ts to financial peace and harmony…

Dos and Don’ts

* Do create a budget to monitor income and expenses
* Don’t develop an attitude of “I make money so I can spend money”

* Do conduct a family meeting to discuss the budget
* Don’t get frustrated and back away from these valuable discussions

* Do come to an agreement on the allocation of all funds in your household
* Don’t become easily frustrated – give it your best shot; you can do it!

* Do set goals with your spouse on paying down debt and saving for the future
* Don’t give up! If it’s too overwhelming and causing conflict, the help of a mediator or counselor may be helpful.

* Do sit down monthly to discuss the given budget and continue to discuss your shared goals – this is a great opportunity for a date night!
* Don’t ignore the finances once you get started – it’s important to stay on top of each milestone achieved toward your goal(s).

As you come back to understanding each other’s goals and dreams, you will be able to share your financial responsibilities and develop a stronger, healthier marriage as a result.

How have you and your spouse improved the way you handle your money?

This post was contributed by Kelly Austin from Higher Salary. Visit her site for information on the average medical assistant salary and guides to other popular careers.

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Technorati Tags: Communication, Finances, Guest Post, Household Management

5 Reasons You Need a Debt-Free Marriage

Dustin — Tue, 06 Sep 2011 11:00:01 +0000

When I shared our family’s story of how we paid off $54,500 in debt, the response was overwhelmingly positive, and I heard from a lot of people who were in the process of shedding their debt (or at least wanted to get started).

However, the reasons that I heard for becoming debt-free were mostly focused on the usual, more material motivations.

It seems that most people dream of paying off their debts to reclaim more freedom in their financial life.

The idea of getting creditors off their back and having more of their income to save or buy things to improve their quality of life is very appealing. Honestly, that was a big part of why my wife and I decided we wanted to become debt free, and we achieved that goal (other than our home mortgage) three years ago.

I think the purely financial benefits are pretty clear and widely written about.

Instead, I want to share with you some of the awesome marriage benefits that a debt-free lifestyle provides. While they weren’t our original motivation, our experiences in these areas have really grown our passion for getting (and staying) debt free.

5 Fantastic Benefits of a Debt-Free Marriage

1. Contentment

A funny thing happens when you get control of your money – you cling to it less. With financial freedom comes a renewed focus on the things that really matter in life. And when your values are in the right place, you depend much less on “stuff” and the false happiness that comes with it.

2. Communication

If you are married and you want to make substantial changes to your financial situation, you will need to talk…a lot. The process of getting out of debt will require a real intimacy with your spouse and a deepening of the trust between you. The spirit of teamwork you develop on your financial journey together carries over to other areas of your marriage as well.

3. Courage

If you have a lot of debt to pay off and/or you are already on a tight budget, achieving debt freedom will be a significant accomplishment. When you meet a major goal, it fuels your faith in yourself and your ability to work alongside your spouse. And it fills your relationship with the courage to face any challenge.

4. Change (for your whole family)

When you decide to shed your payments, you are breaking a cycle that most of us have witnessed throughout our lives, and you are setting a new example for your own kids. With a solid financial plan, you’ll actually have resources available to help with your children’s future, retire with dignity and have the freedom of time to spend more with your family.

Personally, the best benefit that we’ve experienced since paying off our consumer debt is an increased ability and desire to give. When we are generous with the gifts we’ve been given, we can change not only our own family tree but a little piece of the world as well.

5. Comfort

I will be the first to say that money doesn’t solve all of your problems, and no one should expect that debt freedom somehow brings instant happiness. However, we certainly do sleep a little better at night knowing that we owe no one (other than our mortgage company ) and we have a healthy emergency fund in the bank. This feeling of security and comfort is what financial peace is all about.

Debt Freedom Sounds Great, But How?

There are many great resources available to learn the mechanics of getting out of debt. For us, it was Dave Ramsey’s Baby Steps alongside a solid budget that provided the game plan we needed. I would encourage anyone interested in paying off debt and building a solid financial plan to pick up Dave Ramsey’s very popular book The Total Money Makeover.

Establishing a game plan and garnering motivation from these resources is great. However, I have to say that we have discovered the real key to becoming and remaining debt free: mindset.

You have to believe that it is possible. And you have to want it. Bad.

Read the five benefits above again, and talk to your spouse about them. If you have debt, take some time to discuss what would be different in your life if you paid everything off. Only you can decide if financial freedom and going against cultural norms is worth it for your family.

How bad do YOU want it?

(photo source)

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Technorati Tags: budget, Communication, Debt Free, Finances, My Story

How Much Does It Cost to Attend a Wedding?

Dustin — Thu, 02 Jun 2011 09:00:00 +0000

A member of the Engaged Marriage community recently shared the infographic below, and I found it pretty fascinating…but not surprising. It shows graphically just how much it costs to attend or be part of a wedding as a guest.

I know I’ve been part of probably a dozen weddings over the last 10 years as either a groomsman, an usher or a groom.

It is definitely an expensive honor!

I’d love to hear your thoughts on this in the comments. Do you think these average costs are accurate and, more importantly, do you think it’s worth it?

Via: EngagementExperts.com
For Tips & Advice on your engagement, rings, and so much more…

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Technorati Tags: Ask the Community, Finances, New Marriage, Wedding Day

How to Save $317 On Your Food Bill This Month

Dustin — Mon, 23 May 2011 09:00:23 +0000

Last October, Bethany and I made one seemingly simple change that has now saved us an average of $317 on our food bill each month.

I want to share with you exactly what we did and how you can do it, too. In fact, at the end of this post, I’ll show you how you can actually save a bit more just for being a member of our Engaged Marriage community.

So, What Was the BIG Change?

We signed up for E-Mealz.

E-Mealz is an online meal planning service that was started by a couple of busy Moms who were looking for a better way to manage their families’ time, health and financial well-being.

It has become a major help to thousands of busy families, and it has won the endorsement of financial guru Dave Ramsey.

In our case, we were eating carryout restaurant food too often, plus we were wasting groceries on a regular basis.

We shopped for what we thought we needed during each grocery store trip, but without a plan we inevitably found ourselves opting for the “convenience” of takeout/delivery and (at the same time) letting groceries expire before we actually used them all up.

Plus, our grocery shopping trips weren’t organized to take advantage of sales and store discounts since there’s no way to know this information without guidance from someone who tracks it.

How Does E-Mealz Work?

It’s really simple!

You just choose the best plan for your family from the 26 different options on the E-Mealz website. These include a mix of food types (regular, low-fat, portion control, vegetarian, low carb, gluten free), family size and your favorite grocery store (or choose the Any Store plan if your grocer isn’t listed).

Then you just log in each week and print off your new meal plan and shopping list. All of the ingredients you need for your weekly shopping trip are organized onto a single page and broken down aisle-by-aisle for your store, and the meal plan/recipes are on a second page.

You can even click here, browse the meal plans and print off a sample plan to check it out for free!

We haven’t noticed any recipes repeating since we started in October, although E-Mealz says their most popular recipes may repeat every 4-6 months. That’s a lot of variety!

And in case you’re wondering, the meals are almost always DELICIOUS…so we have lots of new favorite dishes that we wouldn’t have discovered without this service.

How Does E-Mealz Save You Money?

In addition to simply eating out less and grocery shopping with a plan, E-Mealz menus are actually planned to give you the best value with each shopping trip!

The weekly plans are set up to coincide with the sales at your store for that week. This alone can represent a major savings if you aren’t already tracking and planning your shopping trips and specific meals based on your store’s weekly sales.

Plus, you will most likely be eating healthier under your E-Mealz plan, which means you’ll lose weight, feel better and ultimately have lower medical bills!

What Does E-Mealz Cost?

Normally, E-Mealz costs just $5 per month, or $1.25 per week. Given what you save with sales, less eating out and no more wasted groceries, this is just an incredible value.

The fine folks at E-Mealz have agreed to give you an even better value as a member of the Engaged Marriage community! When you click here to go sign up for E-Mealz, just enter the coupon code “efmarriage” at checkout and you’ll save an additional 10%!

This discount expires on July 31st, 2011.

I am proud to share our experiences with E-Mealz with you, and I’m proud to partner with them for this discount for our readers. I encourage you to go connect with them via their Twitter, Facebook and Blog presence and tell them Engaged Marriage sent you!

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Technorati Tags: Finances, Fitness, Free Stuff, Household Management, Time Management

Simplify Your Family Life & Save BIG!

How to Keep Finances From Becoming a Source of Tension in Your Marriage

Dustin — Thu, 17 Mar 2011 16:25:33 +0000

Note: This is a guest post from Jane Sanders from Debt Management.

Many marriages have found they suffer from many negative elements, and a lot of these elements often come back to money problems. Money problems can be caused by a wide range of issues from not making enough to not managing it right.

However, money problems within marriages can be resolved and avoided by keeping a positive attitude, following some simple steps, and sometimes through the use of professional help.

Keep a Good Attitude

It is always important to be proactive about any methods and approaches that are implemented to resolve money and marriage differences or problems. Marriages that do not stay proactive tend to lose the money and marriage battle before it even begins.

Be Honest & Open and Set up a Budget

One of the most important things to do in the beginning of solving financial marriage problems is to sit down and create an honest and open communication airway between both parties. After it has been established that honesty and openness are being followed, it is crucial to create a budget. Most importantly, it is pertinent that a budget is created that both parties agree to, followed by actually sticking to the budget.

Couples who are enduring problems due to financial issues should never go outside of their budget and spend money unless an emergency occurs; this is why it is important to have a savings account set up.

In the event that something comes up and it is not an emergency, being honest with one another helps to avoid problems if one side of the marriage thinks a purchase is necessary. If both parties cannot agree in some form or fashion to the money being spent then the money should not be spent at all; this only helps to avoid disagreements.

Open Three Checking Accounts

Opening three checking accounts should include one joint account accompanied with two individual accounts.

[Note from Dustin: I've shared my thoughts on this issue and heard loudly from the community to the tune of over 100 comments on this post about bank accounts.]

This allows a marriage to have money set aside for required expenses, while at the same time each individual having their own money set aside for wanted or desired expenses. Opening separate checking accounts requires trust, but it is a wonderful way for couples to gain a sense of freedom when it comes to managing their own small bank account.

Most of the money within the marriage should be kept in the joint account. If either party objects to not opening individual accounts, then it should be avoided until both parties agree.

Always Ask for Help When it is Needed

Sometimes parties within a marriage get to their wits end and simply have no remedies to help their financial situation and differences. When this occurs, professional assistance should always be sought. There are a large number of financial counselors whose line of work is to help couples through their financial marriage problems.

What have been the keys to financial harmony within your marriage?

This article was contributed by Jane Sanders from Debt Management. Visit her site for more tips on eliminating your credit card debt.

(photo source)

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