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Monday, February 27, 2017

Extra Extra Read all About it.

Extra Extra Read all about it!  Back in the day when there was special breaking news we did not have the 24-hour news channels, so newspapers would print a special extra edition to the newspaper.  

They could include all the details that were known up to that point.  We wanted to get out an Extra edition to How To Manage Your Monkey because of a special Breaking News Item.


Just the other day, our youngest son announced that he was getting married.  I wanted to share with our audience part of our advice to him and his future wife.


The number one source of relationship strife is differences in financial goals and attitudes. Therefore, it is essential that before getting married, or as soon as possible if you are already married, the couple sits down with all their financial information and works out an agreement regarding finances.


The couple should take a look at all their financial resources.  What are their assets?
Do either of them own a car?  Do both of them own cars? Are both cars paid in full? 

Later in this course, we will discuss the wisdom in purchasing pre-owned vehicles versus buying a brand new vehicle that depreciates the second you sign the agreement.  We will also discuss the real wisdom in paying cash for the vehicle, etc.


If both members of a couple have their own homes established, who will move in with whom?


How much income does the couple have between the two of them?  Do both of them work?  If only one of them has an income, what are the expectations of the couple for the non-income earner?  Does the income earner expect the non-income earner to handle most of the chores at home?


Who will do the shopping, cleaning, cooking, etc.?

What are your current combined bills?

Rent, Utilities (Power, Water, Internet, Cable/Satellite, Garbage, Gas/Propane, etc.), Insurance, Car Payments, Student Loans, Credit Cards, Furniture, Department Store Cards, Jewelry Store Payments, Pawn Shop Payments, Loans, Payday Loans, etc.


Do both parties have checking or savings accounts?  In the beginning, it is probably best that all accounts be left alone.  That is, don’t open or close accounts to start with, other than one joint account for paying bills.  You may suddenly realize that once a year direct deposit has no place to go and there is no time to get the information to the company that will make the deposit before the deposit is sent.

In the beginning, it is probably best that the couple sets up one joint account where they deposit all the money they have budgeted for paying all the monthly bills. 

Each month the couple should sit down and review all the bank statements together to try to get a handle on what expenses they actually have between them. 


Also, by keeping the rest of the money separate, the couple can see a little better the spending patterns of the other.  Does one like to spend as a recreational activity while the other wants to save?  Do both parties like to accumulate wealth?


Does one party like to buy designer this and name brand that while the other feels okay with the store brands? Does one feel the need to eat out and go clubbing while the other would feel perfectly fine cooking something in the crockpot and watching something on NetFlix? 

These things are important to know early in the relationship and not after the couple is sitting in front of a bankruptcy judge waiting on the assessor to come to their house and liquidate all their stuff.

Each month at bill paying time, the couple should sit down together and pay the bills.  Both parties should know which bills need to be paid and when.

It is not necessary for a couple to start out with a brand new house or apartment with a complete set of furniture.  The couple can start out with some basics like a kitchen table and two chairs that can be purchased for about $100 from your local big box store. 

In time, the couple can save the cash to make purchases like a bed, couch, chair, television, etc.  Remember, if you can’t afford to pay cash, you cannot afford it at all.


It is extremely important for a couple to be on the same page. If you are contemplating marriage or some similar type of commitment, pray about your situation before you go all in. 

If you would like for me to pray for you, please drop me an e-mail by clicking prayer.




Please Visit My Child Bride Suzanne's Blog










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Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.

Always consult a professional before you act on any of the information you find in this course.  


Do you have a frugal recipe?  Please e-mail it to me.



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Disclaimer

The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.

Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions.

There is no one right answer to any business question that will cover all circumstances.

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