Stay Happily Married » finances

Mixing Money and Marriage

stephanie — Mon, 30 Jan 2012 14:00:53 +0000

Find yourself at odds with your spouse about how to spend your hard earned money? Although no one likes to admit to being materialistic, we all are. How can we not be? Our entire society runs off one thing…money. We need it to put a roof over our head, food in our bodies and function in this world. With something like this playing such a huge role in our lives it is bound to come up in our relationships.

Jessie Sell, a marriage and family therapist with a private practice in Durham, NC believes in using an interpersonal approach with her clients, meaning the better relationship between her and the client, the better the success. Over the last 12 years Jessie has worked in a variety of settings including higher education and non-profit agencies. Now she works with couples hoping to overcome issues in their relationships. To find out more about Jessie Sell you can visit her website or call 919-225-3478 for an appointment.

Is Financial Stress Killing Your Marriage?

stephanie — Mon, 05 Dec 2011 14:00:30 +0000

The current economic deficit has placed a significant strain on our wallets, our jobs, but most importantly, our relationships. Divorce rates are an unsettling 51% today, which means half of all marriages are ending in divorce. What is even more disturbing is that out of the couples getting divorced, approximately 80% of them attribute their failed marriage to disputes over finances. While these statistics may seem daunting, there is hope. There are ways to reduce the burden that financial difficulty has on marriage, and by enacting some of these techniques, your marriage will have a better chance for success.

Dr. Tina Lepage, founder of Lepage Associates in Durham, NC, specializes in couples and marriage therapy and helps to rebuild marriages on a daily basis. She has a master’s and doctorate in Clinical Psychology and an additional master’s in Management, degrees which prove exceptionally helpful for this topic. Financial stress effecting a relationship is more common than most would be believe. To help those dealing with this situation Lepage Associates have prepared an article, Managing Your Budget and Your Marriage: The Key to a Healthy Relationship.

To find out more about Dr. Tina Lepage you can visit the Lepage Associates website or call 919-572-0000 for an appointment.

Don’t Let Your Marriage Go Into a Recession

Tue, 28 Sep 2010 01:31:59 +0000

Are money issues making you feel like your marriage is bankrupt? Money issues pop up in every marriage at some point and when the economy is in a recession, these problems are intensified.

Many people expect their spouses to have exactly the same view of spending and finances and have difficulty accepting the differences in their spouse’s approach to the bank account. Dr. Nicole Imbraguglio joins us to discuss what factors cause issues with most couples and why they create problems regardless of how comfortable a family is financially.

Dr. Imbraguglio practices with Lepage Associates in Durham, NC and helps both adults and children with a wide range of emotional issues. She has provided counseling for individuals, groups, couples, and families. You can learn more about Nicole at LepageAssociates.com, or by calling 919.572.0000

Paying for Marriage Counseling

admin — Mon, 01 Jun 2009 20:27:37 +0000

Sometimes, the hardest part of getting to marriage counseling is taking care of the cost. Not knowing how counselors bill, or how much counseling will cost can end up putting more pressure on an already strained relationship. Dr. Tina Lepage joins us to discuss what options therapists provide and how to find the therapist that is right for you without spending an arm and a leg on initial sessions with different counselors, as well as how to find out when sliding-scale and pro-bono options are available.

Tina is the founder of Lepage Associates, where she focuses on personal and professional relationship issues, as well as children and family therapy, and personal growth. You can find out more about Tina and her staff by visiting her website at LepageAssociates.com, or by calling her office at 919.572.0000

The Marriage Money Pit

admin — Mon, 30 Mar 2009 19:52:34 +0000

Financial stress can take a toll on even the strongest marriages and in today’s uncertain economic climate, the differences in spending habits between spouses, lack of a family budget, and everyday money issues put us all at risk of a meltdown.

Dr. Kim Kimberling joins us to discuss the money mistakes he sees couples making on a daily basis and shares his tips for keeping your bank account in the black and your marriage on solid ground.

Dr. Kimberling has been a professional counselor for over twenty years and is the President and co-founder of Family Christian Counseling in Oklahoma City. You can learn more about Dr. Kimberling and his popular Prep for Marriage classes at PrepForMarriage.com. While you’re there, be sure to take a look at his latest book, Living the Marriage of a Lifetime, as well.

Lee and Kim also discuss Dave Ramsey’s excellent online financial resources, available at www.DaveRamsey.com

The 4 Step Relationship Review

admin — Mon, 29 Dec 2008 17:07:03 +0000

Married life can be hectic – are you taking time to cover the nuts and bolts of your relationship on a regular basis? Cory Huff from AGoodHusband.net and HusbandsAndDads.com joins us to talk about a weekly 4 Step Relationship Review that he has implemented in his marriage and the impact it has had on his relationship.

Cory discusses how he came up with the review, how to deal with a spouse who may be hesitant to participate, and important topics to cover, including finances, priorities, and obligations. You can read Cory’s article on the review here, and read his other articles at both AGoodHusband.net and HusbandsAndDads.com

Is your procrastinating spouse hurting your marriage?

admin — Mon, 20 Oct 2008 16:50:56 +0000

We’ve all procrastinated at some point, but when avoiding important issues becomes a compulsion, it can have negative effects on your relationship. Dr. Gloria Arenson joins us to talk about her latest book, Procrastination Nation, and discusses the serious consequences that arise when spouses avoid completing tasks – a behavior often motivated my fear.

Gloria is a psychotherapist, teacher, and author, who runs a private practice in Santa Barbara California. You can find much more information about Gloria’s other books and media appearances, as well as free articles and other resources on her website at GloriaArenson.com. You can order a copy of Procrastination Nation from Amazon.com by clicking here.

Teaming Up to Conquer Your Finances

admin — Mon, 23 Jun 2008 14:30:52 +0000

Are finances an open book in your marriage, or is money a taboo subject? Financial Advisor Bob Watral takes a look at how money can bring out the best and the worst in people and what you can do to ensure that finances don’t create a rift between you and your spouse. Many couples find the shift from focusing on personal finances to focusing on group finances presents a new set of challenges and can often lead to egos getting in the way of teamwork.

Bob is a Vice President of Wealth Management and Financial planning specialist who has been with Smith Barney for more than 20 years. You can reach Bob by calling his office at 919.877.2450, or visiting his website.

Smarter Marriage Moves

mstindia — Mon, 14 Jan 2008 20:27:36 +0000

By George Marut

Of all the promises you’ll make on your wedding day, the “for richer or for poorer” bit is likely to cause the most problems. According to a survey by the Association of Bridal Consultants, more than 67% of newlyweds believe the most serious conflict in their first year of marriage is over money. (Problems with in-laws rank a distant second.) Financial experts are full of anecdotes about young couples and financial discord. It’s often the details that drive people crazy. Small problems often grow into larger ones, because some people find it easier to talk about anything other than money. That, of course, is the worst-case scenario. But merging your finances does require a lot of work initially. And it takes a lot of maintenance to keep everything up to date and both spouses informed. But taking a few easy steps will save you a lot of headaches – and arguing – in the long run.

1. Cash Flow
Managing cash flow is an important lesson taught at all top business schools but one often learned the hard way when it comes to managing family finances. “Getting in over your head” is an expression that often times is used to describe poor case management. Everything you purchase from you home, car(s), and various items on credit carry a corresponding debt on your family’s financial balance sheet. The importance of proper cash flow will affect how well you can complete the next steps.2. Meet the Marriage Penalty
In testimony before the House Ways and Means Committee on February 4, 1998, June O’Neill, then Director of the Congressional Budget Office (CBO) said, “the incompatibility of progressive rates, equal treatment of married couples, and marriage neutrality results in a continuing tension within the tax code.”

Bush’s latest tax cut provided some much needed marriage-penalty relief. Now the 15% tax bracket is exactly twice as wide as the 15% tax bracket for singles. And the standard deduction is now double what it is for singles as well.

But assuming you and your new spouse earn more than $56,801 (in 2003) and you plan to file joint returns, you will still experience some tax punishment for tying the knot. So prepare to pay more come April 15.

One thing you shouldn’t do is run to your human-resources office to change your W-4. At least not if you and your spouse are both working. Once you indicate that you’re married, the rules assume that one spouse doesn’t work. As a result, your withholding will actually decline. And that’s just the opposite of what you want. If you’re both working and you don’t own a home, it should be ‘single, one’ all the way according to most CPAs.

3. Pay Down the Debt
It’s a common scenario: One person comes into a marriage with a lot of savings, another enters the relationship with credit card debt up to the ears. “Opposites attract. That’s what makes it exciting,” says Ruth L. Hayden, a financial educator and author of Richer for Poorer: The Money Book for Couples. But “when it comes to money, we wish we were married to a clone.” Even though the thrifty spouse is not liable for debt incurred before the marriage, the free spender’s history is sure to affect a couple’s chances of obtaining credit in the future. And if you’re in the market for a new home, you’ll probably be applying jointly. That should be motivation for you to pay down the debt together.

4. Examine Your Balance Sheet
Before you can make any decisions about budgeting, investing or saving for a house, you have to know how much you own and how much you owe. We tell our clients to put together a combined balance sheet, on which they list assets and debts, and update the list semiannually.

You should also check your overall portfolio and rebalance if necessary. You may discover that together, you’re overweighted in one particular stock or sector. You’ll also want to look ahead to retirement and figure out a way to maximize contributions and invest as aggressively or conservatively as you should given your age and goals.

5. Protect Your Incomes
What you do need is insurance, both life and disability, especially if you’re relying on both of your incomes. You might get insurance through your benefits plan at work that will cover 60% to 70% of your income, but It’s probably a good idea to supplement that. Brian Biederman, CFP from Raleigh advises clients about the taxability of Disability Insurance. A key point of Disability Insurance that most people miss is the tax implications. Regardless of who pays the premiums, (you or your employer) you get at most 70% of pre-disability income. If you (the employee) pay the premium the benefits are Tax-Free. So, the real question is whether you want 70% of your income, taxable or tax-free. It can be expensive, but It’s worth your attention. If your spouse can’t work, passes unexpectedly, can’t leave the house even and needs home health care and so on, you have to pay for that.

6. Paperwork, Paperwork, Paperwork
You thought planning the wedding took a lot of organizational skills? Wait until you try to track down everything that has your name on it – or that you named a beneficiary for – a mortgage, 401(k)s, IRAs, disability insurance and life insurance. If you have a will already, you’ll want to change it, if not you need to have one drawn up. These decisions are especially important for second marriages in which there are children involved.

7. Talk Money
Above all, It’s important to communicate regularly and openly about money. If that means setting aside a time each week or each month for a state-of-the-finances chat, then do it. (We suggest rewarding yourself with a dinner out or a movie after each financial-planning session.) But It’s essential to keep each other informed, especially if one person tends to deal with all the money maintenance, while the other handles different tasks.

Who knew you could get all this from a mortgage planner? If you would like more information please visit http://www.smartmortgagemoves.com/ today!