How To Stop Arguing Over Money |
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| By: Takara Alexis | ||||
Sometimes it's hard to break old habits. Sit down and come to an agreement regarding spending limits. What percentage of your total income can be spent on entertainment? What percent will go toward extras, such as new clothing, and what percent do you need to put aside for your home, transportation, savings and debt repayment? You must divvy up take-home pay, not salary, otherwise, you could set yourselves up to fall short. Stick to a budget once you've agreed on it. When interest rates are low you might want to buy yourself a home. Maybe you already have a home and you could use a vacation. Or a year from now you want to be debt-free, or pay for your kids to go to school or go back to school yourself. Put together a budget plan so you know what is coming your way, and how you will pay the bill. Remember, also, that there are some unpredictable things in life such as layoffs, serious car maintenance, and medical bills. Having an emergency fun can help you out if anything like this occurs suddenly. Put at least three to six months worth of living expenses together in a savings or money market account so you can have it just in case. You don't want to have to micromanage each others finances. But making each other aware of any major expenditures can easily eliminate expensive issues such as bounced checks or over-the-limit credit card fees. It mainly depends on how much disposable income you have, but most couples use $100, $300 or $500 as their threshold. Basically, if you want to buy a slice of pizza, go ahead. If you want to buy a new surround sound system, it might be a good idea to give your spouse a call first. |
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| Article Source: http://yourfinance.co.za | ||||
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