Family Money Management: The Importance of Agreement

Are you having problems with debt? Are you afraid to answer the phone because it may be an angry creditor calling? Do you have problems getting from one paycheck to the next? The simple answer is that you need to budget. But for that budget to work, both you and your spouse need to be in total agreement.

If one of you loves to shop and doesn't worry much about credit card debt while the other hates spending money like death, you have a problem. You can create budgets till Honolulu freezes over, but it won't work and chances, are, you and your significant other will end up fighting constantly.

Even before you start to create a budget, the two of you must sit down and discuss your life objectives. Get out a piece of paper. Make a list of long-term objectives the two of you can agree on. One might be to get out of debt. Another might be to make monthly contributions to a college fund for the kids. A third could be to begin a retirement fund. Or you might decide it's important that one of your get some specialized training that would lead to a higher salary.

Once you agree on your objectives, the two of you can start work on a budget. Step one will be to decide how much you will need to save (or spend) monthly to meet your objectives. You should subtract this first from your monthly income so you can see how much you have left over to work with.

Next, subtract your "secured" debt. Typically, this would be your mortgage payment, car payments, and any other loan payments where an asset such as a boat or RV secures the loan. Then, take a hard look at your other expenses and debt ? for example, your rent, food, membership dues, clothing or credit card debt -- as these are the only areas where you can hope to make cuts.

It is important that you both agree as to where those cuts can be made. No matter how strongly you feel about drastically cutting a budget category such as clothing, if your spouse doesn't agree, you're going to have problems. A better solution is to find a compromise ? a number that gets you closer to where you think the spending should be but one that your spouse agrees is at least fair. Then, look for another category where you can make cuts to get your final budget number down to where it needs to be.

You should then sit down with your spouse twice a month to review where you are vs. your budgetary goals. You will most likely find that you're under in some categories and over in others. Don't worry about making adjustments at this time. Just make notes as to where you've over and where you're under.

After the first two months, you should know where you've been spending more than you budgeted and where you've spent less. The two of you can then discuss what adjustments you need to make. There should not be a lot of arguing because you have goals you've agreed on and a budget you created by working together.

The important thing is to keep the discussion from becoming accusatory. If one of you has been the "budget breaker," it's better to ask "it looks like we've got a problem here, what to you think we can we do to fix it?" then to say, "you really screwed up this time."

What can you do if you or your spouse just can't control his or her spending and keeps busting the budget, month after month?

Unfortunately that's an issue that probably needs the work of a good marriage counselor.

For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter "8 Simple Steps to Debt Relief" at http://www.all-in-one-info.com

personalized cleaning services Des Plaines ..
In The News:

Petco disclosed a data breach exposing customer Social Security numbers, financial account details, and driver's license information due to a software error.
Baseball teams can now analyze complete swing mechanics in normal training environments using Theia's markerless AI system that processes standard high-speed footage.
Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.
MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.
The ClickFix campaign disguises malware as legitimate Windows updates, using steganography to hide shellcode in PNG files and bypass security detection systems.
Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.
The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.
ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.
Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.
Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.
Google's new Call Reason feature lets Android users mark calls as urgent before dialing, displaying an urgent label to recipients using Phone by Google app.
Medical history made as surgeons successfully restore sight to legally blind patient using world's first 3D printed corneal implant grown from human cells.
Data brokers aggressively collect your holiday shopping data to fuel scams and targeted ads. Learn how to delete your digital profile before 2025 starts.
Scammers are sending fake MetaMask wallet verification emails using official branding to steal crypto information through phishing links and fraudulent domains.
Learn what background permissions, push notifications, security updates, auto-join networks and app refresh mean to better manage your phone's privacy settings.
Criminals test stolen data by applying for deposit accounts in victims' names to prepare bigger attacks. Learn why banks won't share fraud details.
New study of 10,500+ kids reveals early smartphone ownership linked to depression, obesity, and poor sleep by age 12. Earlier phones mean higher risks.
A phone phishing attack compromised Harvard's alumni and donor database, marking the second security incident at the university in recent months.
AutoFlight's zero-carbon floating vertiport uses solar power to charge eVTOL aircraft while supporting emergency response, tourism, and marine energy maintenance.
A new phone return scam targets recent buyers with fake carrier calls. Learn how criminals steal devices and steps to protect yourself from this fraud.
New Anthropic research reveals how AI reward hacking leads to dangerous behaviors, including models giving harmful advice like drinking bleach to users seeking help.
The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.
Holiday email scams, including non-delivery fraud and gift card schemes, spike in November and December, costing victims hundreds of millions, the FBI says.
Holiday visits offer the perfect opportunity to help older parents with technology updates, scam protection and basic troubleshooting skills for safer digital experiences.
Swiss scientists create grain-sized robot that surgeons control with magnets to deliver medicine precisely through blood vessels in medical breakthrough.

Personal Finance ? Why You Should Compare, not Despair

Sorting out your personal finances can be a tricky and... Read More

5 Ways to Absolutely Destroy Your Finances!

Ben Stein has a book called How to Ruin Your... Read More

Introduction to Australian Superannuation

Australians, in general, constitute some of the worst savers in... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a... Read More

Save Money on Groceries: Part I

One universal of humanity, no matter who you are or... Read More

How to Balance Your Checkbook ? Get a Calculator and Pencil and You are Ready To Go!

Despite how easy it is to balance a checkbook, very... Read More

What?s New in Checking ? From Designs to Photos

Just about everyone has a checking account. Checks present easy... Read More

UK Parents Inactivity Harming Their Children?s Future University and Mortgage Savings

The British government at the beginning of this year officially... Read More

Developing a budget? Watch out for Those Budget-Bursting Gremlins

If you've developed a household budget to get your spending... Read More

Know Thy Finances

The first step to financial success lies in knowing your... Read More

First Checking Account ? When is it Time?

We all know that money doesn't grow on trees, but... Read More

Banks Are More Than Just A Place To Park Your Money

If you've been to a shopping mall lately, you've probably... Read More

Debt Management ? More Ways to Save on Gas Consumption

The price of gas continues to climb, and with continued... Read More

Personal Checks ? Extreme Benefits

Millions of people have a checking account and many people... Read More

Improving Your Financial Position

If you want money you need to learn how to... Read More

Are You Ready To Be Fired?

Your boss has just informed you that your department is... Read More

Budget Planning - Its Elementary My Dear Watson

Does it feel like you have to be Sherlock Holmes... Read More

Budgeting Made Easy

Well, dang! From what I've heard and read, it looks... Read More

Save Money on your Clothing Budget. Tame the Closet Monster!

Reducing the clothing budget was a serious challenge for me.... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in... Read More

Live Green; Save Green!

Have you seen the recent article on a new "green"... Read More

Budgeting is Essential for a Single Mothers Success

Today many women are struggling with debt and it's even... Read More

How To Reap The Rewards With Rewards Programs

Recently, many of these loyalty rewards programs have come to... Read More

Affording a Home

Can you really afford a house? If so, how much... Read More

Basic Bank Accounts Failing the Basic Needs of Consumers

The lists of bank and savings accounts that are available... Read More

family-safe home cleaners Arlington Heights ..