Money Advice

And… they lived happily ever after. This is true in fairy tales, but in real life, many marriages end on a different note. The fact of the matter is many times, couples find financial disparity in their relationship, do not deal with it directly, and begin to see problems arise. Regardless of the issue, differences must be realized and discussed up front, before the financial bottom falls out.

Considering that financial problems are cited as a leading cause of divorce, it is vital to make sure you and your partner are on the same financial page. By speaking openly and honestly about finances, couples can manage their differences and find their way to compatibility.

So you live paycheck to paycheck with little left for anything but the necessities? Welcome to the real world. For many married couples, counting the days to payday is a way of life. The notion of saving for a rainy day seems far-fetched. The good news is that’s probably more perception than reality.

If couples plan and stick to a budget, in most cases they can live comfortably and have funds on hand for uncertain times when income is reduced or interrupted.

When the stock market is crumbling, people get scared. They are reminded of the terrible economic times of the 2008 Great Recession.  There are fears that the one headed our way could be even worse. With that in mind, we must examine what we learned from that Great Recession in 2008 and ask if we should put those lessons to use right now, keeping in mind that the well-being of our family depends often on the house we own and live in.

Merging two families and finances inevitably brings challenges. A common concern among blended families is how to divide assets so that all children are included fairly after the death of one or both spouses. How do you maintain fairness, be impartial and get along with your spouse all at the same time?

One option is to set up a revocable living trust. A revocable living trust ensures that the trust becomes irrevocable at the death of the first spouse. Meaning, in the case of an unexpected death, whatever is written in the trust before death stays that way after death, protecting the heirs.

When a loved one’s mental aptitude begins to subside and they are falling ill, finances are likely to be the last thing you consider, but they are an aspect that needs to be addressed. From retirement plans to insurance policies, far too often assets are not managed or protected correctly when a spouse becomes sick and is unable to handle things on their own.

The lifestyle of the healthy spouse is at stake and could be irreparably damaged if the appropriate steps aren’t taken. For the family, the legacy and inheritance are in jeopardy. While it is natural to hope for the best outcome, it is vital to prepare for the worst.

When meeting with your financial planner, tax attorney or estate attorney it is not unusual to be intimidated. Don’t be. This is your life and your assets, and you need to be in charge. I tell all my clients the person sitting on the other side of the desk from you should be making an effort to get to know you as a person not just as a new engagement and likewise you should be doing the same with them. It should not consist of them asking you questions about your assets, net worth and family. It should be more than that, much more.

You know "stuff" isn’t what makes the holiday season truly fulfilling. Yet each year, despite your best intentions, you end up shopping too much, rushing too much, stressing too much… and savoring the moment too little. Here, I offer 10 suggestions to help you maximize your joy by making small, deliberate changes in the way you spend (or don’t spend) your money and time this holiday season:

1. Set a budget for gift-giving. By the time we reach adulthood, most of us have learned that giving and receiving unneeded gifts is an enormous waste of money.