Love is in the Air!
Aw, love is in the air and allll over the internet. As you scroll through romantic overshares and bitter Valentine’s Day memes, remember that some things are best kept to yourself. Cash may be one of those things. More and more couples are starting to take the “his, hers and ours” approach to cash. Will it work for you?
Enjoy this day with your loved one, then set aside some time to sit down with your spouse or partner to review your budget. Identify what portion of your take-home pay can be allocated toward discretionary spending. Although it may seem like every last dollar is used to cover “needs,” the reality is that most of us spend 10-30% of our pay on wants (travel, dinners out, entertainment). From this discretionary pool, agree on an amount that you can each siphon off to your own checking accounts to spend as you please. This will provide both of you with the freedom to “do you” without feeling guilty or disrupting the family budget. Even better, it will allow for just enough secrecy to surprise (or be surprised!) with a great gift.
Prefer joint checking accounts? That’s okay too. Whatever approach you choose, keep these tips in mind for a financially healthy partnership:
- Define shared goals and priorities
- Touch base on your budget a few times a year to make sure you are staying on track with your shared plan
- Be open and honest (no hiding purchases in your car!)
May your arguments be more about hogging the sheets and less about money!
Most Read IRIS Articles of the Week: May 22-26
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, May 22-26, 2017
Click the headline to read the full article. Enjoy!
I know Gen Y are stereotyped as being transient, digital natives who are impossible to capture, but that is just the world we live in today. Technology has caused a proliferation of advancements and the financial services industry is (or should be) feeling the pressure ... — Missy Pohlig
Combining an alternatively-weighted index with a multi-factor stock screening process can diversify uncompensated risk, potentially leading to less volatility in down markets and an overall smoother experience for investors. But what are factors and why should they be a major consideration for every ETF investor? — J.P. Morgan Asset Management
There is something gratifying about jotting down all the things you need to do. It quenches one’s thirst for being organized and for wanting some control over one’s life generally complicated by too many things to do with insufficient time and financial resources to do them. — Roy Osing
College graduation is a time of celebration and pride. It’s also a time of significant financial transitions—for new graduates as well as their parents. As an advisor, this is a great opportunity to connect with your NextGen clients to help them make smart decisions that position them for greater financial success throughout their working lives and even into retirement. — Laura McCarron
Let your prospects see what working with you will be like, including exactly who will be holding their hand along the way. — Paul Kingsman
How should investors feel with all the advances in robotics and technology in our industry in the near future? — John Alshefski
Want to know how to grow your business fast? Discover here two things that you need to smash in order for you to take your business from startup to a great business. — Stewart Bell
Unlike many other industries, most people in finance confront the reality on a daily basis that a market downturn they have no control over could cast them out onto the street. — Sara Grillo
One year after I risked everything to launch my own venture, I penned a short article chronicling my journey up to that point. One commenter responded with near-vitriol, wondering how I could be so misguided as to influence – encourage, even – others of my generation to take on extensive levels of risk in order to successfully launch a new business. — Brian Hart
People are automating hellos and introductions instead of taking 3 seconds to personally do it. Folks are requiring followbacks if they give you one. Everyone believes that ads are the answer. And business owners think they know what’s best for their social channels. — Ahna Hendrix
Business growth doesn’t come from wishful thinking. As you know, it takes a lot of hard work. The growth of your business is not an option – it is a necessity. Coordinating the right mix of strategies to gain market share and improve client acquisition rates is essential to advance your firm in today’s economy. — Michelle Mosher
- 1 of 1269