This articles explains a study done of 64 married couples who claim to have happy, healthy relationships being partly because of their way of handling finances. After examining the information given by the couples three phases were written out. The first being one person of the couple was to be deemed the main controller of the finances. The couple must agree on which of the two should be in charge of paying bills, maintaining savings etc., this requires trust and good communication between the couple. The second phase is for the couple to have no debt or little debt that they plan to pay off. Debt creates stress on a marriage and family therefore, having little to no debt is one less thing to worry about. One participant said, "We never purchased a vehicle unless we had the money to pay..." (31). Not having to worry about a car payment or credit card bill will really be a relief rather than that chunk coming from your savings or checking. Lastly, by having a budget, living in ones means, and being frugal the couples were able to use their money for what they needed in a responsible ways so they would never have to worry about having enough money and could live comfortably. A few years of less dinners out, doing maintenance on your own car, and cutting coupons you can lead you to years to come of worry free finances. While growing up in a lower middle class family I've learned a lot from my parents about how to handle money. They've always encouraged me to save and pay for things right away. I got my first savings bank account when I was 12 and my first debit card when I was 16. I pay for my own gas, car insurance, and just about everything else so I've learned how to budget myself. I always put a portion of my paycheck in savings and plan how to make the rest last for two weeks more. Too many young adults waste away their money and leave college or start families with no savings or financial experience whatsoever. I choose this article because I want to start off right. I want to do the right things when I go off on my own, get married and start a family because I don't want my children to have to experience and lack the things I did.
Monday, November 3, 2014
Marriage and Money
Skogrand, Linda; Johnson, Alena; Horrocks, Amanda M; DeFrain, John. "Financial Management Practices of Couples with Great Marriages." Journal of Family and Economic Issues 32.1 (2011): 27 - 35. Web. 28 October 2014.
This articles explains a study done of 64 married couples who claim to have happy, healthy relationships being partly because of their way of handling finances. After examining the information given by the couples three phases were written out. The first being one person of the couple was to be deemed the main controller of the finances. The couple must agree on which of the two should be in charge of paying bills, maintaining savings etc., this requires trust and good communication between the couple. The second phase is for the couple to have no debt or little debt that they plan to pay off. Debt creates stress on a marriage and family therefore, having little to no debt is one less thing to worry about. One participant said, "We never purchased a vehicle unless we had the money to pay..." (31). Not having to worry about a car payment or credit card bill will really be a relief rather than that chunk coming from your savings or checking. Lastly, by having a budget, living in ones means, and being frugal the couples were able to use their money for what they needed in a responsible ways so they would never have to worry about having enough money and could live comfortably. A few years of less dinners out, doing maintenance on your own car, and cutting coupons you can lead you to years to come of worry free finances. While growing up in a lower middle class family I've learned a lot from my parents about how to handle money. They've always encouraged me to save and pay for things right away. I got my first savings bank account when I was 12 and my first debit card when I was 16. I pay for my own gas, car insurance, and just about everything else so I've learned how to budget myself. I always put a portion of my paycheck in savings and plan how to make the rest last for two weeks more. Too many young adults waste away their money and leave college or start families with no savings or financial experience whatsoever. I choose this article because I want to start off right. I want to do the right things when I go off on my own, get married and start a family because I don't want my children to have to experience and lack the things I did.
This articles explains a study done of 64 married couples who claim to have happy, healthy relationships being partly because of their way of handling finances. After examining the information given by the couples three phases were written out. The first being one person of the couple was to be deemed the main controller of the finances. The couple must agree on which of the two should be in charge of paying bills, maintaining savings etc., this requires trust and good communication between the couple. The second phase is for the couple to have no debt or little debt that they plan to pay off. Debt creates stress on a marriage and family therefore, having little to no debt is one less thing to worry about. One participant said, "We never purchased a vehicle unless we had the money to pay..." (31). Not having to worry about a car payment or credit card bill will really be a relief rather than that chunk coming from your savings or checking. Lastly, by having a budget, living in ones means, and being frugal the couples were able to use their money for what they needed in a responsible ways so they would never have to worry about having enough money and could live comfortably. A few years of less dinners out, doing maintenance on your own car, and cutting coupons you can lead you to years to come of worry free finances. While growing up in a lower middle class family I've learned a lot from my parents about how to handle money. They've always encouraged me to save and pay for things right away. I got my first savings bank account when I was 12 and my first debit card when I was 16. I pay for my own gas, car insurance, and just about everything else so I've learned how to budget myself. I always put a portion of my paycheck in savings and plan how to make the rest last for two weeks more. Too many young adults waste away their money and leave college or start families with no savings or financial experience whatsoever. I choose this article because I want to start off right. I want to do the right things when I go off on my own, get married and start a family because I don't want my children to have to experience and lack the things I did.
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