SavvySugar

Study Shows Spendthrifts and Tightwads Tend to Marry

SavvySugar — Wed, 19 Aug 2009 06:30:58 -0700

Here's one case when birds of a feather often do not flock together, but they probably should. Researchers at the University of Pennsylvania, the University of Michigan, and Northwestern University rated married individuals on a Tightwad-Spendthrift Scale based on surveys that asked each partner about their personal feelings toward spending money.

The results show that many people end up marrying someone with opposite money behavior. Professor Stephanie Coontz commented, "I can see how this might be one of those kinds of seductive differences in the early stages of courtship. Maybe you say to yourself, ‘This guy makes me feel so free,’ or ‘This gal reins me in.’ " I never thought of money habits as a seductive element in the kindling of a relationship, but I do see Coontz's point.

Unfortunately, the initial attraction to another's differences in the way they handle finances could lead to big trouble down the road. Relationship experts think people end up with opposites because they don't spend enough time discussing money before they walk down the aisle. Eli J. Finkel, a Northwestern psychology professor, said, "People may not think about these things when they first get married. But a bad economy serves as a crucible for complementary marriages."

Have You Ever Fought With Your Honey About Money?

SavvySugar — Fri, 26 Jun 2009 08:30:35 -0700

Couples are constantly naming money as a reason for arguments, or worse, divorce. Because money is a sticking point for so many otherwise happy couples, it's important for newlyweds to get off on the right financial foot. That means communication, honesty, and planning ahead. Have money issues ever caused a fight between you and your honey?

Photo courtesy of 20th Century Fox

What Do You Know About Money After Marriage?

SavvySugar — Thu, 25 Jun 2009 12:00:56 -0700

Legally joining your lives through marriage is a big deal in countless ways, and money matters are a hot topic for many couples. Deciding whether or not to join accounts is only one piece of the financial picture. What do you know about the other elements, like your credit score and taxes? Take the quiz!

Take the quiz

How-To: Change Your Name After Marriage

SavvySugar — Mon, 22 Jun 2009 06:30:15 -0700

You've thought long and hard about whether taking your new husband's name is the right thing for you. Once the decision has been made in favor of a new last name, it's time to take the necessary steps to make the swap. Follow my tips to make sure you don't miss any of the important pieces to changing your name - you'll avoid annoying complications later on.

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Married For 80 Years, Couple Shares Keys to Happy Marriage

SavvySugar — Thu, 04 Jun 2009 04:30:19 -0700

Talk about devotion. Bill and Marie DeCaro (ages 100 and 99) have been married for eight decades, making them the world's second longest-married couple. They were married in 1929 and endured the hardship of The Great Depression when Bill lost all of his money because of a shuttered bank.

When Action News asked Bill about the downfall for most marriages, he replied, "Where do couples go wrong? They spend too much money. Don't know how to hold on to more money." While the couple believes the lack of financial responsibility is the number one way to rock the marriage boat, Marie says the rest of it is pretty simple. She advises, "Remember to talk a lot, love a lot, laugh a lot, exercise a little and have a little fun."

To see a video of the endlessly in love Bill and Marie who still cuddle after 80 years, just read more.

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10 Tips For Balancing Love and Money

SavvySugar — Thu, 19 Mar 2009 07:15:35 -0700

It's a sad, but common tune: Debt threatens to divide or break up an otherwise strong couple that hadn't set up any financial ground rules. Love and money don't always go hand in hand, which means it's crucial to consider the long term repercussions of sharing your life and bank account with another person. There's no magical credit card or anti-debt potion, but here are some tips for keeping the communication lines open, piggy bank full and both of you crazy in love.

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Tax Tip For Married Couples

SavvySugar — Wed, 28 Jan 2009 13:30:56 -0800

Filing jointly isn't necessarily the best option for you and your spouse, even if you have promised to be there in sickness and in health. The goal is to collectively pay the least amount of taxes possible, so run the numbers for both filing scenarios before settling.

Couples may benefit from separate filing if one of you had large medical expenses, high business expenses, or if one of you had significant theft losses. It could be beneficial to seek professional help the first time you file after marriage to prevent overpaying your taxes.

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250,000 Couples Will Receive Stimulus Checks

SavvySugar — Wed, 15 Oct 2008 12:30:32 -0700

When rebate checks were distributed to Americans this Summer the IRS only cut checks to citizens whose names and social security numbers matched. The IRS recently announced they would be issuing overdue checks to 250,000 couples that qualified for the stimulus but were overlooked because of mismatched names and social security numbers.

If one person decides to change their name after marriage, the change should be reported to the Social Security Administration so their social security number matches the new legal name. Some couples fail to take this step, and this time the oversight meant they missed out on stimulus checks from the government. Going forward, make sure you're accounted for appropriately by following my checklist for changing your name.

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Shelling Out For Wedding Dresses Dates Back to Depression

SavvySugar — Mon, 15 Sep 2008 04:00:54 -0700

Our eyes grow wider as the average price of a wedding keeps rising, and the nearly $30,000 price tag makes some brides stop and wonder how it's possible that everything wedding-related seems so inflated. The New York Times reported something very interesting this weekend that points out how long the tradition of marriage has been paired with the tradition of spending lots of money.

According to the article, called "Party Peer Pressure, and Why You Shouldn’t Succumb to It," wedding sections were introduced to department stores in the 1930s. Marketers adopted a "love knows no Depression" slogan in spreading the trend, and assumed that even when times were tough, brides would still find the money for a wedding dress. Wedding sections are staples in many department stores nowadays - looks like those 1930s marketers knew their stuff.

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How to Become More Financially Compatible as a Couple

SavvySugar — Thu, 11 Sep 2008 09:30:26 -0700

There's nothing romantic about money. It can buy lovey-dovey getaways and tokens of our affection, but money in itself is a topic that brings a business aspect to relationships. This element doesn't have to detract from a relationship based on love, but it often does, and Tara Siegel Bernard of The New York Times argues that "marriage at its core is still a financial union." Because it's an undeniable part of our existence, Tara gathered guidelines for becoming a more financially compatible couple.

Talk and share goals. Before walking down the aisle, ask tough questions like who will care for any children and retirement goals.
Run a home like a business. Share the responsibilities of budgeting and tracking finances, and make important decisions together.
Be supportive of careers. Encouragement and support from the person you're with can help you succeed in your career.

Discover four more pointers when you read more.

Enjoy, but within reason. Live a sustainable lifestyle and build up savings in case things don't go as planned.
Use a mediator. Seemingly irreconcilable differences on money matters can lead to larger problems. Use a financial planner or therapist to find a compromise.
Maintain some independence. Allocate some funds for each person to spend as they please.
Invest in your marriage. Create a long-lasting marriage by spending quality time together and going on dates.

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