I have been thinking this week, money can be a big issue in a marriage, I know even for me, it was a huge reason for my marriage breakup.
It sounds rather drastic, but if every couple went for financial counselling before they get married, they will at least have some idea of what could potentially happen, when the honeymoon phase has worn off.
Sometimes the decision making around the wedding ceremony and honeymoon is a good indication, how the topic of money and finances, will be handled.
For example, if the couple want a big wedding with a $10,000 dress and many bridesmaids and have to borrow and get into debt because of the wedding, it is not a great start to married life.
Maybe I am being too practical, after all love conquers everything, doesn't it?
Too many times I deal with the fallout after years of lies and credit card abuse with couples, the stress can turn into; anger and disappointment even the best relationship can suffer. The dynamics of money and marriage can potentially create the following situations:
1. The person who hides purchases from the other spouse.
2. The partner who hides the credit card bills or the bank statements.
3. One partner is a saver the other a spender.
4. Denial on both sides and spending continues.
Communication is key to great money management and finding out how the other person views money.
Saturday, March 26, 2011
Saturday, March 12, 2011
Emergency Savings
Everyone talks about saving for an emergency.
Lets talk about how you can achieve this:
Emergency fund has to be liquid, but nost too easily accessable, the tax free savings account can be used for keeping the funds until you need it. An emergency fund can stop you going into credit card debt.
Lets talk about how you can achieve this:
Emergency fund has to be liquid, but nost too easily accessable, the tax free savings account can be used for keeping the funds until you need it. An emergency fund can stop you going into credit card debt.
- Pay all other expenses first, even if there is only $20 left over after everything is paid, the money can add up over the year.
- If you get a bonus at work or get a tax refund use it to add to your savings.
- Get the bank to take out a reasonable amount every month, even if it is between $100-$200 each month, it easily adds up and you will not miss it.
- If your income varies from one month to another, use the percentage rule and transfer that amount out of your account to a savings account.
- When you get started with this emergency fund, it will give you peace of mind and if you don't use it, it will be there if you need a new car or a down payment on a property you always wanted to buy.
Saturday, March 5, 2011
Earn More Money, Improve Your Employment Prospects.
I have been working on Career Development and Resumes with my clients recently, here are some ideas which came to mind, when working with them.
You don't need to be an entrepreneur to make it big and for most of us moving to a new job or getting a promotion is one of the best ways to increase our income. Here are some tips on getting the most out of your present career:
Build up your resume with experience and qualifications by taking advantage of any training opportunity your employer offers. This includes formal training, such as courses and seminars or experience gained from taking on extra responsibilities.
Sometimes it is also worth considering the long-term benefits against those of the short-term. Some roles may not pay junior staff particularly well, however the experience and training that they receive can allow them to earn considerably more money when they reach senior levels.
Don't let a low paying position stop you from getting the job you deserve. Become your own publicity agent and find positive ways to get yourself noticed with senior managers. Join a company committee, writing for the staff newsletter or representing your organisation at a charity event.
Add extra value to your role and prove yourself as a competent employee by finding ways to do your job better. Maybe you can streamline a process, become an expert on a particular topic or improve your personal organisation.
Be careful not to get stuck in a rut and recognise when you are ready to move on. At some point, most people will outgrow the companies they work for and changing jobs will often bring fresh challenges.
If you have an out dated resume, it is worth it, to get help with your resume, not everyone has the education or qualifications that are high profile. With work, the most basic resume can be adapted to something that you will be proud of. It will give you the confidence, when you attend that interview.
You don't need to be an entrepreneur to make it big and for most of us moving to a new job or getting a promotion is one of the best ways to increase our income. Here are some tips on getting the most out of your present career:
Build up your resume with experience and qualifications by taking advantage of any training opportunity your employer offers. This includes formal training, such as courses and seminars or experience gained from taking on extra responsibilities.
Sometimes it is also worth considering the long-term benefits against those of the short-term. Some roles may not pay junior staff particularly well, however the experience and training that they receive can allow them to earn considerably more money when they reach senior levels.
Don't let a low paying position stop you from getting the job you deserve. Become your own publicity agent and find positive ways to get yourself noticed with senior managers. Join a company committee, writing for the staff newsletter or representing your organisation at a charity event.
Add extra value to your role and prove yourself as a competent employee by finding ways to do your job better. Maybe you can streamline a process, become an expert on a particular topic or improve your personal organisation.
Be careful not to get stuck in a rut and recognise when you are ready to move on. At some point, most people will outgrow the companies they work for and changing jobs will often bring fresh challenges.
If you have an out dated resume, it is worth it, to get help with your resume, not everyone has the education or qualifications that are high profile. With work, the most basic resume can be adapted to something that you will be proud of. It will give you the confidence, when you attend that interview.
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