Black Enterprise Sr, VP & Editor-at-large and host of The Urban Business Roundtable, Alfred Edmond, Jr interviews Madam Money on his new podcast "Money Matters." Listen to how to Guard…
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Love and money, the two things you can’t live without (well, that and pizza). Ameriprise Financial (AMP) just released a brand new survey about couples’ spending habits, how they jive when it comes to financials and what you and your significant other can do now to make the money situation a little greener.
“One surprising thing that we found is that couples talk about money a lot” Marcy Keckler, VP of Financial Planning and Advice Strategy at Ameriprise, told FOXBusiness.com.
Financial discussions take place “more than world events, more than politics!” she adds.
The study showed that 77% percent of couples feel that they are on the same page when it comes to finances and that the 33% who don’t, tend to argue at least once a month.
But it’s not all bad. Of those who tend to disagree, 82% say they can eventually work out their differences.
“Couples do agree on a spending limit; the average was $400 but that varied by generation” adds Keckler.
The spending limit of a Millennial shopper who made a purchase without talking to their partner was around $250-$300, whereas baby boomers spent roughly $500. Not to mention, 5% of respondents said they were hiding a secret bank account from their partner!
When it comes to retirement, the study showed 23% of the couples felt that they weren’t on the same page or just not sure if they were prepared to retire.
So what can couples do to sync up?
“One money strategy that can make sense for couples is a three-account approach,” says Keckler.
An “ours, yours and mine” arrangement allows couples to have a joint account for shared expenses as well as separate accounts to have some financial independence and still be able to surprise one another.
However, when you and your partner spend, be sure to invest responsibly and speak to an expert!
Originally appeared on Foxbusiness.com.
Even if you and your partner do not yet share finances, if you plan on doing so in the future, it’s good to start healthy money management habits now.
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First dates are hard. You’re trying to be a funny, charismatic, and interesting version of yourself while asking insightful questions and listening to your date.
If you’re one of the few Americans who’s passionate about your personal finances and doesn’t want to waste time with someone not on the same page, you’ve got an even harder task. How can you find out your date’s views on money without being rude?
Here are five strategies you can use to stay charming and get the financial scoop.
Propose a cheap date
If you want to find a frugal romantic partner, don’t schedule your first date at a steakhouse. Suggest a picnic, scenic walk, or coffee shop. A date with expensive tastes might balk at these ideas, but it’s a quick way to find out how your romantic interest feels about money.
Consider your date’s attitude
You aren’t going to find someone who wants to discuss ETF allocations or tax-gain harvesting on the first date. Most people aren’t passionate about their personal finances. That doesn’t mean you should give up on dating. Consider looking for a partner who shares your frugal values but hasn’t figured out how to implement them. If you find a date interested in your long-term plans to live within your means and avoid debt, you’re off to a great start.
Use open-ended questions that get your date talking about their long-term lifestyle plans. Letting your date do most of the talking makes you seem like a good listener and gets you the answers you need. Many dating experts suggest asking about dreams and ambitions on the first date. It’s not just financially smart; it’s also romantic.
Ask about vacations
Ask your date about their dream vacation. If your date starts describing a first-class trip to Paris complete with five-star hotels and Michelin restaurants, that’s a good clue they aren’t frugal. Try mentioning your plans for camping at a state park or using credit card rewards for travel and see how they react.
Discuss career plans
You don’t need to pull out your 20-year blueprint for your career, but you can discuss generalities and gain insight into your date’s personal finance thoughts. Ask what job they’d do if money was no object or where they see themselves in five years. Are they planning on a career as an artist or part-time social worker? Those are admirable paths, but they might not mesh with your personal finance goals.
Talk about the perfect home
Asking your date questions about their dream home is a sneaky way to learn about their financial maturity. If they want a 10-bedroom McMansion, have they talked about career goals that make their ideal home realistic? Do they want to live in the suburbs and commute an hour each day into the city? Perhaps you’ll be surprised and have a date who dreams of a mortgage-free house.
Frugality is not the norm. Most Americans spend more than they earn and struggle under heavy debt loads. Money is the most frequent reason for arguing among married couples. Finding someone who shares your financial views is hard work, but a strong relationship will be your greatest long-term asset.
Originally appeared on Learn.StashInvest.com. Click here to Sign up with STASH here.
Syndicated: UpscaleMagazine.com
Ahhh, love is in the air! That’s right, it’s holiday season. This is the time that’s meant for gathering with loved ones and creating end of the year memories. Also, a special time to go out and do some gift giving for the one who truly makes your heart smile. However, what if that special someone has only been special for two months or so? You know, that weird stage where you haven’t truly argued yet and the two of you are still agreeing with everything. Then you realize it is Christmas season and you have no idea if you should purchase a gift. The probation period hasn’t come to an end yet so you don’t feel qualified enough to purchase the perfect gift.
Well, here are 5 Inexpensive Gift Ideas to give your love interest when the relationship is new:
GAS GIFT CARD
For this one you truly can’t go wrong. Who doesn’t need gas? Excluding those folks who drive the electric cars, not all of us have advanced to that luxury, yet. So yes, purchase a nice $25 gas gift card along with a sweet Christmas Card. Trust me, they will indeed appreciate you.
A GREAT BOOK
This gift would be really thoughtful. Most of us enjoy a nice read whether it’s a cool comedy book or a book related to something that person is into. There is literally a book for everything and we all have room for improvement. Who doesn’t like to broaden their horizon?
FAVORITE DESSERT
Opting for this would hands down win … (continue reading 5 Inexpensive Gift Ideas to Give Your New Beau via UpscaleMagazine.com)
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