Tag Archives: Finance

Mar
25
2023

Successive Marriage Finances – That’s Mine and You Can’t Have It!

Every marriage is different. And successive marriages are going to be more complicated. You’re a little farther along the financial trail this time. On the upside, you may have accumulated cash or property. There’s the downside at this junction sometimes too – debt may have followed you.

Either way, finances can be a make or break situation in your new relationship, so be sure to come to agreement on all issues. Did you agree to joint finances? If not, do you understand how your separate accounts will contribute to your budget?

If either spouse has pre-marital equity or holdings, you may wish to keep those items completely separate, especially if there are children on either side who will inherit. Don’t wave it away to worry about later, reach your agreements now! Consulting with an attorney regarding pre- or post-nuptials is an excellent idea, and just might give you both the peace of mind that will boost your statistical chances for a happy, healthy marriage. Let’s face it – statistics are staggeringly not in favor of a successive marriage lasting. Launching such a relationship with as much going in its favor as possible is simply the smart thing to do.

While you’re at your attorney’s office, inquire into exactly how your marital equity may be assessed in any property currently owned by your spouse. It varies somewhat from state to state. Ensure both of you understand all aspects in order to arrive at the best agreements concerning finances.

This approach may seem negative – is it actually planning for divorce at the beginning of a new marriage? Successive marriage makers have already seen what can happen in a divorce. Their eyes are wide open. Tackling financial what-ifs that coast into agreements will actually strengthen your marriage. Money is the number one cause of divorce. A successive marriage already carries some residual divorce baggage, some of which most likely included financial issues. Put your new marriage on the right track by agreeing what is yours, mine and ours.

Aug
04
2022

Find Out How You Could Save Up Money By Managing Your Finances

Life can be very difficult if your financial situation is not in order. Sleepless nights and never-ending worry are signs that you need to take care of your situation immediately, but even if you aren’t in financial dire straits, you can also benefit from having a good financial picture. Here are a few tips to improve your finances.

Being a smart shopper can enable one to catch onto money pits that can often lurk in store aisles or on the shelves. An example can be found in many pet stores where animal specific products will often consist of the same ingredients despite the animal pictured on the label. Finding things such as this will prevent one from buying more than is needed.

To be more organized with your finances, keep a monthly bill calendar on hand. Each month, write down the bills you owe on the dates that they are due. Determine which paycheck each bill needs to be paid out of and make note of that as well. Mark off each bill as you pay it and you’ll always know where you stand with your monthly finances.

Coupons might have been taboo in years past, but with so many people trying to save money and with budgets being tight, why would you pay more than you have to? Scan your local newspapers and magazines for coupons on restaurants, groceries and entertainment that you would be interested in.

Start saving money for your children’s college education as soon as they are born. College is a very large expense, but by saving a small amount of money every month for 18 years you can spread the cost. Even if you children do not go to college the money saved can still be used towards their future.

Teach children early about saving money. When giving them an allowance, encourage them to set aside a portion of it. Help them to determine not only long-term goals for their savings, such as college, but also some short-term goals, such as a new bicycle, or even ice cream. As they reap the benefits of saving for their short-term goals, they will begin to understand the importance of it and it will motivate them toward their long term goals.

Working on your personal finances can help relax you and give you a better picture of where your finances stand. Getting your finances together can be a great way to get rid of stress and to start to focus on other parts of your life that you may have been neglecting.