Moneyzine - April 2008 Issue
How to Have Success
With Relationships and Money
Welcome to the Premiere Issue of Moneyzine, Transformyourmoney.com's monthly
E-zine, filled with information to help you have power and freedom with your
money, to create your life the way you want it to be!
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Take Care,
Melanie Fine, CPA
Editor's Note:
Thank you for reading the Premiere Issue of Moneyzine. I
chose to take on the topic of relationships and money as it amazes me how people
are afraid to talk about money, yet it is one of the most important topics we
can talk about. If you have any questions about the information in this issue or
in general please feel free email me through our
contact page.
Enjoy this months issue and don't forget your taxes! The deadline in the USA
was April 15th, and in Canada it is April 30th! Avoid penalties and interest
- file on time!
In this Issue
If you don't have time to read the whole newsletter, click on the topic that
interests you. This month you will find:
Dream. Each day take 5 minutes to remember what your dream is. Discuss your
dream frequently with your significant other, a co-worker, family member or
friend. Tell them why you are transforming your money. Keep it alive everyday.
The more alive and real it is in your life the more motivation it will give you
on the days when you don't want to work towards your goals, or work your plan.
If you aren't sure why you want to or "need to" manage your money, then take a
look at our
dreams page. It will help you work it out so you can keep it alive. Know it
is possible. You have fulfilled dreams and goals before!
"Do not spoil what you have by desiring what you have not;
remember that what you now have was once among the things you only hoped for."
Epicurus, Greek Philosopher, BC-341-270
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A couple was having a discussion about their finances. Finally
the husband exploded, "If it weren't for my money, the house wouldn't be here!"
The wife replied, "My dear, if it weren't for your money, I wouldn't be here."
If you are single click here.
Do you find it hard to talk to your significant other about money? Do you
avoid it? Do you argue every time money comes up?
You are not alone, it has been
said that money issues cause 90% of divorces. Most people I talk with say that it
is easier to avoid talking about money then deal with it. This usually leaves
one partner with all the stress and responsibility, which leads to resentment
and anger. So learn how to talk to your significant other now to avoid issues in
the future.
- Communicate about your money regularly - Set a date to talk about
your money each week, or every other week. Make it an unbreakable date. Make
sure you cover your goals, plans and hold each other accountable. Also talk
about what has worked and what hasn't. Make sure that all parties buy into
the plan your create.
- Stop the blame game - ok so you have both made mistakes - admit
to them. Even if you
don't think you haven't, chances are you have. So forget about "being right"
and figure out what you are committed to and how to make it work.
- Don't get into the "Well I make more money than you do" scenario
- A marriage (or significant relationship) is a partnership. For it to be
successful everyone has to play their part and be appreciated for what they
contribute. It's not "your money" or "my money", it is "our money".
- Talk about your money before issues come up. If you have a plan,
then issues won't come up as often. Surprises (or in some cases shocks) are
what causes fights.
- Create a safe zone to talk about money - Money brings up issues
of control, success and failure. Create your relationship to have the room
to discuss your feelings and the numbers
and cents of it all.
- Get help if you need it - There is no shame in paying a professional to
mediate or counsel you. Sometimes it takes an interpreter to help you
understand what is going on for yourself or your partner. You can pay now - or lawyers
later.
- Both parties are to be accountable for the finances. Choose one
person to pay the bills. Only one person should be "in charge of paying the
bills". However, you are both responsible for how the finances go. Don't
give up responsibility just because you don't pay the bills, or Don't become
the martyr because you are responsible for paying the bills. Discuss all
issues at your regular money dates.
What it comes down to is that both parties must communicate regularly, be
accountable and take responsibility for the finances.
To have success with your relationships and money, follow the tips above and
create a plan together.
Single people - this article is relevant to you
whether or not you are in a relationship. If you are not in a relationship,
choose a friend or family member to practice talking to about your money. If you
don't talk about money now with others, chances are you won't talk about it when
you get into a relationship in the future. Regardless, by you talking about
money with others, you are bringing your issues out into the open and may be an
inspiration to others, especially the younger people in your life.
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This letter came in from a friend of mine that I went to University with. We
reconnected on Facebook after way too many years! To contribute your story
please send it through our
contact page and
you could see it in future newsletter's or on the site.
"Hi Melanie,
My wife and I are "frugal" type people and have accomplished a lot financially
over the last 5 years. When we first met neither of us had much in RRSP's or any
other assets. We didn't carry any debt, but we have now maxed out our RRSP
contributions and at the same time reduced our mortgage by 40% and we also have
investments in downtown condo's. It really didn't take much effort, all we did is
keep our "wants" in check and watch what we spend on a daily basis, as this is
where you can save a lot of money (but I still buy my Tim Horton's coffee every
day).
Brown bagging lunch is something I've done for years, and wish I would have done
it sooner (even back in the Ryerson days). I find I eat healthier and save money
at the same time.
Both of us read the "Wealthy Barber" and "The Automatic Millionaire" books and
found them to be a great source of financial advice.
Communication & Teamwork really seems to be the key to our financial
accomplishments. We both agree on what we want and work towards our goals. We
communicate on just about everything we spend money on, so that we keep each
other on track (and get on each others cases if we think we're spending too
much).
We don't really believe in budgeting as most of our costs are fixed and by
keeping our "wants" in check, we don't find it necessary. However if we do "want"
something (we do have to live a little), we check to see if we can get it used
or on sale. Again though, we communicate our wants and both agree before buying
it.
Vacations can be expensive, so when we do plan them, we look for the best deals
in advance and try to stay with friends and use our Air miles.
Asking for raises at work is also something people should do more often and can
really help. I recently got a good raise after working myself into a more
demanding position. The important thing is to keep your spending habits the same so
you can use the extra money for RRSP's / Mortgage / Other Investments.
Our goal is to become Mortgage free in the next 3-5yrs and to be rid of debt
once and for all (can't wait).
I love your website, and like that your into financial planning, its something
I've been interested for a few years.
I hope you find my input useful.
Cheers,
Mark Booth",
Toronto, Ontario Canada
Thanks Mark, I found it extremely useful and inspiring! I think it is amazing
that you are both on the same page, communicate and have common goals! Your debt
will be paid off in no time! This is a great example of how talking about money
has led to a successful relationship and financial life.
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To find more Tips on saving money, or to add your ideas, please check out our
Best
Ways to Save Money Page.
File and pay your Taxes on Time.
Penalties and interest on your taxes add up fast! Just do them on time and save
lots! Or if you are due a refund then file as soon as possible and use that
money to pay off debt.
Invest in a programmable thermostat.
You can program your thermostat to increase the temperature 30 minutes before
you return home. You can keep it at a temperature you like while you are home,
and program it to be cooler (or warmer in the summer) when you are not home.
Entertain at Home.
Instead of having dinner at a restaurant with friends. Entertain at your house.
Ask everyone to bring a dish - Potluck it! Or have people over for coffee and
dessert.
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Thank you for reading our Premiere Issue of Moneyzine. I hope you enjoyed it
as much as I enjoyed writing it. Please feel free to contact me with any
questions at
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Till next month,
Melanie Fine,
CPA
www.transformyourmoney.com
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