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Financial Literacy Month blog

We hope you enjoy reading some of our thoughts as we join you on the path to financial wellness and we encourage you to yours. If you would like to follow our path on a more micro-level, we will be using twitter to chronicle our days.

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It’s SMART to involve the family

Posted by Kim McGrigg on 4/11/2008

I just finished reading about setting SMART goals and watching a free webinar called Setting Goals and Understanding Priorities. One thing that really struck me is that this needs to be a team effort.

The counselors at Money Management International recommend that you share your list of financial priorities (Step 10) with your family (particularly your spouse) and discuss their similarities and differences.

As you do this, just remember that the most important money move you might make is to embrace your differences. Understand that you may not be able to change feelings; instead, try to cultivate the positive aspects of each style. There is no one “right” way to handle your finances and a marriage of your money styles may be the perfect solution.
For more, visit the Make Love, Not Debt financial relationship blog.

Consider the following:

  • Sixty one percent of unhappily married people cite financial problems as the cause of their discord. Source: Money Management International Love and Money Survey, 2006

  • There is evidence that couples' financial problems (including debt) are associated with increased levels of stress, conflict, and marital duress as well as decreased levels of marital satisfaction. Source: Sanchez and Gager, 2000.

  • One of the unique strengths of the majority of happily married couples was that they did not have major debt problems. Olson, 2003.

  • Sixty six percent of survey respondents indicated that problems associated with major debt was one of the top five financial stumbling blocks in marriage. Source: Olson, 2003.


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