Know Your Money Noise
We all have it, but every person’s money noise is unique. If you know what yours is, you can arrange your financial life in a way that works better for you.
– If you know you would never be happy being financially dependent on someone else, start saving and managing your own money now, and keep your own bank accounts, even if you get married. You might have one joint checking account for bills, but you should be able to have your own checking account for personal expenses, saving account for a backup, and even your own investments. Get this stuff in your own name now.
– If you know you will feel resentful if someone else is spending your money, right or wrong, know yourself and don’t get that joint checking account. Decide who pays for what. Each person can put his or her own contribution toward the bills and other expenses.
– If you know you will feel obligated if someone else pays for you, right or wrong, agree beforehand to go Dutch, whether for dinner or a vacation. Blame it on your own quirkiness, but know yourself well enough to know that doing otherwise will cause a fight later.
– If you know you are a compulsive shopper, take action. Don’t keep your credit cards readily available. Put them somewhere that takes effort to retrieve them, so you have to take at least a little time to consider your purchase. Or always pay in cash so you really feel it. Ouch!
– If you fear losing your money, let your fear drive you to save and be a deterrent to excessive spending. Set up a safe, low-risk investment and/or savings account and ad to it every month before you do anything else. When you get afraid, just remind yourself you have those funds, you’re committed to them, and you’re going to be okay.
– If your weak spot is facing your financial situation, hire a financial adviser to help you see the truth. Collect the information they ask for and listen to what they say. Depending on your income and debt, you might even be able to find free financial advice in your area, or at least free credit counseling.
This is an excerpt from Skinnygirl Solutions by Bethenny Frankel, available at Amazon.com.