Banking Law

Twelve Personal Finance Mistakes - Work With a Partner

By Eugene S. Melchionne, Connecticut Consumer Attorne

In a family situation, it is important that everyone know what the finances are.  When the finances are a deep, dark secret, there is no information upon which family members can decide whether a spending decision is appropriate.  Nothing inhibits that impulse buy and soon the bidget is blown.  By working with a partner, not only will the information on the finances be shared, but you will also gain a second opinion to consider whether your financial decisions are sound.

The failure to work as a unit is particularly obvious when financial troubles occur.  Usually, one spouse will lay the blame at the other’s feet for being an irresponsible spender or inconsiderate of the family budget or worse, secretly hiding the bills.  This is difficult to do if spouses were to sit down at least once a month to discuss where the money is going.  That way, there can be no surprises and no blame to place.

Remember, the number one cause of divorce or family collapse is money problems.

Full post as published by Debt Law Network on May 28, 2009 (boomark / email).