How to stop fighting about money
It's money, not sex, that couples fight about the most. Here are five practical tools from Money Magazine reporter Carolyn Bigda, on how to stop fighting about money.
How to stop fighting about money
Carolyn Bigda recommends following the five "money vows" to keep the peace in your relationship when it comes to finances:
- Create a spending diary: for one month track every penny each of you spends to discover where your money is going.
- Set a limit to what splurges each of you will allow. One rule of thumb is to keep it to 0.5 percent or less of your salary.
- Make sure that you listen to each other and allow each other veto power to say no. Come to an agreement with your partner and consult before making purchases.
- Set a savings goal every year and commit to it. 15% of your income is recommended whether it's for retirement or buying a house.
- Never turn your back on money issues; don't just leave the problem on the table and walk away from it. Work through money issues as a team.
meet theexpert
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Carolyn Bigda Money Magazine Carolyn Bigda is a reporter at Money Magazine, covering credit, savings and debt. She writes a weekly syndicated column for the Chicago Tribune, tackling personal finance issues for twenty-somethings. She's been featured in interviews on ABC, CNN and many others, as well as several radio stations. more about this expert »
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