Each of us has a natural tendency when it comes to money. Do you anxiously await your paycheck so you can go out and buy something? Or do you feel best when you’ve got a nice nest egg stashed away? Because disagreements about money are known to be a source of conflict between married couples, it is good to identify your tendencies and work on mutual goals together. Here’s a quiz to get you started.
1. It’s payday. Is your fiancé(e)’s first impulse to:
- Make sure the right amount was deposited into savings
- Go get that pair of shoes on sale
2. The two of you are looking forward to your summer vacation. Does your fiancé(e):
- Monitor the savings account balance
- Plan your agenda
3. A new version of the iPhone had just been released. Would your fiancé(e):
- Plan for the cost of an upgrade over the next few months
- Get in line at the Apple store
4. Your fiancé(e) finds $50 in the pocket of an old pair of jeans. Where will it go?
- In the “just in case” wallet pocket
- Out to dinner
5. If you and your fiancé(e) suddenly acquired $20,000 unexpectedly, what would your fiancé(e) suggest?
- Save it
- Spend it
6. When your fiancé(e) goes clothes shopping, the first stop will likely be…
- The clearance rack
- New arrivals
7. When buying clothes, which does your fiancé(e) value more?
- Great quality
- A good price
8. When heading to a local carnival, would your fiancé(e):
- Set a budget and stick to it
- Withdraw cash and worry about how it fits into the budget later
Now remember, this is just to gauge your tendencies. The a’s are savers and the b’s are spenders. Most of us know where we stand but it is helpful to have an exercise and some specific examples to demonstrate to our significant others where we need to find common ground. Sticking to a budget with some discretionary spending built in for each of you is a good way to achieve your mutual objectives.
Need some help developing your financial plan after the wedding? Serving your community for 125 years, Mercer Savings Bank is happy to help. Stop by any of our conveniently-located branches or contact us online.