Personal Money Style

Sit down together and share details about the practical aspects of your personal money style. If you’re already married, use this opportunity to reevaluate your current financial situation. Ask yourselves, individually, the following questions and then compare answers:

• Do I carry credit cards? How many and what kind? Gas cards, department  store cards, general credit cards? Do I pay the cards in full each month, or just the minimum payments?
• Do I carry cash with me? How much? What do I use it for? How do I keep records of cash spent?
• What does my credit history look like? Any debt problems, overdue bills, repossessions, bankruptcy filings, or late payments?
• What sort of insurance coverage and financial contingency plans do I have for medical expenses and other emergencies?
• Do I have a system for paying bills? What is it?
• How do I keep track of receipts and tax-related paperwork?
• Do I buy lunch at work every day or bring it from home?
• Is recreational shopping a favorite pastime? What sort of limits, if any, do I set for my personal shopping sprees?
• How do I decide to make a major purchase such as a car, new furniture, large appliances, or a home?
• How much of my income do I save each month, and what sort of system do I use for saving money?
• What is my philosophy about financially assisting elderly, disabled, or cash-strapped relatives?
• Do I want (or want my spouse) to stay home after we have children?
• Is tithing or regular philanthropic giving important to me?
• How far in debt can I go and still feel comfortable?

If you are the spend-a-holic in the relationship and are already convinced of the need for financial change in your life, the road ahead is much easier. Unfortunately, reforming a loved one from their spendthrift ways can be difficult and requires a lot of sensitivity and tact. Don’t allow yourself to become adversarial with the spend-a-holic in your life. Instead, be reasonable and show how adopting frugal habits can reduce outstanding debt, free up money for fun activities such as vacations, and help to finance large future expensessuch as buying a house or paying for college tuition.