Please Show Me The Money!!
If you are going to spend your life with someone, you will end up spending money with them. Money can be a source of problems, but you can be better prepared to handle the problems if you ask some basic questions on the front end, the “front end” meaning before you make any major financial commitments such as cosigning for a car or apartment or purchasing property together. Many people think the amount of money a person makes is the most important piece of financial information to know. I am here to tell you– income isn’t everything! Anybody can show you the money on payday, but what about a week later? When I say, “Show me the money,” I mean show me through your actions. Here are three “show me” questions for your significant other: Show me the stability- Do you have steady employment, and how is the pay structured? Depending on the nature of your mate’s compensation (hourly, salaried or commission-based), his or her income may vary from one pay period to the next. Bills arrive each month without fail so it is important to know if variations in income are great enough to adversely impact your lifestyle. Show me the savings- Do you have any savings, or do you spend every dollar you make? Not having cash set aside can put you in a financial bind in the event of unforeseen circumstances. Whether it is a faulty transmission or an unusually high utility bill, if you have no cash saved for a rainy day, you may be forced to rely on credit to cover the gap- which leads me to the next point: Show me the self-discipline- How do you handle bills? Do you have credit? If so, how much and how good or bad is it? Many employers run credit checks on prospective employees because the way a person has handled their debts may indicate how they will treat future promises and/or obligations. A credit report can reveal many habits- some to look out for include a history of late payments, maxing out credit cards or all out delinquency. It is important to approach conversations like these with an open mind and without being judgmental. No one is perfect, and no two people feel exactly the same way about everything. While you do not have to be with someone who feels exactly the way you feel about all things financial, you should have someone with whom you can share your feelings, discuss your differences and work with to reach a solution. A word to the wise: Do not ask a question you are not prepared to answer. If you are willing to ask but unwilling to share, you may want to consider taking a self-inventory before you go any deeper into the relationship. However, that’s a topic for another day! Money can be an uncomfortable subject, but it is also one that cannot be avoided. Breaching the subject now can save you from struggling with it later! Tisa Silver About Author Shivawn Mitchell is the Editorial Director and owner of L.o.v.e. Magazine. She is a networker, encourager and a writer just to name a few. She hopes to push everyone around her to pursue their dreams!! Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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