Scotia Investments

Financial Learning Centre

Scotia Investments Financial Learning Centre

Money Management Guide - Five Money Issues Not To Fight Over

While you and your spouse will never agree on everything, there are certain things that couples shouldn't fight over. Couples are bound to argue from time to time - in fact, you might not have much in common with your spouse - but money is a different story. Here are five money problems couples shouldn't fight over.

Money Problem #1: Educatio

Your children's education should be forefront on your mind almost from the time of conception. Too many parents leave education up to the fates and have no plans for saving for their kids' college educations. From the very beginning, plan a savings budget for your children's educations, and leave it at that.

Never mention taking money out of the college fund for a purpose other than a life-or-death emergency, and don't fight over the amount of money saved in that fund. Education is important enough that it shouldn't be an issue between you and your spouse.

Money Problem #2: Credit Cards

For some reason, credit cards seem to be the primary source of financial discord between couples. To avoid this problem, use credit cards only as a convenience when nothing else is readily available, and charge only purchases which can be repaid by the end of the month, with no interest fees applicable.

Credit cards can be an easy way to fall into debt, which is simply asking for marital trouble. So be smart about how you use your credit cards, and destroy them if they even begin to become a problem.

Money Problem #3: Vehicles

Vehicles, whenever possible, should be purchased 100% in cash, even if it means driving something smaller and older than what you desire.

That way, you're never fighting with your spouse over car payments or worrying about how you're going to budget other expenses.

Money Problem #4: Retirement

There is nothing worse than hitting the big 4-0 and realizing that you have no money for retirement. If you don't start at a young age, you'll be kicking yourself well into your sixties.

Although you might have to sacrifice some of the current luxuries - fancy cars, remodelling the bathroom - you'll be pleased with your decision when you don't have to worry about you and your spouse's lives after retirement. Start allocating money toward your future as soon as possible, and don't argue about it. If anything, you should be contributing more to your retirement fund rather than less.

Money Problem #5: Insurance

Health, life, dental, vision and vehicle insurance are necessary. So don't argue about it, just get it. Figure out which partner's healthcare plan is more affordable, and which offers the widest diversity, especially if you plan on having children.

Even if the premiums are high, you must find a way to make it work, because there is nothing worse than the financial blow that comes after a tragedy for which there is no insurance.