Today all couples and single people are worried about their finances and rightly so.
In fact, this past July, even before the honeymoon was over, June brides were seeing articles on personal finance appear in the news encouraging couples to pay down their debt.
Marriage and money: This article by writer Linda Stern presents an interview with seven suggestions on how to manage money. She says in this piece for Reuters that what happens with money at the beginning of marriage might well affect the outcome. Personal Finance
Separate emotions from money: In today’s ever-so-risky economy, here are some thoughts: Suze Orman, on Oprah.com, she tells us how to separate our emotions from our money. This is a very emotional time and we do need to keep our wits about us as we try to see our way through this financial crisis that is becoming a world crisis. Suze says
Keep On Saving: From WIFE.org, there is this advice, “In times of financial turbulence it is tempting to cut back on retirement saving. But it’s better to be saving than sorry! Here’s why you can’t afford to stop!” from WIFE
Decisions: Making money decisions is about choices and with decision-making one is sometimes presented with differing and sometimes competing alternatives. Sometimes decision-making involves taking a risk.
As such, a wise decision-maker goes through a process that involves evaluating the pros and cons. A good decision-makers:
- Generates options and alternatives to address problems and opportunities.
- Brainstorms.
- Takes the time to think through the consequences of decisions.
- Writes out options.
- Chooses appropriate actions with consideration for implications and consequences.
- Commits to action by taking a firm stand on decisions without wasting time.
- Informs others of decisions and actions taken.
- Takes initiative to re-establish priorities if necessary.
- Generates alternative thinking.
- Evaluates time lines to know when to re-adjust.
Copyright 2008 Rita Watson