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Informative Articles

Get Started Managing Your Money
There are literally thousands of articles about how you should or should not manage your money. Myself and other well intentioned money saving wizards bombard you with ideas of all that you should be doing. However, if you are behind two ...
Helpful Hints for First-Time Home Buyers
Buying a house can be a daunting task, even for someone who has owned several homes. My husband and I recently purchased our first home together, and it was hard to find good advice that we truly found useful. We had to learn a lot on our own,...
Need A Job?
Many of us could really use some extra income. We have enough to pay our bills and put food on the table, but nothing extra. You could always go to work for McDonalds or Walmart, but with all of your responsibilities, is minimum wage worth it? ...
Springtime Money Laundering
Summer is right around the corner and most of us have our to-do-lists figured out, mentally, if not written down yet. Bible camp for the kids, plant a large garden, and a trip to the lake. What about financial housekeeping, shouldn't that be on...
Your Consumer Rights
If you have ever fallen behind on your debts you already know that dealing with your creditors can be a hassle. Sometimes it can be downright humiliating. It doesn't have to be that way. With millions of people experiencing financial...
 
Two Income Households

Money is the 1 problem couples fight about. It's often the spark that ignites bickering about ambitions, fears for the future and the inevitable power struggle. Communication is vital. Talking about how you plan to earn, spend and save money is easier when you agree on the priorities. Regardless of income levels, couples benefit from forming and adhering to a spending plan that includes discussion about making major purchases.

Financial advisors encourage wage earners in two-income households to design a plan that maximizes the benefits of the second income. For lower wage earners, the costs of child care, income taxes, and work-related expenses may outweigh the income benefits of a second job. Even for high wage earners, without proper planning the maximum benefit will not be realized, and in some instances, the additional salary can be a tax liability.

Planning tips for Two Income Households:
* Jointly decide if the paychecks will be combined into one checking account, or maintained in separate individual checking accounts. A designated amount from each paycheck could be deposited into a separate household account.

* Decide who will pay the bills and maintain the account.

* Each partner must have a personal allowance. Agree on the amount and make the money available routinely.

* Agree upon a savings and investment plan.

* Make the decision together


on how you will finance new purchases such as a car or appliance. Regardless of who the user will be, avoid debt levels that will demand the full earning potential of both wage earners.

* If you file income taxes jointly, you are each responsible for any inaccuracies or errors on your returns. Before signing the tax return, examine the forms and ask questions.

* If you jointly hold a credit card account, you are both responsible for any debts incurred on the account.

COMMUNICATE--COMMUNICATE--COMMUNICATE

About the author:

Cindy S. Morus (www.phelps-creek.com) is a Certified Financial Recovery Counselor and Certified Credit Report Reviewer specializing in showing women and their families how to achieve financial well-being and peace of mind. Contact her at 541-387-2995 or cmorus@phelps-creek.com She is also the publisher and editor of "Women's Financial Freedom Monthly", an internet gazette dedicated to helping people improve their financial fitness no matter what decisions were made in the past.

Attention Ezine editors/Site owners: Feel free to reprint this article in its entirety in your ezine or website as long as you leave all links in place, do not alter the content and include our resource box as listed above. If you do use the material please send us a note (cmorus@phelps-creek.com) so we can take a look. Thanks



 

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