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Marriage and Money

When we think of marriage, most of us like to focus upon the fun parts and not the financial parts. Marriage usually means focusing upon the wedding preparations, ordering the invitations, and planning for the honeymoon. Nobody wants to talk about money management, budgets, and other financial matters.

However, statistics show that the top reason for divorce is conflicts about money.  Couples attempt to avoid discussing finances until it is often too late and egos get in the way of solutions.  The counselors at Front Range Counseling Center can help you discuss your financial concerns before the big "D" of divorce is used as a weapon of control.

Creating a budget is actually very simple:

1. Gather all your records of expenditures (checkbook, credit card statement, etc).
2. Open a spreadsheet or graph and assign a category to each column.
3. Record each expense under its corresponding column.
4. Calculate and record a total for each column.
5. Add all the column totals.
6. Compare that number with your income.
7. Revise your expenses and prioritize them.
8. Eliminate those expenditures that are low on the priority list.
9. Don’t forget to budget 10 percent of your income for savings.

You see, it’s not all that scary. More importantly, if you create a budget together, you will eventually see your money grow, especially if you transfer a portion of your income into a savings account.

The Front Range Counseling Center helps you with a four step process:.

Step 1: Determine your net worth (Net worth is the difference between assets and liabilities).
Step 2: Family accounting and budgeting
Step 3: Set goals (goals to start saving for your future today.
Step 4: Set action items to begin making your finances work for you rather than against you.

Many couples get married without having a financial plan in mind. It’s very important to discuss your financial situation before your debts becoming overwhelming and begin to negatively affect your marriage. If you don’t want to deal with thinking of financial strategies, our counselors can help.