A Spending Quiz for Couples

Successfully sharing money with another person doesn't happen automatically. Even the best of partners need to establish a system for keeping up with day-to-day and long-term spending issues. Whether you're newly married or have been together for many years, it's important to have compatible answers to the following questions.

The water bill is overdue. Who's responsible?
Create a system for managing your day-to-day finances. Determine who's in charge of writing checks, mailing bills and balancing your accounts.

What did you spend on groceries last month?
Establishing a monthly budget helps determine spending patterns and is one of the best ways to achieve your financial goals.

Where do you get cash in an emergency?
Set aside three to six months' worth of expenses into an account that will pay you interest but that you can easily tap into when you need cash quickly.

Is it OK to charge a vacation on a credit card?
Determine how much and what type of credit is acceptable to both of you. Each member of a couple should consider establishing credit separately in order to build a personal credit history in the event it may be needed in the future.

How much money do you give to a charitable organization?
When you make donations to a charitable organization, like your favorite charitable organizations, you're giving away more than your money. You are, in a sense, transferring one of your most precious assetsóyour values. We all have a responsibility to help our fellow human beings. To whom and to what extent, however, is a deeply personal choice that couples should thoughtfully examine.

What will happen to your assets when you die?
Creating an up-to-date will is the first step toward disposing of your estate.

Please contact Mary Ludwig, Development Director at 712-732-5127, for more information.

The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

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