Michael J Porro & Company

Financial Advisors, LLC

180 Old Tappan Road, Old Tappan, NJ 07675-7052

Phone: 201-768-0218

Fax: 201-768-6487

Website: porrofinancialadvisors.com

July/August 2018

When Money Styles Merge

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When spender and saver marry, Mars and Venus might as well be Mercury and Saturn — they’re that far apart. There are things, however, you can do to prevent money strife when you and your spouse have different money personalities.

Saver or Spender
When savers and spenders merge their finances, shock can result. You may, for example, meticulously put away every spare dollar for future goals. Meanwhile, your spouse may cruise the malls looking for weekly bargains, whether needed or not.

Put it in Writing
While you may not have signed a prenuptial agreement when you married, you may want to forge a verbal financial peace agreement now. Decide which financial tasks each of you will handle. Perhaps you’ll balance the checkbook and your spouse will handle insurance and investments. Whichever tasks you handle, make sure you both keep current with what the other is doing.

Consider compromising on occasion. Maybe your spendthrift spouse will save more in his 401(k) plan. Maybe the more thrifty partner will agree to go out to dinner an extra time this month.

One final note: even if you handle your finances jointly, consider opening a credit card or other financial instrument in your own name only to establish your unique financial identity.


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