Money and Marriage

Making Money Management (and a new marriage) a little easier...

Like most newlyweds, Deb and Tom thought the understanding they had of one another would carry over into all aspects of their married life - like managing money. It hasn't worked out quite that well. Each discovered they possess different money habits, practices and notions. Deb is one of a growing number of young women who are claiming more control over their financial lives than did their older brothers and sisters just a few years ago. She is quite organized (Tom says too organized) and expects the two of them to heed the common financial advice of saving early for retirement and for the college education expenses their future family will incur. Tom shares the same goals - he just approaches them a bit more casually. With fairly simple solutions, the following friction-causing money habits can be alleviated:

• Tom doesn't like to carry around checks, or a lot of cash, yet he needs an easy way to make necessary purchases. He's also not real diligent about telling Deb when he uses the ATM card for his frequent $20 withdrawals.


Solution: VISA Check Card - an ATM card and check card in one that will allow Tom to make purchases at any merchant that accepts VISA cards. It works just like a check, without needing to write a check or provide identification.


• When Tom forgets to give Deb his VISA Check Card receipts, she needs a way to check recent activity in their account.


Solution: TeleBank and Online Banking - TeleBank provides 24-hour telephone access to account activity. Online Banking gives Deb and Tom the ability to bank from the comfort of their home or office, via a personal computer, anytime, day or night.


• Both Deb and Tom want a disciplined way to start saving for the future. They both agree that the best way to accomplish this is to have the money taken directly out of their account, treating it just like one of their other monthly bills.


Solution: Automatic transfer from their checking account to an Interest Advantage account. The Interest Advantage pays higher interest rates than a regular savings account. Once Deb and Tom build up a cash reserve for emergencies (financial planners typically recommend at least one month's salary for young couples) they should consider investing in mutual funds such as the Stratus Funds.

With these simple solutions, Deb and Tom will smooth out a few rough spots in their money matters and be able to focus on much more important long-range financial goals. A Union Bank & Trust Personal Banker can show you how we can make life a little easier for you, too.