Valentine’s Day Tips #1 and #2 for Love and Money

By Lynnette Khalfani-Cox, The Money Coach        

This is the first of 5 sets of “Valentine’s Day Tips for Love and Money.”

Money is the biggest cause of fighting in relationships for the third year running, according to a recent PayPal survey. So to help you achieve financial harmony in your relationship, over the next five days before Valentine’s Day I will offer 10 tips for surviving and thriving in love and in money, through this recession and beyond.  Here are Tips #1 and #2 as your first steps toward your vow to overcome money issues that can be a drag on your relationship. Check back tomorrow for Tips #3 and #4.

 

1. Don’t let the economic crisis cause a relationship crisis in your homePayPal’s 2009 survey found that a third of couples worldwide, and almost half of those in the U.S., are arguing more about money because of the current economic situation.  In times of financial stress, go back to the basics: plan together, establish a budget and stick to it, and agree to buy only what you really need. Couples that tackle money problems together, and take mutual responsibility for solving them, will inevitably find that their relationships are better for it – in the current situation and well beyond. 

2. Prepare for a pink slip, even if you’re sure you’ll never get one. So far this year, huge global companies have announced large-scale employee layoffs practically daily. The result: more than 11 million adults are unemployed in the U.S., and the jobless rate now tops 7.2%. The “breadwinner” in one out of ten families surveyed by PayPal has changed in the last six months, due to unemployment or salary decrease. Even if you’re in a relationship where both jobs feel completely secure, it’s never a bad idea to plan for the unthinkable. By cutting back, taking a second job, or even making money from an entrepreneurial enterprise — something as simple as selling on eBay — you can make a big impact on your overall financial solvency.

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 Lynnette Khalfani-Cox, The Money Coach is a personal finance expert, speaker, and author of numerous books on personal finance. She appears frequently as an expert commentator on television, radio and in print.


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