Page 178 - South Mississippi Living - February, 2017

THEFINALSAY SUZIE P.
SAWYER
Managing Director, Investment Advisor Representative of Trinity Investment Services, LLC
photo courtesy of Suzie P. Sawyer
If you are married, what advice would you give a couple planning a wedding? What advice would you give a couple after their big day, honeymoon, and so forth? Hopefully, one point you would make to the couple would be to have an honest discussion about their finances.
According to a recent survey from the American Institute of Certified Public Accountants (CPAs), discussing finances is the most common source of conflict in American couples. Unexpected expenses, growing debt, inadequate savings, and the lack of prioritizing essentials from nonessentials are just some of the potential issues that can put stress on a relationship.
Instead of focusing on the potential conflicts, let’s look at some solid strategies that can help prevent these stressful moments from occurring in the first place:
Establishing a Budget
An important first step is establishing a budget together. Taking a complete inventory of your combined monthly income and expenses will give you a better scope of your financial picture. Honest communication about your debts, student loans, credit cards, car loans, etc. is important here because soon they will be a joint responsibility. Ordering separate credit reports can be a helpful tool in this process to avoid any unwanted surprises.
Paying the Bills
Once you have a better understanding of your financial framework, establishing a fixed schedule to pay your
bills is another important step in this process. A helpful strategy is to figure out whether you are going to
combine your checking accounts or keep them separate. However, you also may find a hybrid solution is best by maintaining a joint account for rent, utilities, groceries, and other monthly expenditures, and separate accounts for discretionary spending.
Thinking Long-Term
With your budget in place, it’s time discuss what’s important in your financial future together. Here are some questions you may want to ask yourself:
• Where do you see yourselves in 10, 20, or 30 years?
• Are children in your future?
• Do you have an emergency fund in place?
• Is it time to start saving for a down payment on a house? • Have you set up any retirement accounts?
Making plans to revisit your finances on a schedule that works best for both parties can help strengthen your relationship and keep you focused on your goals.
Finally, please don’t hesitate to ask for assistance from
a professional financial advisor who can provide clear, objective advice and answer any questions you might have in pursuing your financial goals.
Article provided by Suzie P. Sawyer, Managing Director, Investment Advisor Representative of Trinity Investment Services, LLC, who can be reached at (228) 864-4460. Securities offered through Century Securities Associates, Inc. Member SIPC and FINRA. A subsidiary of Stifel Financial Corp.
178 SOUTH MISSISSIPPI Living • February 2017
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