Life Stages: For Love And Money

Whether it is with a spouse, parent, or child, bringing up issues of money management can be touchy business. But if you are getting married, providing care for an aging parent, or want to raise a financially savvy child, it is an important conversation.

Marriage: You Spent What on What?!

One's a spender; the other's a saver. One is cheap, the other frivolous.
The ideal time to get to know your intended's financial status and financial goals is before the wedding bells ring. Consider:

If you are both working, will you combine all funds into joint checking and savings, or establish a household account that both of you will contribute to?

What are your financial goals? Saving for a down payment on a house? Investing in stocks? If one spouse is a saver and the other a risk taker, you are setting yourselves up for bitter arguments unless you discuss your goals in advance.

Parental Financial Guidance: Dear Mom & Dad, Please Send Money!

If you don't want to be seen as a human ATM, start talking to your children about the value of money when they are young. Even a toddler can begin to understand the meaning of money, as he or she sees you count it out to pay a cashier at the supermarket.

Let children see how much things cost. Later, include them in planning the family budget. Let them see you paying bills, and explain to them where the money goes.

Give them an allowance and encourage them to save money and set financial goals.

Limit their use of credit cards. Today, over 90 percent of college seniors have credit card balances of over $2800. Give your college-bound teen a pre-paid card and teach them about credit under close supervision.

Finally, set a good example. If they see you saving for the future, paying bills on time, and giving to charity, they are likely to do the same.

Caring for Your Elders Care: Aging Parents and Money

Talking to aging parents who are no longer able to manage their finances is probably the most difficult conversation of all. With your parents' help or permission, review their checkbook, bank statements and canceled checks. Look for inappropriate payments, such as payments for medical bills that already have been paid; frequent payments to home shopping networks, sweepstakes or other contests; unusually large donations to charities; failure to track deposits, or record checks, or lost checkbooks or bank statements.

Then review bills and correspondence, watching for letters from creditors or past due notices. You may find that you need to take an active hand in managing their finances.

Learn more about what shape you're in financially by taking a quick, free financial quiz.