Marriage'
ROSEN LAW FIRM FOR IMMEDIATE RELEASE December 16, 2005 PRESS RELEASE 10 Ways to
Prevent Holiday Spending From Straining Your Marriage by Jessie Danninger, CPA,
Rosen Law Firm Everyday I work with couples going through a divorce and I know
finances in general, but especially over the holidays, can be a real strain on
the marriage. Here are a few financial tips for married couples to prevent
finances from putting a strain on the marriage during the holiday season. 1. Sit
down with you spouse and evaluate the money you have to spend this holiday
season. Couples need to know the family income and cash reserves to avoid
overspending or unnecessary penny pinching. Evaluate your expenses and set aside
a reasonable amount of funds based on real numbers that compliment the money
available. Dont set aside an unrealistic amount that requires you to charge
living expenses. 2. Agree on a budget and stick to it. Plan ahead with your
spouse about who will be responsible for buying which presents and how much
should be spent. Don't forget to budget for holiday decorations, travel, food
and drinks. This will help avoid disagreements, as well as surprises, when the
bill comes due. Make a pledge that for any purchase over a certain amount of
money youll consult with each other about the purchase beforehand. 3. Choose
appropriate times and places to discuss finances with your spouse. A busy
shopping mall or an inlaws home are not appropriate places to discuss family
finances. Worse, if the discussion turns into an argument you'll have an
audience. When you need to discuss finances with your spouse, select a time and
place where youre not in a public setting and are able to talk openly. 4. Donate
to a charity. Even if its a small amount, holiday charitable giving is always a
good way for spouses to pause in the whole spending malaise and be grateful for
what they have. And before the New Year is a great time to donate to a charity
since you can deduct it from your taxes in April rather than waiting until the
following year. 5. Don't feel obligated to buy everyone you know a gift. There
are less expensive ways to show people such as acquaintances, coworkers, or
your mailman, that you appreciate them. Keep in mind that if these individuals
weren't expecting a gift from you, they may now feel obligated to buy you
something. And don't let surprise gifts guilt you into buying a reciprocal gift
that you hadn't budgeted for. A gift can be accepted graciously without
obligating you to another purchase. 6. Don't wait until the last minute. When
under time pressure, often people aren't able to shop for the best deal. They're
so pleased to have found the right gift in time that they'll pay whatever
necessary just to check it off their list. If you wait until the last minute,
but want the gift to arrive in time, you may also have to pay higher shipping
costs. 7. If youre making charges this year on your credit card, sit down with
your spouse and pick out the credit card with the lowest annual percentage rate.
You don't want to make purchases on a credit card with a 14 percent annual
percentage rate if you have a credit card that offers a lower rate. If you are
purchasing large gifts that come with purchase incentives such as six months
same as cash, make sure you are financially able to pay off the purchase within
the six months as often these offers come with very high interest rates after
the promotional period. 8. Try to disassociate shopping with your emotional
state. Holidays inspire lots of emotions, not all of them good. You may find
that you're depressed during this time of year, you may feel guilty about the
effect of marital issues on your children, you may be stressed from spending
lots of time with family you don't see often, or you may even feel competitive
about gifts you're giving. Don't use spending to address these issues because
the relief will be temporary and you'll probably feel worse once the impact of
the excess spending hits. Instead find alternative ways to deal with these
feelingsget together with a good friend to talk, exercise, meditate or schedule
an appointment with a counselor. 9. Establish an inexpensive holiday routine.
If money is tight, as it often is during the holiday season, find new ways to
celebrate the season (and there are lots of ways) without racking up the credit
card. Be creative and innovative and remember the holidays arent about how much
money you can spend. 10. If you're from a large family, consider drawing names
from a grabbag. If you have a lot of family members, a grabbag can be a great
tradition for the holidays, so that everyone doesn't feel obligated to buy a
present for everyone elserather you can buy one nice gift for one person. ***
With offices in Raleigh, Charlotte, and Chapel Hill/Durham, Rosen Law Firm is
the largest divorce firm in North Carolina. Founded in 1990, the firm is
dedicated to providing individual growth and support to couples seeking divorce
by helping them move forward with their lives. Our staff of attorneys,
accountants, and specially trained divorce coaches expertly address the complex
issues of ending a marriage. Our innovative approach acknowledges that divorce
is so much more than just a legal matter. Practice areas include child custody,
alimony, property distribution, separation agreements, and domestic violence
relief. For more information on Rosen Law Firm, or for an interview, please
contact: Alison Kramer, Director of Public Relations, Office: 9192561542, Cell:
9195237104, akramer@rosen.com Rosen Law Firm 4101 Lake Boone Trail Suite 500
Raleigh, NC 27607 www.rosen.com Divorce is Different HereAbout the Author Jessie
Danninger is a financial analyst with Rosen Law Firm. She assist clients in all
financial matters relating to divorce, including property distribution, child
custody, alimony, and tax related issues. She is a certified divorce financial
analyst and CPA.
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