How Money Can Affect Relationships: Both Negative and Positive

How Money Can Affect Relationships

We all know how money can affect relationships negatively. After all it’s one of the most common things that couples argue about. However, have you ever thought about how money can affect relationships in positive ways? Whether for good or bad, communication is the key to dealing with money in your marriage or primary relationship.

How Money Can Affect Relationships Negatively

Money is one of the biggest sources of conflict in most marriages. Even before you get married (if you choose to do so), money can rear its ugly head in your relationship. Here are just a few of the most common ways how money can affect relationships negatively:

  • When one of you out-earns the other, it can lead to feelings associated with a sense of power imbalance. This can also relate to strain over ingrained beliefs about gender roles in the home.
  • One of you has significantly more debt than the other which creates arguments. Similarly, if you have different viewpoints about how to deal with debt, then you could end up resenting one another.
  • You have different money personalities. For example, one is a spender and the other a saver. If you don’t respect each other’s approaches, then you could have a problem.
  • If you haven’t discussed your long-term goals then you might not be on the same page financially. This can show up in arguments over day-to-day spending.

Money is rarely just about money. People come to the topic with a lot of emotions, thoughts, and behaviors. Many of these things have less to do with money and more to do with beliefs about career, identity, family, power, security, and love. If you’re not discussing the underlying issues, then you can end up fighting about money. Since money isn’t the true issue, the problem is never resolved.

How Money Can Affect Relationships Positively

It’s easy to become afraid of dealing with money in your marriage. However, it helps if you think about how money can affect relationships positively. If you have open, authentic communication, respect one another, and are willing to compromise, then money can actually be the source of some beautiful things in your relationship.

For example, one of you may become physically or mentally ill and thus unable to work. This could add up to a lot of medical debt as well. If you approach this setback in a healthy way, then it can be a period that strengthens your relationship.

The spouse that is able to carry the couple financially during this time may feel like they have a small bit of control during a scary time. The spouse that is ill may experience a kind of relief that gives them space to heal. It’s not an easy time, but it doesn’t have to be one in which money is the enemy.

It’s All About Communication

There are several similar scenarios that have the potential to be negative but could also be positive for your relationship. More than anything else, though, you can work together to use the vehicle of money as the starting point to discuss those deeper issues. If you recognize that it’s not really about money, then you can dig into the deeper emotions and issues at the core of the problem.

For example, let’s say that you’re fighting about one person working while the other is a stay-at-home parent. You fight about the lack of money or how money is spent. Underlying issues might include:

  • Fears by the stay-at-home parent that they aren’t doing enough to support the home
  • The stay-at-home parents feelings of losing their financial autonomy and what that means about their identity and life options
  • Hesitation by the stay-at-home parent to express times they’re dissatisfied with staying home because they’re “lucky” not to have to work
  • Fear by the working parent that the children are closer with the other parent
  • Resentment by the working parent that they have to be at work all day
  • Emotions about the power dynamic that might relate back to childhood issues

Those are just a few of the things that might be unsaid when fighting about money. If you can discuss money practically and respectfully, then you can make space to deal with those other issues. It’s all about communication. The more you learn to talk about money with each other, the more ways you’ll see how money can affect relationships positively.

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7 Best Retirement Podcasts to Start Tuning in to Today

podcast

If you aren’t listening to personal finance podcasts then you’re missing out on some great money education. If you’re interested in early retirement, retiring rich, or simply making the most of your retirement years, then you should be listening to retirement podcasts. Here is a list of seven of the best retirement podcasts on the air today.

1. Personal Profitability

This is a diverse money podcast that covers a variety of topics, several of which relate to retirement. For example, you’ll find a lot of information here about wealth-building, which is key to having a good retirement experience. There are quite a few FIRE episodes. For example, check out 3 Steps to Get Started on Your FIRE Plan. Plus, there are episodes specific to retirement planning. For example, listen to Retirement Planning with Christine Russell. Recent episodes are about half an hour long; older archives are a bit longer.

2. Financial Freedom

If you want to retire early then this is one of the best retirement podcasts for you. Grant Sabatier, author of Financial Freedom and creator of Millennial Money, obtained his own financial freedom by the age of 3o. He shares his own tips and interviews other people about how to achieve the same goal. There are many different approaches to retirement. For example, you can take mini-retirements over time to avoid burnout, which you can learn more about from this episode.

3. Listen Money Matters

This is another of the best retirement podcasts for people focused on retiring early. It’s all about how to earn as much money as possible right now so that you can retire and enjoy your later years work-free. In addition to all of the individual episodes, they’ve curated some of the best information for you into organized playlists. For example, check out Lessons from Self-Made Millionaires or Get Your Cashflow On with real estate investing.

4. Retirement Answer Man

What better place to get your retirement questions answered than from the Retirement Answer Man? With nearly 300 episodes to date, this podcast by Roger Whitney is one of the best retirement podcasts you’ll ever come across. It answers not only basic questions but also really in-depth aspects of retirement. For example, listen to The Pros and Cons of Variable Annuities for retirement. Alternatively, learn about how your personality plays into retirement planning.

5. Rock Your Retirement

The best retirement podcasts aren’t just about how to handle your finances. Instead, they’re also about how to live your best life after your retire. That’s what Rock Your Retirement is all about. Recent episodes include a series on dealing with pain as you age and how to handle the challenges of living in a multi-generational household.

6. NewRetirement

This podcast features interviews with an intriguing array of professional people who share their tips and tricks for maximizing both money and happiness upon retirement. Recent episodes have included interviews with investment entrepreneur Brian Bollinger, personal finance journalist Cameron Huddleston, and former Dwell Magazine CEO Michela Abrams.

7. Retirepreneur

More and more people are retiring from full-time work only to switch over to past-time passion projects that still earn them an income. It’s a great way to embrace retirement without getting bored. This podcast is all about how to make that happen. Specifically it’s about doing part-time consulting work post-retirement. For example, listen to Senior Start-Ups, Side Hustles, & Chat with Dawn Starks.

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Check the New IRS Tax Withholding Estimator Now So You Aren’t In Trouble Come April 2020

tax withholding

Tax time is a funny time of year. Some people are really excited when April rolls around. That’s because they get a lot of tax withholding money taken out of their paychecks throughout the year. Therefore, after filing their taxes, they get a nice big refund.

On the other hand, if you’re the type who tends to owe money, then tax time is no fun at all. One of the best ways to avoid the dread of this season is to act in advance. If you make sure that you’re withholding enough from your paycheck throughout the year, then you don’t have to stress about tax time in April.

The IRS has released a new tool that can help.

New IRS Tax Withholding Estimator

The IRS has always offered a tax withholding calculator. However, there were a lot of changes to taxes last year. Therefore, they felt that it was an important time to update. They’ve released a new tax withholding estimator that takes into account all of the latest tax rules.

You can use the tool to enter some basic information about your paycheck and current tax withholdings. Before using the tool, you should gather your recent pay stubs and last year’s tax forms. Then you can easily use this information to enter the required details into the withholding estimator.

The tool will also ask you a few basic questions that affect how much you’ll pay in taxes. For example, it will ask how many dependent children you have. The more accurately you answer all of the questions, the better result you’ll get from the estimator.

This tool will tell you how much money you should have withheld from each paycheck. If you follow the advice, then you shouldn’t owe any money come April 2020.

How to Use Information from the Tax Withholding Estimator

The Tax Withholding Estimator will give you a number. That number is the amount that you should have withheld from your taxes. It’s a good guess that should leave you owing nothing come tax time.

You can use this information to your advantage in a few different ways. For example, let’s say that the tool estimates you should have $500 withheld from each paycheck. If you withhold that amount, then you should break even come tax time. Now you can look at how much you’re currently getting withheld and make some choices.

Let’s say that you’re currently getting exactly $500 withheld. You could make the choice to keep things exactly as they are. Alternatively, you could make the choice to increase that slightly. This would cover any unexpected costs that might arise to help guarantee that you don’t owe taxes in April. Plus it might mean that you get some refund money back come tax time.

On the other hand, let’s say that your tax withholding is currently $1000. After the tax laws changed, people didn’t need to pay as much. However, if your taxes were already set up with your employer, perhaps nothing changed. Therefore, you’re paying in much more than you need to. You could keep things as they are and get all of that money back come tax time. On the other hand, you could safely reduce your tax withholding, which would give you more money in each paycheck now.

How will you use the new Tax Withholding Estimator to help you adjust your paycheck?

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