and the kind of life you would ideally like to lead. Also think through
the kinds of financial disasters you would most want to avoid. For
example, some people's greatest financial fear is not having enough
money to retire. Others fear not being able to fund a child's college
education.
- Now list your long-term financial goals, taking into account what
you most desire and what you most fear. For example, your goals
might include buying your own home or weekend home, as well as
having a well-funded retirement account. - Share your lists with each other. Look for similarities in your long-
term goals. Discuss your perspectives. - Come up with a long-range financial plan that will help you both
meet your goals. Be sure to revisit this plan every so often—say every
year--to make sure you're still in agreement.
Following these steps has helped couples with a wide variety of
financial differences come up with workable solutions. For example,
Linda loved stylish clothes and working out at the health club near
her office. Devon considered both of those frivolous wastes of money.
He far preferred to spend his money on lunches out with friends and
two skiing vacations every year. To Linda, his pleasures were overly
indulgent. After they each filled out the form, they could see exactly
how much money they had. They talked about their finances as a
couple and arrived at a temporary compromise budget. Neither of
them wanted to give up on their favorite pleasures, so they decided
that they would open three savings accounts, one for each of them
plus a joint account. They agreed to put a portion of each paycheck
into their joint account to save for their children's education and
other major expenses down the road. Then they individually would
save for gym memberships and ski trips. They decided that in six
months they would talk over this arrangement again to determine
whether their new budgeting system was working for both of them.
Tina and Gene had a different dilemma. Their oldest son Brian
was just two years away from college. Although they had saved
enough for him to attend the local community college, Tina wanted
to send him to the more rigorous (and more expensive) state
university, which offered far more science courses. Brian had always
been an exceptional student. His dream of becoming an aerospace