Chapter 10 -- Money & Relationships
Terms in this set (39)
1. The decision making must be done by both people 2. You should write a zero-based budget in which you spend every dollar on paper before the month begins 3. The Nerd should be the one to prepare the budget.
Rules (Guidelines) for a budget committee meeting
1. Impulse buying due to lack of an accountability partner 2. Not keeping a written budget 3. Time poverty and fatigue
Challenges faced when managing money on your own as a young single adult
When communicating with your parents about money, you should:
Communicate your wants, needs, and money goals 2. Be honest 3. Be a good listener
a person who thinks that everything will work out fine and typically hates to deal with the details.
seek advice from a trusted adult
A great way for a young person to avoid making money mistakes
A person who is picky about budgeting and details
A person's priorities, beliefs and standards that affect how he or she views the world
A situation in which a person is lacking time, which leads to stress
gives the single person empowerment, self -accountability and control.
the quality or state of being responsible, liable or answerable
a money plan that works for you
What being aware of your money personality will help you create
Who should make the financial decisions together.
Communicating with others
This isn't just about expressing your own wants and needs - it is also about listening to what others want and need.
Communication, teamwork and consistency
Important elements in handling family finances.
What Discussing important financial matters with household members can help reduce
This is the most important key to financial security for women.
If money fights are a problem in a marriage, this could provides an opportunity to improve a marriage.
a spender - not a saver
If you value freedom and spontaneity, you're more likely to be this.
What do you value if you are more likely to save money
In a marriage, who are financially accountable to?
when you are accountable to someone.
When is it easier to manage money?
When is it okay to hide purchases from your spouse (even if you have the cash to pay for it).
Managing finances in a marriage takes this.
How men tend to get good deals
confidence and satisfaction in oneself.
a cooperative and coordinated effort on the part of a group of persons acting together in the interest of a common goal.
Value System under which that family operates
What does the flow of money in a family represent?
To become responsible and independent with the money you have
The goal in communicating with your parents about money
The number-one cause of divorce in America
The result of achievement toward which effort is directed
The state of being free from danger or threat
balance who you are with what you should do
When handling money, this can be difficult to do
manipulate the other person(s)
When it comes to communicating with others about money, you should avoid this
When it comes to relating with others about money, it is important to consider this.
one's value system
When managing money, this is important.
stress, conflict and divorce
When married couples do not share goals and values in how they manage money; this can occur.
your value system
When you agree on your spending, that means that you also agree on this.
respect and honor their decisions
Whether you agree with your parents or not regarding money, you should always do this.
It allows others to help you by providing accountability and encouragement along the way
Why you should communicate your money goals with your parents and others close to you
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