Viking Magazine - May 2010 - 35

SCOTT SCHIERMEISTER
Financial Benefits Counselor
Spokane, Wash.
Having your finances
in order significantly
reduces stress and allows
happiness to flourish.
of you struggles with, develop a " cash
management system " -some way of
planning where the money comes
from and where it goes, says Welch.
Additionally, consider making
money rules as a couple. For instance,
agree not to borrow money to
buy anything that will depreciate. Or,
commit to saving a certain amount
each month.
Then think of your financial situation
as if it were a business with revenues
and expenses and stick with your
plan. If any money is leftover from
your budget, reinvest it in the business.
" Once you start seeing progress,
it actually becomes fun, " says Welch.
Decide on a Strategy
Couples frequently have opposite
views of investing-one is aggressive
and the other more conservative.
When your approaches are different,
a moderate strategy is usually
best, experts say. If each spouse has a
retirement account, each could manage
it according to his or her own risk
tolerance. But look at the big picture
of your assets and debts to make sure
there is balance and that both spouses
are aware of the status of investments
when making major financial decisions.
An annual meeting to review
your portfolio can help keep perspective
on what works. Seeing your
progress on paper can be motivating.
One person in a couple may be
more interested in finances than the
other, but both should be involved-
or at least willing to be interested.
Experts advise couples to sit down together
to pay bills and review savings
statements. Not only does this create
a team mentality, but it also provides
a safety net-if one spouse is unable
to manage the monthly bill-paying
for a period of time, it's easy for the
other spouse to pick up the slack.
Finally, avoid the blame game.
Pointing the finger at one another for
financial problems or debt is unproductive.
Instead, confront it together.
" If you set goals and are working
toward goals together, you create a
connection that goes straight to the
soul, " says Welch.
It's sound advice, given how high the
stakes can be. " When you screw up finances, "
Welch adds, " the rest of your
relationship will start to unglue. " V
Next month: Why Sons of
Norway is member-owned
and what it means for you.
Q: What is the
value of an outside
financial advisor
in helping couples
with their finances?
A: It allows couples
to have a sounding board-a
go-between when they have problems.
An advisor can help couples
discover their goals, values and
priorities. After that, you can lay out
a financial roadmap. Including a third
party can enhance communication
and help couples keep perspective.
Q: Can you change your spouse's
approach to money?
A: You can't change it much.
People have different backgrounds
when they come into a relationship.
Some of their attitudes about
money are based on what they
learned from their parents. Couples
have to talk it through. Be flexible
and do what's best for your family.
Q: How does having mutual
financial goals and a plan in writing
help couples?
A: There may be roadblocks to
reaching financial goals. People can
get discouraged when they get off
track. Your financial benefits counselor
can provide information about
insurance products that protect
families in case of death or disability.
By having a written financial plan,
couples can pull it out, hold it in
their hands and revisit their goals to
stay focused.
M a y 2 010 V I K I N G 35
Viking Magazine - May 2010

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