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GREENPATH DEBT SOLUTIONS REMINDS COUPLES TO SET A “MONEY DATE”
Valentine’s Day is the opportune time to discuss finances and future
(FARMINGTON HILLS, MI – February 4, 2010) GreenPath Debt Solutions recommends that in honor of Valentine's Day, couples treat themselves to a “money date” in February. Instead of just focusing on your day-to-day finances, while hovered over the checkbook, this is a great opportunity to step back, have a nice night together, (hopefully away from the distractions of the home), and discuss big-picture financial issues.
“GreenPath counselors are always advising clients that they should work together as a team and this is a perfect way to get started in that direction,” says Candy Wright, GreenPath group manager and financial counselor. She went on to discuss the basics of the money date:
Start by sharing your future dreams and goals. Before the date, each partner should make a list of financial goals, comparing them over dinner. “This is a chance to look beyond your daily finances and think bigger picture,” Wright remarked. Would you like to start a business? Go back to school? Take time off of work to be with young children?
The next step is to set priorities. What are you willing to give up to achieve those goals? This is where you find out whether you and your significant other really do agree. Set both long-term and short-term goals.
It's important to keep a positive tone to the discussion. For example, if you are in credit card debt and one of your goals is to get out, avoid blaming your partner. Work together until you're in agreement and respect each other's ways of reaching that goal.
It's also a good time to discuss the unexpected. Make sure your wills, insurance, beneficiary designations and other legal documents are up-to-date. In addition, review your budget and investments to make sure they're on track to help you reach the goals you’ve discussed.
“Have another money date again next year to assess your progress and talk about other goals,” said Wright. She went on to explain that such a money date might not sound like a romantic way to celebrate Valentine's Day, but you'll be surprised at how much you can accomplish when you share your dreams and goals.
GreenPath Debt Solutions is a nationwide, not-for-profit organization providing financial education, debt management/payment services, and counseling to help consumers pay down debt more quickly, reduce fees and interest, resolve housing issues, and manage money more effectively. They have been helping people resolve financial problems and achieve their goals since 1961. More information is available at www.greenpath.com.