Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

March/April 2024

Have the Money Talk

Serious african 30s married couple in love sitting at table having heart-to-heart intimate straight talk, mixed race wife holding hands of beloved black husband family share problems thoughts at home

Are you and your significant other on the same page when it comes to your finances? Disagreements about money are a leading cause of friction between couples. Talking about your individual feelings regarding money can help you understand the other person’s point of view and help you reach a compromise.


Savers and Spenders
Your feelings about money may have their roots in how your family dealt with their finances. If your family was conscientious about saving and didn’t spend money without having a plan, you may have adopted those same traits. But, if your partner’s family spent money without thinking about their future needs, your partner may follow in their footsteps. Discussing each family’s relationship to money is a good place to start the conversation.


Compromise Is Key
When one of you is a saver and the other is a spender, compromising is essential for the health of your relationship. Come up with a plan that includes saving a certain percentage of your income. Having money deposited directly into a savings or retirement account can automate the process and remove any temptation to spend. Then, set aside a modest amount of money from each paycheck to spend on yourselves. That way, the spender is less likely to feel deprived.


A Budget Is Non-negotiable
Whether you’re the spender or the saver, creating a budget that both partners buy into is the cornerstone of a successful strategy. Tally fixed and variable monthly expenses to find out how much of your income remains. One of your first priorities should be saving three to six months’ expenses in an emergency fund. Communication and compromise can put partners on the same financial page.


Work with a financial professional who can provide a fresh perspective and offer suggestions as to how to organize your financial life.


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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
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