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Monday, May 21, 2012

Lack of money is root of evil

The quote, "Money is the root of all evil," may be true, but the lack of money can also cause trouble. Many arguments at home and in board rooms have centered on where money should be spent or not spent, due to the limit of available funds.
According to an American Institute of CPAs telephone survey, couples who are married or living together, argue about finances an average of three times per month.
In the survey, 27 percent of those interviewed said money was most likely to cause an argument. The American Institute of CPAs, aicpa.org. 
Three out of ten interviewed admitted to being potentially deceitful about money.
The survey also found that lack of communication is contributing to this lack of money trouble: 55 percent don't schedule time to discuss finances.
While it may sound like an easy solution to set aside time with a partner, many couples believe they are too busy. Also, many people have an unhealthy aversion to the word "budget." Maybe it could be called "spending plan" instead. It is better to look at things from a perspective of what you "can have," rather than what you "can't have."
The American Institute of CPAs recommends having a money meeting once a month minimally and splitting duties associated with paying bills and keeping track of how much is left or "balancing the checkbook," or keeping a Quicken ledger.
The institute has special section of financial advice for couples at www.360financialliteracy.org


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