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3 Tips to Agree on Your Tax Refund

Tuesday, March 27th, 2012

More than half of all Americans will get a tax refund this year. According to the IRS the average refund last year was around $3000, that money can make a significant difference in your financial picture and unfortunately, we have found, come between you and your spouse. This money decision, like every other money decision, calls for Money Relationship intentionality. As a couple, once you know what your refund will be, think twice about what you will do with the money and how it can affect your Money Relationship. Here are three tips to help get you and your spouse on the same tax refund page:

  1. Do the sensible thing. – The Saver and the Security Seeker in the relationship will be all about paying off the debt, saving the money for retirement, and adding to the emergency fund. The Spenders, Flyers, and Risk Takers might not be quite as excited about paying debt, but will think it is a great time to do the home improvements they have been talking about or paying for the vacation that is long past due. It is important that you compromise and make sure each money personality is heard and respected!!!
  2. Invest in yourself and your relationship! – With these surprise dollars it is a great time to invest in yourself and your relationships. Join a gym and pay for a year in advance to get the weight loss that you have been talking about. Take a vacation getaway for two or do a marriage workshop! Buy a tank of gas for a friend. Take some time at your next Money Huddle and dream about something fun to do for your family, yourself or each other.
  3. Recalibrate your withholdings. – A tax refund is an interest free loan to the government. Most couples can use some extra money during the month. Take a look at your overall picture and see if there is a way to recalibrate your holdings for next year. It is always a good idea to contact your CPA or Tax Preparer before you pull the trigger with your payroll department.

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Scott and Bethany Palmer
The Money Couple

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Fighting Fair About Money

Thursday, September 24th, 2009

Money touches each and every aspect of our relationship. Money discussions can easily turn into “money fights.” If we are going to fight about money, we better learn how to fight fair. Here is a tool you can apply to each “money struggle”. Use our acronym F.A.I.R. It stands for Forgive, Assess, Input, and Respect. Read the entire Money Couple Minute on Fighting Fair About Money and learn how to implement F.A.I.R. into your money discussions.

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Talking to Kids about The Economy

Wednesday, April 8th, 2009

Many of the ideas we talk about in First Comes Love, Then Comes Money can be applied to conversations with your children as well. Honesty, respect, compromise—they are all essential as you talk to your kids about the changing economy and what it means to your family.

Kids are pretty perceptive and they will notice when the stress of these financial times starts to creep into your family. So don’t try to hide the truth from them. Instead, talk to them about what’s happening in calm, honest ways. Let them know what kind of changes they might notice—going out to eat less frequently, shopping less often, a more modest birthday party, etc.

So do your best to stay positive. One of the fringe benefits of having strong financial communication is that you can honestly tell your children that you are making plans and working hard to protect your family. Use simple terms and avoid creating drama or stirring up fear. Even if you’re facing serious financial challenges, let your children know that they will be cared for, no matter what.

Let your children see you talking about money in healthy ways. This is a chance for you to model good financial communication to your children—something that will benefit them for the rest of their lives.

It also helps to know your children’s money personalities. While they are not fully formed in when children are young, you can probably see hints of how your children think about money—one keeps all her pennies safe in her piggy bank, another can’t wait to spend her birthday money.

Finally, invite your children to help you set family financial goals. If you need to cut your spending, ask for their ideas on how you can do that. Show them how their ideas are helping your family stay on track financially.

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Welcome to the Money Couple Blog!

Saturday, November 22nd, 2008

Welcome to the Money Couple blog.  We will be adding all types of helpful information for you regarding financial infidelity and other money related issues for couples.  Visit our site at www.themoneycouple.com for more information.  Thanks for visiting and come back often.

Scott and Bethany Palmer are financial communication experts specializing in helping couples work through financial infidelity. Scott and Bethany are also the authors of the highly successful book Cents and Sensibility and First Comes Love, Then Comes Money.

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