Money is a powerful word that conjures up a number of emotions, among them lust, envy, fear, anger, hope, scorn and disgust. Little wonder then, that the most common source of disagreement in families in Australia is money. According to a 2012 study (Hawkins et al) 40% claimed that the way their spouse handles money, was the reason for divorce (third to growing apart 55% and not able to talk together 53%.
Budgeting doesn't mean having less; it means doing more with what you have. Unfortunately, many people avoid managing their money because they think it will mean they have less money to spend. In the long-run, tracking and managing your finances will result in peace of mind and a more comfortable and secure lifestyle.
A Word to the Wise About Saving: In addition to budgeting, savings are also important to any financial management plan. It's a simple fact: interest on savings compounds. Money invested in a safe place at a good rate of return grows at a steady rate. By saving a few hundred dollars a month over 30 to 40 years, a person can become a millionaire. It takes some planning and careful budgeting but the result is financial gain that can help dreams come true.Reference:
Hawkins, Alan J., Brian J, Willoughby, and William J. Doherty, “Reasons for Divorce and Openness to Marital Reconciliation,” Journal of Divorce and Remarriage (2012), vol. 53 (6), 453-463
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