Men are from Mars and women are from Venus. There’s no doubt that the two sexes are inexplicably different— traditionally speaking, one prefers painting their nails and the other prefers banging nails. So it comes as no surprise that men and women handle financial matters completely differently.
Unfortunately, when Congress was at a standstill about raising the debt ceiling, Standard & Poor was unimpressed with how the United States was handling its fund. As a result, just this past weekend the S&P downgraded the country's credit rating from an elite AAA to a lesser AA+. Now, we're looking at wild swings in the DOW on Wall Street, financial analysts uttering the word "recession" again, and potentially higher interest rates as a result of the downgrade. Since finances are consistently a huge form of tension among couples, we were obviously concerned at this news. So to put things in perspective, we asked experts what the credit downgrade might mean for our love lives as we move through the rest of the year, and even farther into the future.
Recovering from an untimely or unexpected financial crisis is a process that involves both a plan and an attitude shift. Sure, bad things can happen unexpectedly, but the way out of them is smart thinking and a strategy. If you find yourself facing an unexpected emergency, here's how to get out of it with ease and grace.
Sometimes turning the tides on a "bad" financial situation happens more easily by looking at what smart couples are doing to create "great" situations. Experts Denise Wade and Anne Alexander Vincent weighed in on this topic and offer the following quick tips as a menu. Even one or two of them done consistently will help to turn things around into the black (or the green!).
D-E-B-T is a dirty four letter word in any love relationship. Money seems to be a sensitive subject for most, yet the topic cannot be avoided when you’re sharing your life with someone. As debt surfaces in your relationship, the tensions rise and daily interactions between you and your partner drastically change. For folks who have debt that is out of control, they are often stuck in a spiral of negative emotions. Feelings that can range from regret to shame, guilt to embarrassment, hopelessness to despair, disappointment to depression, worry to fear and frustration to rage. As arguments escalate and fears rise, the feelings can become more than either person can handle. You’re left feeling like the world is spinning out of control and you’re not quite sure how to get off the ride.
"It's like being back in high school," Kim told me as we buzzed through Philadelphia in her bright blue 1991 Honda with its duct-taped back window and missing stereo. "It's like taking one step backward to take one step forward." She was talking about her return after college to her childhood bedroom and mom and dad in Upper Darby, PA.
Getting out of debt together can strengthen your relationship.
Made it worse. My love life definitely suffered because of the economic downturn. 28% Made it better. The recession improved my love life. 7% No effect. My love life's had ups and downs, but the economy's not to blame. 65%
Love and marriage, love and marriage, they say it goes together like a horse and carriage. Well, perhaps it did in times gone by, when things like "horses" and "carriages" were relevant. Unless you're living in Lancaster, Pennsylvania, they just aren't anymore, are they? If you count yourself in the under-30 crowd then you're sure to agree: One-third of young Americans (18-29) believe that marriage is an "antiquated institution," according to a newly released survey.
Talking about money with a significant other can be a painful, awkward situation—especially when you're in a dating phase. You'd think it would be easier in good times, but some are saying that the downturn has made it easier to both talk about finances and to learn about a significant other's situation. Money is top of mind for many of us and a common topic of conversation. If someone is furloughed, laid off or had a salary slashed, their relationship to money becomes more apparent.
Fear brings out the worst in people, and marriage certainly brought out the worst in me. Unlike most young women I knew, I was less than thrilled to be going from a "me" to a "we." Don't get me wrong. I loved Michael, the man I was marrying, but I wasn't used to taking others into consideration. I was rubbish at compromise. And, most of all, I was afraid that—by marrying—I would lose myself: my identity... my independence. This is what made me a pathological liar.
