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1021223-00006-00
David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
March/April 2024
Have the Money Talk
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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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
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