Tangible Assets May 2018

www.capstonevt.org Staff: Liz Scharf and Maureen Dougherty Address: 20 Gable Place, Barre VT 05641 Phone: 479-1053 or 800-639-1053 ▪ Fax: 479-5353 Email: cedinfo@capstonevt.org

May 7—Avoiding the Debt Trap, Barre 6-7:30

May 10—Easing into Retirement, Barre 6-7:30

May 14—Give Yourself Some Credit, Barre 6-7:30 May 21—Your Financial Future, Barre 6-7:30 May 28—Memorial Day, office closed May 31—Capstone’s Community Kitchen Academy graduation, Old Labor Hall, 1:00

Barre: 316 North Main St., 05641; PH: 476-6565 Hours: M-F, 8:00-5:00; Sat, 9:00-12:00

Montpelier: 95 State St. (POB 1437), 05602; PH: 223-0598 Hours: M-F, 8:00-5:00; Closed Saturday

Morrisville: 116 VT Route 15 W (POB 309), 05661; PH: 888-4633 Hours: M-F, 8:00-5:00; Closed Saturday

You can make deposits by mail!

Community National Bank Information Calendar of Events

Prepare Your Nest Egg!

Business Counselor, Margaret Ferguson, is please to host the following workshop at Capstone, 20 Gable Place in Barre. There is no cost to attend.

Thursday, May 10 from 6-7:30 p.m. - Easing into Retirement Whether you have just joined the workforce or are at the end of your work career, retirement is coming! Let us take you through a journey of what you need to know so that you are prepared as possible for retirement. Guest presenter is Jo Ann Thibault & Associates, a Registered Representative & Investment Advisor.

Please contact Margaret for more information or to register (appreciated but not required): 477-5214 or mferguson@capstonevt.org.

Join us for these FREE Money Management Workshops!

Monday Evenings

6-7:30 p.m. Capstone, Barre

May 7—Avoiding the Debt Trap - getting out or staying out of debt

May 14—Give Yourself Some Credit – make it work for you

May 21—Your Financial Future - make it brighter; saving for emergencies, future financial objectives & retirement

Everyone welcome!! More info: 477-5215 Instructor, Liz Scharf

It’s spring! Time to

plant the seeds of

your prosperity!

When it comes to whether you and your betrothed will re-main together until death do you part, it’s largely about the Benjamins. According to a study from Kansas State Uni-versity, arguments about money are the leading predictor of whether a marriage will end in divorce.

Of course, there are no guarantees, but this suggests you may be able to increase your chances of marital bliss by avoiding common money mistakes. Following are seven common money mistakes that couples make.

1. Thinking your spouse’s debt is not your problem Today, men and women marry later in life than they did in earlier generations. That means both people in the new union have had plenty of opportunities to rack up a little debt, whether it’s from student loans, credit cards or a shiny new car.

Legally, you are not responsible for paying off the debt that your spouse accrued before your marriage. However, you are not being particularly smart — let alone nice — if you decide there is no way your income will be used to pay off Mr. or Ms. Right’s debt.

Ideally, you will have discussed this matter before your wedding day and done your best to clean up bad debt in advance. But if you find yourself married to someone with a boatload of debt, it’s in your best interest to help pay it down as quickly as possible.

2. Failing to join finances Even if you want to maintain separate accounts for spend-ing money, you should have a joint account for combined expenses. After all, you are one household now. You’re both enjoying the roof over your heads and the heated air in the winter.

Having a single budget ensures there is no resentment about who has more money or who gets stuck with a spe-cific bill. Dump all your money into a joint account, write out a budget that pays all the shared bills, and divvy up the extra for spending money.

3. Not having spending rules in place Another benefit of having a unified household budget is that it gives you an opportunity to discuss ground rules for how to manage money together as a couple.

Ground rules will vary from couple to couple, but you and your spouse should be on the same page when it comes to answering these questions:

How much discretionary money can one spouse spend without conferring with the other spouse?

What discussion needs to take place before one spouse opens a credit card account or takes out a loan?

If there are kids in the family, do they get an allow-ance? If so, how is that doled out?

How will money discussions take place? Will they be scheduled at regular times, or on an as-needed basis?

What happens with bonuses or unexpected windfalls?

Having ground rules in place will help you avoid stressful

situations. Go ahead and write them down so there is no confusion about what was said and agreed upon.

4. Keeping secrets and hiding money In a 2016 survey from the National Endowment for Finan-cial Education, 42 percent of Americans admitted to finan-cial infidelity. That could mean they’re opening accounts without their partner’s knowledge, hiding purchases or squirreling away money on the side.

If you want your marriage to have staying power, stop the secrets. The survey found 75% of those touched by finan-cial deception say the lying has affected their relationship.

What’s more, hiding money can signal a deeper problem. If you don’t feel as though you can be upfront with your spouse about finances, you need to do some soul-searching and address that problem.

5. Leaving bills in the hands of one person It’s harder to have money secrets if you work together to pay the bills. On a practical level, it may make sense to have one person writing the checks and managing the online bill-paying schedule. But that doesn’t mean the oth-er spouse should be left out in the cold.

Couples may find a monthly meeting is a good time to re-view account balances and look ahead for irregular ex-penses. This can also be a time to tweak savings goals and re-evaluate spending habits.

If your spouse bristles at the thought of being involved in the budgeting process, at least print up account infor-mation and hand it to him or her, along with a monthly snapshot of your current budget and spending.

6. Neglecting to plan for the long term It is important to discuss long-range needs such as col-lege, retirement and long-term care.

Failing to do so might not end your marriage, but it could seriously alter it. There may be no retirement home in Flori-da or no RV in which to travel the country. Without proper preparation, you may find your golden years together are significantly different from what you envisioned on your wedding day.

7. Letting emotions overtake money decisions Money can be a highly emotional topic, and the worst mis-take you can make is to turn your family finances into a weapon to be used against your spouse.

Yes, he may have blown the last of the spending money on a video game. But running out to retaliate with your own shopping spree not only damages your relationship, it’s also a dumb financial move.

Another no-no is shaming your spouse over money spent, or a lack of income earned. These sorts of behaviors cause resentment and breed mistrust, both of which can be the downfall of your marriage. Treat your spouse with dignity and respect. You can’t control your spouse, but re-sponding with grace and compassion may provide the grease needed to open a constructive dialogue.

Money Mistakes in Marriage By Maryalene LaPonsie

Don't let these common financial missteps derail your happily ever after.