Here’s what Scott and Bethany Palmer say about making financial investments:

“What now? It’s a question we are hearing from more and more couples as the recession takes its toll. Those who’ve lost jobs wonder what they’ll do next. Those who’ve taken a major financial hit are trying to rebuild. Those who’ve weathered the changes so far are worrying if they’re going to be the next casualties.”

The Palmers are “The Money Couple” who wrote First Comes Love, Then Comes Money: A Couple’s Guide to Financial Communication – click for information. And, read on for their money tips for women and couples…

Is This a Risky Financial Investment?

In the midst of economic changes, many women are seeing financial opportunities and learning money lessons. Maybe a lost job means it’s a good time to go back to school. Maybe the foreclosure offers a chance to move to a new home and make a fresh start. Maybe the availability of stimulus loans makes it a good time to start a business you’ve always dreamed of.

This might be the right time to take a financial risk or make an investment with your time. But first you (and your partner) need to think about these money tips…

What is your current level of financial debt? A mortgage or car payment is one thing, but if your credit card debt exceeds more than 10% of your annual income, you should hold off on making risky financial investments. Instead, spend the next six months reducing your debt. Then, re-assess your plans.

Weigh the pros and cons of this financial investment. Have a realistic conversation about how this new opportunity will change your daily lives-financially, socially, and emotionally. How will it affect your schedules? Will you need more childcare? Will you have to pull back on other financial commitments? How will this change your spending habits? Do you need to tap into other investments to fund this risk? What other financial sacrifices will you have to make? Only you can determine if these changes are worth it.

If you’re half of a couple, make sure you’re both on board. If one of you wants to start a business and the other thinks you can’t afford it – or you have different money personalities – get creative about ways to meet both your needs. Can you build your savings over the next six months so the financial investment is less risky? Can you bring in a partner to ease the financial stress? Can you break the idea into smaller, more manageable chunks? “Risk Takers” in particular need to make sure they have their partner’s blessing before moving ahead with a new financial venture. Without your partner’s blessing, you’re going to bring anger, frustration, and deep resentment into your relationship. And no financial investment or risk is worth that.

Take your time before investing money. A good financial investment will still be good two months from now. Before you make a major financial commitment to a new venture, take a deep breath…and wait. Keep dreaming, keep talking, keep saving, but don’t make a move until you’ve let your plans simmer a while. Whether you’re talking about one partner going back to school, living on one income, starting a new business, or changing jobs, work together to make this financial investment one that benefits the whole family.

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“Age is more than just a number when it comes to financial planning,” says Lisa Caputo and Linda Descano – the dynamic duo behind Women & Co. “Starting early can help give you a leg up on a comfortable retirement. This is particularly important for women because we live longer than men, are more likely to require long-term care services, and take more time out of the work force to care for children and family members.  These financial realities make it even more important for us to start saving early, to save more as we earn more, and to plan carefully for those ‘time-out’ periods.”

These money lessons for women in their 50s and 60s are effective for women close to retirement – better late than never! For more financial info about retirement planning, click Women & Money: A Practical Guide to Estate Planning.

Money Lessons for Women in Their 50s and 60s

“Having a financial plan is an important step, but you need to review it regularly to make adjustments as life transitions occur,” say the financial experts at Women & Co. If you’re married or living with someone, you might find Dealing With Different Money Personalities as a Couple helpful.

Money Lessons for Women in Their 50s

Re-balance Your Portfolio. Review your investment portfolio regularly. Make adjustments to accommodate different cash-flow needs and changes in income and living expenses, as well as your changing vision of life after retirement.

Catch Up on Retirement Savings. At age 50, you become eligible to make “catch-up” or extra, contributions to your IRA and 401(k) plan, or similar retirement plan. This year, the 401(k) plan catch-up amount is $5,500 over the basic limit of $16,500, for a total contribution allowed to $22,000.  For an IRA, you can make an extra $1,000 contribution for a maximum of $6,000 for the year.

Review Your Coverage. Regularly review your life and disability insurance coverage, which generally should replace enough of your income so that your family’s current and future needs are met. This includes everyday living expenses, short and long-term debts, education for your children, and retirement for your spouse/partner.

Money Lessons for Women in Their 60s

Look Into Social Security Benefits.  At age 62, you’re eligible to start receiving Social Security. However, your benefits could be reduced by as much as 30% if you opt to get Social Security before your Normal Retirement Age (also known as Full Retirement Age, which ranges from age 65 to 67 depending on year of birth).

Get Back to Budgeting Basics.  Learning to live on a fixed income requires different money management tactics than when you earned a salary with potential for increasing over time.  A timeless money tip for women is to practice good basic budgeting by tracking your money and spending habits.

Update Your Estate Plans.  Review your beneficiary designations on qualified plans, IRAs and life insurance policies. Talk to your financial, legal and tax advisors to make sure your estate plans are up-to-date.

If you’re experiencing a financial disaster, read Turning Failure to Successf for Female Entrepreneurs — it could help you rebound!

If you have any thoughts or questions on these money tips for women, please comment below…

Women & Co. is a financial resource program from Citi, dedicated to helping women achieve their financial goals.

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3. Dealing With Different Money Personalities as a Couple – Suze Orman

First, the bad news:

“Opposites may attract, but I wouldn’t put my money on a relationship of financial opposites,” says Suze Orman.

But don’t fret, my friend! Just because Orman wouldn’t bet her money on a couple with two different money personalities doesn’t mean that couple is headed for relationship breakdown or serious financial problems. (phew, what a sentence that was!)

Here are several ways to deal with different money personalities as a couple. For more info, read Financially Ever After: The Couples’ Guide to Managing Money by Jeff Opdyke.

Dealing With Different Money Personalities as a Couple – Suze Orman

The two basic money personalities are savers and spenders. If you’re a saver married to a spender – or a spender married to a saver – you’ll run into different relationship challenges than two spenders, or two savers.

Know your FICO score. “If you forced me to pick one single bit of advice that would have the biggest impact on turning around your financial situation, I wouldn’t hesitate for a second,” writes Orman in The Money Book for the Young, Fabulous, & Broke. “You have to know your FICO score.” Before you tackle your “saver versus spender” money personalities, learn about your credit score. Do you need to do some damage repair?

Separate your finances. Consider having two separate income streams and bank accounts. This way, if you’re a saver you can invest your money any way you want. If your partner is a spender, he can spend his earnings any way he wants. You can divide the household bills and other sources of debt, and pay for those equally but separately.

Learn how to talk about money objectively. Whether you’re deciding how to invest a $10,000 windfall or struggling to pay off medical debt – you need to talk about your financial problems or perks rationally. This means accepting your different money personalities without blame, resentment, or bitterness. For help, read Tips for Talking About Money for Couples.

Talk about your money personalities before marriage. “After you marry, every asset either of you acquires is jointly held,” says Suze Orman. “That’s why you both need to be in sync on your long-term financial goals, from paying off the mortgage to putting away for retirement. Ideally, you should talk about all this before you wed. If you don’t, you can end up deeply frustrated and financially spent.”  For help, read Figuring Out Your Finances for Engaged Couples.

Consult a financial planner. Dealing with different money personalities as a couple can get difficult – and those difficulties can affect other parts of your relationship. To solve your financial problems, consider talking to a financial planner who can help you see the big picture. He/she can help you set your general financial goals (eg, retirement planning), as well as determine the details that will help you achieve those goals (eg, a monthly budget).

“In all realms of life it takes courage to stretch your limits, express your power, and fulfill your potential,” says Suze Orman. “It’s no different in the financial realm.”

Are you a saver — and is your partner a spender? How do you deal with it?  If you have any comments or questions on these tips for dealing with different money personalities as a couple, you are welcome below….

For more inspiration from Suze Orman, read How to Successfully Change Careers! 

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