Marriage tax break still being reviewed

Opponents to the bill seem to be looking for the same win-win situations we want in our family finances.

10:57 05 July 2013

The marriage tax break is still being looked at, but opponents of the bill say that it is not enough to help many families who need the assistance. It would be strictly for marriages and civil unions where one partner does not work, and only for those in the lower tax rate. Single parent families, and ones which have two working people would not benefit at all from the plan.

Not everyone is going to be happy when you are working with finances, and that includes family finances. It is best to look for a win-win situation, and try to agree on compromises. Here are a few suggestions to help you work through family finance issues.

• Goals—each person should feel that it is acceptable to share their own personal goals for family finances, but then a discussion will probably be necessary because not everyone will have the same goals, or same ideas about how to obtain the goals.

 

• Savings—this is another fairly tricky area when it comes to family finances. If there are multiple goals that have been set, it is not uncommon for couples to disagree on how much to put in savings, and how frequently. Remember to compare interest rates and the actual types of accounts, as well as how easy it is to access the money you deposit. If funds are easily obtainable, it can help assuage uncertainty about savings.

 

• Children—if you have children already you know that this can provide additional stresses on family finances as you try to figure out how to afford the everyday expenses of a larger family, but in addition to that you may want to consider Junior ISAs to help with saving for university.

 

• Expenses—this may be the toughest general category with family finances. It is best to communicate often and without judgment about expenses and how to ensure there are not unauthorized overdraft fees.