Couple offers advice on making finances work Published March 7, 2008 By Holly Birchfield 78th ABW/PA Robins Air Force Base, GA -- Justin and Kim Ritchie had different financial styles from the start. But Mr. Ritchie, a sales manager for Cox Communications, and Mrs. Ritchie, a production management specialist trainee in the 569th Combat Sustainment Squadron, knew they could work through them. Justin is more reserved with money. "I'm pretty frugal when it comes to money," he said. "It takes a lot for me to decide to buy something unless it's a relevant need and that has really increased since we started a family." Kim, on the other hand, is willing to take risks to gain. "I have a strong interest in personal finances," she said. "It intrigues me. I want to do the absolute best thing with our money. I want to know what's going on in the market. I want to make an informed choice and feel good about it." In two years of marriage, they have done well to save and plan for their future. But, like many, their financial journey is a work in progress. Bill Heaberg, a community readiness consultant in the Airman and Family Readiness Center who counsels Airmen and Defense Department civilians on finances, said the Ritches aren't alone. "Having financial differences is very common," he said. "Having different ideas about money, how to save it and how to spend it, is one of the many causes of marital strife." Mr. Heaberg said discussing finances in a neutral setting minimizes arguments. Spouses should separately develop a budget to better understand their expenses. And every budget needs a little wiggle room. "I'm a firm believer that everyone needs some 'mad' money," Mr. Heaberg said. "Whatever denomination it is, that's money they can spend, save, give away or burn, no questions asked. We all like to have some independence and this helps with that." Couples should also set a limit that neither exceeds without talking to the other, Mr. Heaberg said. A commitment to financial communication should precede 'I do.' "You should see a financial counselor or a chaplain to work through your financial differences before you walk down the aisle," he said. Mr. Heaberg recommended couples know each other's financial history and debt load before marrying. Kim agreed. "Before you get married, you need to talk about your financial stance," she said. "You need to have an honest conversation about your feelings about money and your goals with money." Justin said financial advisers can help. "If you're intimidated by your personal finances, you might want to consider using a financial planner and make sure it's someone that understands your risk tolerance and financial goals," he said. Ultimately, the Ritchies agreed, couples can control their financial success.