Nancy W. Hudson, CFCS, Medina County

Families who effectively discuss money matters can avoid many financial problems. Good communication about money begins with understanding one another's values. This exercise will help you compare your values about money.

Do this exercise individually, then compare responses For each pair of statements, choose the one you feel is more important. There are no right or wrong answers.

1. a. Paying off the credit card debts at the end of each month.
   b. Keeping the minimum monthly payment within a reasonable limit.
   
   
2. a. Maintaining individual checking accounts.
   b. Having only a joint checking account.
   
   
3. a. Having one major wage earner.
   b. Both partners contributing to family income.
   
   
4. a. Giving children an allowance because they need to have their own spending money.
   b. Giving children an allowance because they have earned it doing their household jobs.
   
   
5. a. Purchasing a house as soon as possible.
   b. Renting until you can afford to buy.
   
   
6. a. Working only at jobs you get paid for.
   b. Volunteering whenever you can.
   
   
7. a. Only making large purchases when they have been planned.
   b. Making a spontaneous purchase if the sale price is good and working out the budget later.
   
   
8. a. Having the bills paid on time or before due date (including rent or mortgage, utilities, credit cards).
   b. If the bills get paid a little late and no major action will be taken, it's OK.
   
   
9. a. Working at a job I really enjoy even if the pay is low.
   b. Working at a job where I can make the most money but do not enjoy as much.
   
   
10. a. Sacrifice quality for cost.
    b. Sacrifice cost for quality.
    
    
11. a. Have a savings account that continually gets tapped into.
    b. Have a savings account that cannot get below a certain level unless it is a real emergency.
    
    
12. a. Spending money on both of us.
    b. Spending money on my partner.
    
    
13. a. Keeping the checkbook balanced to the penny.
    b. Knowing about how much money is in the checking account.
    
    
14. a. Having some money that can be freely spent and not exactly accounted for.
    b. Knowing where every penny has been spent.
    
    
15. a. Saving money first.
    b. Saving money that is left at the end of the week or month.
    
    
16. a. Planning activities ahead of time such as: a weekend trip, going out to eat, going to the movies.
    b. Going out if the mood strikes.
    
    
17. a. Getting a college degree and postponing a career.
    b. Getting into the work force as soon as possible.
    
    
18. a. Being in control of the budget.
    b. Having my partner control the budget.
    
    
19. a. Keeping the thermostat turned down and wearing a sweater.
    b. Keeping the thermostat at a comfortable, warm temperature.
    
    
20. a. Experimenting and trying new things that might save money.
    b. Keeping our present way of spending since it seems to work.
    
    
21. a. Placing your children in day care so each spouse can have a paid job.
    b. Keeping your children at home and one parent without a paid job.
    
    
22. a. Borrowing money from family so you won't have an interest charge.
    b. Borrowing money from a bank because you do not want your family to think you are in trouble.
    
    
23. a. Discussing any purchases over $50.00 before they are made.
    b. Assuming you know if your partner would approve.
    
    
24. a. Using the higher wage earner's income for family budget needs, and the lower wage earner keeps the money earned for spending.
    b. Combining both incomes for the household budget.
    
    
25. a. Putting your money in a high risk, high return investment.
    b. Putting your money in a low risk, moderate return investment.

Now Compare

Where you disagree, discuss reasons for your responses. Remember, answers are neither right nor wrong, just different.

Count how many you agreed on and use this guide to help you decide how often to schedule money talks.

Number of times agreed:

0-10 A great need for communication to keep the scale balanced. If compromises can be reached, your value differences can be worked through.

11-18 You have some similar values. Discuss all possibilities and listen to each other. Work on a compromise you can both live with.

19-25 You have very similar values and will not often find yourself in conflict. Discuss any problems that arise.

Ohio State University Extension has more information to help you manage your family finances, including a Don't Clash Over Cash fact sheet. You can access many materials through our Ohioline web site at:

You may also want to contact your county Extension office for a list of Family Financial Management materials.

This fact sheet has been adapted frorn materials by Josephine Turner, Alabarna Cooperative Extension Service and Margaret Johnson.

Title: Getting to Know You, Your Partner, and Money
Author: Nancy W. Hudson
Publication Date: 1997
Publisher/Institutional Source: The Ohio State University, Cooperative Extension Service
Contact: See publication.

Copyright/Permission:
This text is copyright © 1997 by The Ohio State University.
This text is reproduced on NPIN with the permission of the The Ohio State University, Cooperative Extension Service.
PERMISSION STATEMENT HERE

NPIN Acquisition: N00036. April 1998.

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