Media Alert

Contact:
Sandra Citrigno
Corporate Communications Specialist
(408) 365-6383
scitrigno@meriwest.com

Tips for Setting Financial Goals for Couples

SAN JOSE, Calif., February 1, 2006 – One major contributing factor in couples losing their romance is money. But there a several ways couples can work together. Kelly Luong, Manager of Meriwest Credit Union's Dublin Financial Center, has the following tips to share.

• Sharing personal financial information – Make a list of all your assets and liabilities, write down everything you owe. The list should include bank, savings and money market accounts, stock, bond and mutual fund investments, retirement funds, real estate, and personal property such as cars, furniture, jewelry, credit card debt.
• Assign Responsibility – Determine who will be responsible for paying bills, filing invoices, balancing the checkbook, and research large purchases.
• Make a list of financial goals – Each person should make a list of short term and long term goals and discuss the two lists to accomplish one financial goal – from there prioritize and stick to it.
• Clarify needs – Confirm what you want, how much money you need to get there and how long you think it should take. Develop a written plan of action that you believe will best accomplish this goal in the shortest period of time and discuss it.
• Talk frequently about money issues – If you have regular meetings you know what is going on financially and find out what worked, what didn't and review your list of goals and determine the progress you are making.
• Always confide in your partner about financial issues – Never keep anything regarding finances from them because it will create problems within the relationship. It is good to get their support if you are having money issues so that you can solve it together.
• Develop a budget together – Determine what you have spent in the past. Look at your cancelled checks and credit card statements. Discuss ways you can trim your expenses. The money you save can be used for savings and investments. Once a budget is established you need to compare your budget with the actual reoccurring expenses.
• Financial accounts – Merge common assets in one account to allocate for joint expenses, savings and investing and keep the rest separate.
• Another way to save is to consolidate insurance and benefit plans - Your spouse may have a better benefits plan that is not as costly as yours. You may want to go on their plan to save money.
• Learn about finances – Go to investment clubs or seminars and learn about finances together. In this way, you will be on the same page as far as spending and saving goes and you can talk about what you dislike and like about budgeting, saving, etc.

"Setting financial goals together can make your relationship stronger." said Kelly Luong, Manager of Meriwest Credit Union Dublin Financial Center. "By focusing on saving more, reducing expenses and avoiding debt, a couple will live in harmony and avoid the reason most couples identify when splitting up."

If interested in interviewing Kelly Luong regarding this topic, please contact Sandra Citrigno at Meriwest Credit Union at 408-365-6383.

About Meriwest Credit Union
As an established and proactive full-service financial institution, Meriwest is dedicated to making life easier for businesses and families in the San Francisco Bay Area and Tucson, Arizona through personal, convenient and innovative financial services.