By: Cayla Keyes
South Sixth Branch Manager NMLS # 662877
When it comes to stress in relationships and families, money is often a culprit.
In fact, Dave Ramsey’s Ramsey Solutions conducted a study of more than 1,000 U.S. adults in late 2017 to gain understanding of personal finance behaviors and attitudes, as well as how married couples communicate and relate about money.
The number one issue married couples fight about? You guessed it: money.
Because INB strives to make personal finance easier, our experienced bankers know exactly how to partner with the people we serve to help ease some of the stress that money can cause. In our experience, there are particular life situations that compound financial stress. At INB, we work with individuals and families every day to help with these situations, including:
1. Death in the family
As a personal banker and branch manager, I have witnessed how stressful it can be when a family member passes away, especially when it is unexpected. People often struggle to pick up the pieces when their loved one’s “financial house” is not in order. We help provide the tools and give advice on how to make sure both you and your loved ones are well taken care of, easing that burden on your family. INB Wealth Strategies can help with Estate Planning and Trusts, and our branch staff can help you add beneficiaries to your accounts.
Ramsey Solutions found that couples who fight about money have roughly $30,000 in consumer debt on average, with nearly two-thirds (63%) of all marriages starting off in debt.
Bringing debt into marriage is trending upward over time, Ramsey’s studies show. Younger generations having much more debt than the generations that came before them: Forty-three percent of couples married more than 25 years started off in debt, while a whopping 86 percent of couples married five years or less started married life with debt.
Ramsey Solutions reports that the larger a couple’s debt, the more likely they were to say money is one of the top issues they fight about. INB’s debt reduction tool is a great place to start, and working personally with one of our bankers will help you map out a plan to reduce debt, grow wealth and give you accountability in the process.
3. Saving money for emergencies
A major struggle for many people is saving money for any emergency that may arise. INB makes that task easy and convenient by offering up an automatic savings tool called Pocket Change. Every time you use your INB debit card, it rounds the purchase up to the nearest dollar and puts the “change” into your INB savings account. You even have the option of rounding up to the nearest $9.00! (Right now, when you open a You Name It! Savings account, we’ll match that “change” for 90 days, up to $100.00.)
4. Lack of communication
Stressful life occurrences are hard on a relationships. And that stress is either reduced or exacerbated depending on how a couple or family members talk about these stressful problems to each other.
Often, the practical aspects of financial security often don’t include or take into account a person’s values, emotions and culture associated with money. Keeping the lines of communication open is important.
Couples in healthier, happier marriages are more likely to have in-depth conversations about money, dreams and goals, according to Ramsey Solutions’ study. Eighty-seven percent of respondents who say their marriage is “great” also say they and their spouse work together to set long-term goals for their money, compared to 41% of respondents who say their marriage is “okay” or “in crisis.”
Keeping it in when something is stressful for you is likely to allow the situation to continue and to cause your stress to fester. If you’re ready to start talking about your money, we have financial experts at INB ready to sit down with you and map out your goals.
5. FDIC insurance myths
It’s a common misconception that FDIC only insures $250,000 of your money in one single bank, but that’s not true. For example, as a single ownership account, you would be insured to $250,000. However, you could also have another account with a joint ownership that would be insured for an additional $250,000.
At INB, we frequently work with customers who need assistance with titling their accounts to ensure they are receiving maximum FDIC insurance coverage.
At INB, we know that when families are able to get on the same page by communicating regularly, setting financial goals and creating dreams together, they build a strong foundation for their relationship and for each generation in their family. Working with each other reduces anxiety about finances.
Our advice doesn’t stop here. We INB, we come alongside you to give you the information you need to make the best decisions for you and your family. We are proud to have the experience and knowledge to assist our customers, making banking (and life!) easier.