Bank of American Fork believes automating bills and savings can support marriage and relationships

AMERICAN FORK, Utah, Sept. 2, 2014 /PRNewswire/ -- Couples cite financial problems as a common cause of divorce. At Bank of American Fork, we believe one way some financial stress contributing to separation or divorce can be avoided is with smart banking, including utilizing available technology and automating payments.

In the past, paying bills was simpler. People paid in cash or by check and there may have been fewer bills to be paid. Now, more bills means more complexity: mortgage or rent, food, utilities, student debt, credit card debt, phone bills, Internet and cable, and car payments can easily be a part of nearly every household.

All these bills can result in confusion and disagreement in the absence of a budget, enough money to pay them, and differences in spending habits. Making a budget is hard enough, but trying to stick to it can really cause rifts.

Budgeting and planning are vital components to maintaining a peaceful relationship when it comes to financial stability. Studies show that couples who fight regularly about finances are 30 percent more likely to separate. Couples who budget for individual spending, automate spending to help them stick to their budgets and communicate where money is going and how much there is will have less financial stress in the relationship.

"Automating some of your bill payments may reduce stress," said Joshua Everton, eBanking manager for Bank of American Fork's holding company People's Utah Bancorp. "It works like this: you and your partner make the decision once about what your budget should look like, set up automatic bill payments to go out first thing after paychecks come in. Then you don't get to the end of the month without enough to pay bills, angry at someone else for spending too much on the wrong things."

Consider doing the same thing with savings. If you and your partner decide to save for a house, car, vacation, retirement or something else, decide how much you can afford to save each month. Then, set up an automatic transfer to go into a separate savings account—when you set up that transfer, you're making the decision once to save every month. You may even want to use an online-only savings account, which often have higher rates.

Financial stress doesn't have to be a reason for a relationship to flounder. Use the technology available to you to make it easier to stick to your goals.

About Bank of American Fork

Bank of American Fork is Utah's community bank leader. With 18 locations from Cache Valley to St. George and more than $1.3 billion in assets, People's, through its group of banks, is committed to providing exceptional service with a full range of bank products and the best available technologies. Lewiston State Bank is also part of the People's group serving customers in the Logan area since 1905.

Contacts:
Heidi Carmack Pfaffroth, PR Specialist
Bank of American Fork
801-642-3139
[email protected]

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SOURCE Bank of American Fork