The first real “money talk” with your partner might be little awkward, but it is vital for a healthy personal and financial relationship. According to a report from the financial planning website LearnVest, 68% of Americans who are in relationships say that their finances are more of a source of stress with their spouse than their sex life. Hence, to manage finances is necessary for all couples.
Derek Brainard, a financial literacy coordinator at Syracuse University in Syracuse, New York said “If you’re already married, remember your vows, ‘For better, for worse, for richer, for poorer,'” Remember, you’re on the same team now.”
This blog aims to provide you with six essential tips for managing finances with your significant other.
- Schedule regular money talks
Your money shouldn’t be something you talk about when you’re in a crises or emergency. Where the money is located, the source of where it is coming from, and where it’s going should be regularly discussed with your partner. Be open to sharing your financial habits and goals. Schedule a time every month to discuss the budget and financial matters openly.
- Identify your partner’s money personality
Identify what your partner think about money and what approach they have adopted to spending or saving. If he or she is liberal and you’re more frugal-minded, you must be ready for more heated discussions than others. This is how you can build and manage financial plans together that work for both of you.
- Share the responsibility of managing your finances
Managing finances needs to be a joint responsibility. If one person has better financial skills than other, it’s important that person takes the lead and discuss the challenges and problems as a team, so there is less conflict.
- Agree on boundaries
Decide what you’re most comfortable with and if you want to keep joint accounts or separate accounts? However you decide to manage your finances, it is important to set some specific guidelines around who has access to your money.
- Commit to financial goals together
Whether it’s saving up for a vacation, setting a retirement goal, or making investment decisions, decide what you both find rewarding and stay motivated to working on those goals as a team.
- Consider counseling
Consider what heated topics between both of you ends up turning into an emotional argument. Try to take help from a relationship counselor or with a financial advisor who can open the lines of communication about managing money in a healthy way.
Gretchen Kubacky a health psychologist based in Los Angeles said: “Talk to each other when you’re calm, well-fed, hydrated and rested. Do not talk to one another in the heat of the moment,”
Read more about how to manage your finances in just 15 minutes a month.
If you’ve any questions related to managing your financial goals, please visit our website www.unitedcounselors.org and let professionals help.