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Building a Shared Finacial Future
Building a Shared Finacial Future
Money is one of the leading casues of confict in relationships. But understanding each others fears, goals, habitsm values and views about money can improve communications and lead to resolutions about spending and money management. Below we explore ways to break the taboo and talk about money with your partner beore it's too late. And don't miss our eBook How to Combine Finances with Your Partner without Figiting
Communicate Different Values & Priorties
Communicate Different Values & Priorties
How we see and use money often represents our backgrounds, upbringing and deepest values. It communicates how we see ourselves and others.
Unequal conditions such as one partner earning more than another, or respect of your partner's jojb or profession can often lead to dsagreements about money. For example, do you receive more promotions on the job, while your partner's career seems to be stagnant?
Inhertied Money Beliefs. Do you hate it because your Wife earns more money than you?
Failing to share responsibilities at home such as after-school child care or cleaning, when both partnes work a full-time job can lead to resentment.
How you each handle financial stress, such as a sudden lay-off or management chain at your office can overflow into stressful situations in your partnership.
Powerful Ways to Help Couples Stop Fighting over Money
SHARE YOUR DREAMS, GOALS AND VALUES
SHARE YOUR DREAMS, GOALS AND VALUES
Support your partner's goals and expect the same in return from them.
Define Your Goals as a Couple
Define Your Goals as a Couple
Clarify your fianncial goals and values as a Couple - are you saving for marriage, a new home, kids, or do you want to finish school first. Define your goals and listen to each other's needs and values during important time periods in your life
Nobody's perfect, so define your strengths and financial flexibility when one partner spends too much or doesn't want to spend on a high-ticket item.
Create a unified financial plan: Are you saving for a house, going on vacation, having kids or buying a new car or boat. Create a unified plan you both can agree to.
Finally, set a simple budget, life happens so plan on the ups and downs but keep your budget and financial goals as a couple in mind. This will help lessen or ward-off future arguments over money.
The Pros and Cons of Joint Accounts
The Pros and Cons of Joint Accounts
Opening Joint Accouns can be a major first step for new couples. But it can also be a scary time for you or your partner. For some joint accounts represent a loss of control and indpendence, for others joint acconts means simply shaing resources and responsibilities. Listen to your partner, before proceeding with any joint accounts and talk to an Accountant or Financial Planner if you have lingering concerns.
Lay Everything on the Table
Lay Everything on the Table
Listing all your debts including student loans, medical bills, familiy obligations and credit card balances, will help you and your partner understand your shared obligations and how your individual debt can affect your relationsihp. Factors to consider are your spending habits, income disparity, future plans for a family, buying a new home and other major purchases.
What Do You Value
What Do You Value
Often the question that plagues couples is "What do you value". If buying expensive furniture or an expensive car for show is more important than long-term savings, these discrepancies can lead to future arguments with your partner. Discuss, identify and understand upfront what motivates your partner or spouse and be honest with how you feel about their choices. It will save you headaches later.
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