Managing your finances can be tough enough, let alone as a couple. Money issues and arguments continues to be one of the leading causes of divorce in America. According to a survey by Certified Divorce Financial Analyst, Finance issues make up 22% of divorce rates along with basic incompatibility and infidelity. When a couple’s financial goals and values collide, it quickly becomes an uncompromisable battleground. Luckily, money doesn’t need to becomes an issue in your relationship. Confronting this relationship roadblock together early on will save a lot of head and heartache in the future.
Managing Your Finances As A Team
Never forget, as a couple you’re now part of a team. That means all big decisions are now made together – financial decisions included.
Have “The Money Talk”
Know where each of you stands on money issues. Ask the tough questions like:
- What is your biggest fear about money?
- In what ways should we spend and save?
- How do you think we can handle money better?
- How should we pay our daily living expenses?
- How much money should we spend without consulting each other? On what sorts of purchses?
This exercise irons out any questions you and your partner may have about each other as well as helping you gain empathy for their money fears and struggles.
Set (And Write Down) Financial Goals
Once you’ve asked the essential financial questions, it’s time to develop goals. Look over both you and your partner’s current financial situation. Decide which areas are in need of attention first and which can wait. If one partner has a couple thousand dollars in school debt to pay off, write down how much money will go towards becoming debt-free. If you’re looking to start a family and want to buy a house, then perhaps putting aside a percentage of your income every month is at top of mind. Don’t forget to write them down to keep goals concrete.
Map Out Your Money
Whether you opt to combine finances, keep separate accounts or share a joint savings account, it’s crucial to be upfront with your partner on how money is being spent and saved. BeforeIDo.org has created a great money map template that can be adjusted according to the financial goals and guidelines you’ve set. Decide from the start which bank account your money goes into. Does half go into personal accounts and half into a joint account? Or does it all go into a joint account and then divided from there? There’s no one way to divide out your money – every couple is different. The right way is the one that allows you both to feel connected without being overburdened while still maintaining your financial goals.
Have Monthly Team Meetings
No financial plan is set in stone. Every month, have a financial team meeting to assess your finances together. During these meetings, look over the month’s spending and income statements. Have you met your goals for the month? The year? Take this time to pay your bills together so you’re both on board with your accounts and payments.
There are lots of resources you can find with a simple Google search that till help you manage your money. But if financial woes have set you and your marriage into a tailspin, seek the Boynton Beach marriage counseling services at Gateway Counseling Center. We’ll help you and your spouse discover underlying issues in your relationship to get you back in a state of marital and financial bliss.
Managaing your finances is tough. How do you and your partner manage money matters together?