What Should Couples Discuss About Finances: Overcoming Financial Fights in Your Relationship Part 4
Couples should be looking at or discussing finances. Let’s get more specific: Create a Budget or spending plan. If you have a budget or spending plan. You should be reviewing that regularly. Line item by line item. Decide what expenses or goals need to be cut. What needs to be reduced? In looking at your budget, what needs to be changed, what needs to be fixed, and what needs to be removed? Consider reducing overall spending (If you don’t need it, don’t buy it right now). Assess whether it’s a need VS a want. If you do not have emergency savings, consider limiting your wants. Increase your cash reserve for a savings account. What a great time now to establish an emergency fund to be used only for emergency reasons. Also, Assess your life insurance policy for added protections for your family. We are going to pump money into our priorities rather than our wants. Take action, and be practical when it comes to your finances. Find creative ways to reduce expenses, and you’d be surprised with how much money you can save and use for something else. There are a number of budgeting tools, like budget worksheets. It is a great feeling to see where your money is going. Oftentimes, we are in a relationship with someone with a different spending habit or viewpoint than we do. One maybe freer spirited and more of an abundance thinker, and the other one maybe more conservative and more into planning and saving. You both coming together can be a great balance as long as you’re communicating and you’re valuing each other’s perspectives. Talking about your finances, really working as a team helps with the quality of your life. And I’m a firm believer in creating generational wealth. Who Makes the final decision with finances? The first action is you must come together and discuss the situation or the circumstances. Whatever it is, put everything out on the table. If you’re telling the story, nor the person having to listen, make sure you both understand the financial situation. Then, you come up with some solution, so both parties are involved. You come up with something that you can do. You may have a little bit more knowledge in one area vs. your spouse, but you’re both putting the problem on the table, and you’re coming up with solutions on the table. Then you want to come to an agreement on what you are going to do. Regardless of where this suggestion came from. You both have to come to an agreement. There shouldn’t just be one person who has knowledge about what’s going on in your finances as a family. Regardless, if you have someone who has more of a leadership role. No one should be blind, and everyone’s voice should still count; you are coming together as one and as a team. Create an environment where you can come up with compromises. Accepting that you both have different views versus proving who’s right and who’s wrong. Working together makes life so much easier. Written by: Natasha D. Oates, Award-winning therapist & marriage counselor
What Should Couples Discuss About Finances (Overcoming Financial Fights in Your Relationship Part III)
There are a lot of different questions that we should be asking ourselves, especially those that are in a relationship or looking to be married one day. By addressing certain questions regarding our finances: We can get on the same page to understand why we spend. Why are we so conservative? Why are we so restrictive or private with our finances? Why are we in debt? Why do we have bad credit? Discuss these things and put them out on the table. And once we begin to communicate and put together a plan, we agree on which action to take. That resolves a whole lot of arguments right there. Become open and honest about it. We no longer hide those financial decisions or habits that we are not proud of. Marriage is about being honest, open, and revealing. Communication and consistency help build trust. And little communication can also mean secrets. Maybe, when you were dating, you didn’t share that you had these bill balances floating around, and you now know all of these different things going on, and maybe it’s really difficult to talk about it. An article a few years ago stated that 20 to 30% of couples actually hide accounts from their spouse. When we hide things from our spouse, we are damaging trust. Some hide their poor financial decisions out of embarrassment. In marriage, it’s important to share what you don’t understand and, when possible, learn it together or have one teach the other. It’s okay to have made mistakes; just be sure not to run from them. When a spouse opens up, learn to respond with compassion so that they will continue to open up and work as a team. It’s not enough to discuss finances a few times per year. Consider meeting together at least once or twice a month to discuss income and expenses. Come together to see how much money you’ve spent, comparing spending, saving, and investment trends from months before and whether you’re meeting your couples’ financial goals. Sit down and see how much money you do have. Sit down and see what bills are coming in and what needs to be paid. Both of you should know what’s happening financially. Oftentimes, we tend to make money decisions out of emotions. We should be creating a home of security and safety. If your spouse feels safe and secure, She/He has no problem telling meany issues that they may face or any concerns or mistakes that she’s made. They have a safe place with us. We do not judge them for money issues, concerns, or mistakes. Learn to listen. So, when those things come up, we have a place that makes it easier to talk about any financial issues or concerns that you may have. If your finances are causing you extreme stress. Pause… Take a breath. Take a step back. Assess all of what’s happening, especially the positives. Maybe there is still food on the table. You are still in your home. We can overlook these positives and just worry about the future that hasn’t even happened yet. You may have to let it out through tears.But always remember to move forward and have each other’s back. Could you lean all the way back and let your partner catch you? Do you trust them to that extent Friction, low moments like this can be a time where you either turn on each other Or you turn to each other? Written by: Natasha D. Oates, Award-winning therapist & marriage counselor
