Financial communication is critical in marriage. Money is often a major source of stress and conflict in relationships, so it’s important to be able to talk about your finances openly and honestly with your partner.
Money can be a touchy subject for couples, but it’s important to have regular financial conversations to ensure that both partners are on the same page about their finances. Financial communication can help couples avoid arguments about money, set financial goals together, and make joint financial decisions.
It’s important to remember that financial communication is a two-way street. Both partners need to be open and honest about their finances, and both need to be willing to listen to each other’s perspective.
You’ve heard me say it before, but Megan and I could not be more opposite when it comes to the finances. She is the classic Saver/Security Seeker and I can spend money with the best of them! You can imagine the financial tension that may cause in a marriage.
I want to give you 3 steps to take in order to get on the same page financially:
1. Talk about your finances regularly – setting goals and tracking progress can help you stay on track
“Aw, come on Taylor… you mean we actually have to TALK about things?” Sorry bud, if you ever want to leave in financial peace, you’re going to have to talk about the not-so-fun things. In our house, we are huge fans of whiteboards. Not even kidding, they’re everywhere. Could I just write on a piece of paper, or jot down some things in a note on my phone? Well yeah… but when you write out your goals in a central area in your home, you’re reminded of those goals every single time you glance that direction. Now I’m not saying you have to put “We are in debt up to our eyeballs” on the wall and leave it there when your friends come over. But write down where you are, where you want to be, and the steps you can take to make it happen!
2. Be transparent with your partner about your spending habits – there’s no need to keep secrets
Secrets are a no-no. Do you want your spouse keeping secrets from you? Don’t even lie, I know you don’t. So why is it ok to keep something from them? I’ll answer that for you: it’s not. Even those pesky little white lies that seem so harmless can add up to causing detrimental issues in your relationship. BE REAL! You are intimate with this person on every other level, it’s time to be financially intimate. You need to know every aspect of your financial health! In order to be proactive, you gotta open up.
3. Make a budget and stick to it! This will help you stay mindful of your spending and save money in the long run.
I know, I know. You probably hate the word budget. To be completely honest, I’m not a huge fan of it either. But that’s where we can change the narrative. You don’t have to see the word budget and think “I’ll never do anything that I enjoy ever again.” It just means that you’re going to be diligent in cutting back in the not-so-necessary areas, to make room for the absolutely necessary, AND… wait for it—eventually saving up for the things you truly do enjoy. I do not believe in the “we will eat nothing but Ramen noodles until we are debt-free” approach. So be sure to factor in the cost of date night, and make those expenses a non-negotiable. Cause let’s be honest, it’s great to be debt free. But if your marriage doesn’t make it in the process, then what good is it? “Woohoo. I’m out of debt and now I don’t have anyone to enjoy the debt-free life with.” Nah, I’m not ok with that. Your spouse comes first, period.
This list can look overwhelming, but it doesn’t have to be. Start with these 3 steps and build up from there. Remember, all you have to focus on is one step at a time. How do you eat an elephant? (well, hopefully you don’t.” but figuratively speaking, you know the answer… one bite at a time. Don’t bite off more than you can chew. Work together, go through these 3 steps and see where it leads.
PUT IN THE WORK:
Make time this week to set up a money huddle. No more money lies or secrets, no arguing, just have an honest conversation and get on the same page.