Couples and Money

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Congratulations!  You have found your perfect mate.  You are ready to embrace all of each other's outstanding qualities and unconditionally accept any less-than-ideal traits.  However, before you walk down the aisle and commit to spending the rest of your lives together, you need to discuss how you will be spending your money as husband and wife.

Money does matter when it comes to having a happy, healthy relationship so couples should try to devote time to improving their financial standing.  A little honest communication could keep your relationship from becoming a statistic.  

Share Your Feelings 

No matter how unromantic, having an open and honest discussion about your financial past and future is vital to your financial success.  Remember that everyone has their own money style, which has been shaped by their past experiences.  Talking about money issues honestly and openly gives you a much better chance of having a strong, healthy financial relationship.  

"If you are willing to take your clothes of in one way, you should be willing to Get Financially Naked." Get Financially Naked by Manisha Thakor and Sharon Kedar.

Commitment

No one will care more about your financial security more than the two of you.  Make a pledge to each other to take joint responsibility and steps to better your overall financial standing by paying down debt and establishing a savings cushion.

Establishing a savings cushion could keep a financial setback from becoming a financial disaster.  and reducing debt allows you to make smart financial choices in the future.

Make Plans 

There is nothing more romantic than making plans for your future.  Set financial goals and vow to keep them.  make sure that your goals are both specific and achievable.  Try to set goals that are equally rewarding so that you are both motivated to achieve them.  Depend on each other for support and encourage one another to stay focused.  

Spend some quality time.  Schedule a time to meet each month to discuss your financial goals and expectations.  Review your budget regularly in order to identify problem areas.  setbacks will happen, so try not to be discouraged.  Make adjustments as often as needed to ensure financial success.  You can either manage your financial life, or let it manage you and your relationship.

Know Your Individual Rights

State laws vary quite a bit regarding ownership of income and responsibility for debt.  Learning about your individual privileges and liabilities will only help your relationship and could provide future financial security in a time of need.  

Finally, the most important money move you can make for your relationship is to embrace your differences.  Understand that you cannot change feelings created by a lifetime of experience; instead, try to cultivate the positive aspects of each of your styles.  There is no one "right" way to handle your finance and marriage of your money styles may be the perfect solution.







Sources: 
www.moneymanagement.org
Get Financially Naked: How to Talk Money with Your Honey by Manisha Thakor

Posted in: Couples , love , relationship