A number of studies suggest that money is the most divisive
topic for couples. A recent Smart Money survey revealed that
about 70% of all couples talke about money at least once a
week and the communciation isn't very effective.
Here is the BEST TIP that I can give to couples:
FOCUS ON AN OVERALL VISION, BUDGET AND MONEY PLAN - it will
keep both moving in the right direction.
Once you have done that the small everyday decisions about
what to spend your money become much clearer.
SOME MORE GOOD TIPS:
TALK, TALK, TALK - There is no taboo topic and couples need
to be on the same page.
FIND THE BALANCE - Balance power around money. One person
making all of the decisions or having all the control is a
recipe for diaster. Find ways for you both to be equally
engaged in all the money decisions.
MAKE DECISIONS - Decide together what is mine, yours and
ours. Most couples have their own hybrid systems that works
best.
DEFINE YOUR SYSTEM - Have a clearly defined money management
system all the way from who handles the mail to who sends out
the check or electronically pays the bills. Without a well
thoughout operational plan, things fall through the cracks.
ADDRESS PROBLEMS - When things get tough, address problems
immediately (no secrets allowed). Avoiding the issue only
makes it more toxic and drives a wedge in the relationship.
PERFORM CHECKUPS - Schedule an annual money checkup with
each other. Things change and just like our physical health,
money management needs an annual checkup to keep it healthy
and relevant.
TALK A LITTLE MORE - The most important is to have open
communication with no blame and shame. We all have hang-ups
around money. Treat your partner with compassion.
