Financial Planning

One-third of married couples admit to arguing about finances at least once a month (Money Management International, 2018).

Couples tend to start marriage with differing ideas about financial management. Each person has their own personal priorities when it comes to money. People are usually one of two things–a tightwad or a spendthrift. Learning how to merge individual values into shared values will help increase marital satisfaction. “When couples get on the same page—through talking regularly, making money goals, and discussing dreams together—they build a strong foundation for their relationship. Working with each other (instead of against) reduces anxiety and fosters healthier relationships” (Ramsey, 2018).

Honesty

It’s important to be honest and transparent when it comes to spending. “When a spouse hides purchases from their partner, it breaks down the trust in their relationship” (Ramsey, 2018). When it comes to finances, honesty is the best policy. Spouses cannot understand money differences unless they are explicitly discussed. Find out who is the spender and who is the saver. This will allow you to get on the same page about finances.

Effective Communication

“Overindulgence and poor money management place a heavy strain on marriage relationships. Most marital problems, it seems, originate from economic roots—either insufficient income to sustain the family or mismanagement of the income as earned” (Tanner, 1979, para. 24). Knowing how to start the conversation about money and avoid conflict can help ease your stress when it comes to finances. Here are five tips to have a constructive conversation:

Be on the same team. Focus on “us” rather than “me”.
Stop if you feel overwhelmed. Taking a 20-30 minute break can help everyone calm down.
Avoid trying to persuade your spouse without hearing their point of view first. It is important to understand each other so that you can actually reach a compromise.
Express your needs. This means expressing how you feel and what your spouse can do to help.
Believe that both points of view are valid. Simply arguing for your own position and failing to recognize other viewpoints will only lead to a dead end conversation.

Create Shared Goals

“Marriage is about compromise, and whether you’ve married for two weeks or twenty years, it’s important to be able to work together with your spouse. But here’s the deal—it can be challenging to work together on finances” (Money Management International, 2018). Write out what is important to you. Consider what is important to your spouse. How can the two ideas be combined into one? By creating a budget. Budgets sound boring, they are tedious, and most couples don’t even want to do them. But, “budgeting isn’t just about numbers and math. It’s about living your best life by improving your relationship with money. It’s figuring out what’s important to you, and then syncing up your spending and saving habits to your values and goals” (Money Management International, 2018).

Budget

Budgeting can be summarized in six steps.

Find your why and write it out.
Set your priorities.
Track your spending.
Choose your method.
Live with your budget.
Revisit your budget frequently.

With the various budgeting methods out there you’re probably asking, how do I know which one to choose? Start here to map out expenses, then choose your budgeting method. Below are some popular options:

Challenge:

In today’s technological world, there’s an app for everything. Put budgeting into practice by downloading a financial/budgeting app and get started budgeting! Try using; mint, everydollar, or digit.

Video

Hopefully this blog inspired you to set personal marriage and parenting goals. Watch this video about some of our own goals!

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