3 Ways to Get on the Same Financial Page as Your Spouse
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Most couples avoid talking about finances because those conversations often end in big arguments. Keeping the peace often overrules financial decisions so most husbands and wives are not on the same page when it comes to their views on spending, saving, investing etc.
When you get married you lose your right to run off and do your own thing. You’re not independent anymore. No where is that reality reflected more than in how you spend your money. Most financial differences are due to a failure to effectively communicate our needs, fears, and complaints and instead let them accumulate over time. You need to learn to talk openly and calmly about your money issues. It is not very likely that your financial situation will change or that you and your spouse will get on the same financial page without some type of agreement or compromise.
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Set a budget together
Many people just pay their bills each month and make purchases, as they see fit never really knowing where all the money goes. When a coupe agrees to sit down and make a budget together it can shed a lot of light on where each of you actually spends your money (your priorities) and how much is actually left over to put aside toward your goals (your hopes and dreams). By setting a budget together you are taking responsibility for your spending and deciding together what your common priorities and goals as a couple are. That builds a strong bond in the marriage.
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Practice the art of compromise
Often times, it is not the actual amount that one spouse spends on an item but rather what the item was. Our spending and saving habits are influenced by the way we were raised and our past experiences. Many women are raised to invest in clothing and beauty products to enhance their attractiveness, while males are often raised to spend their extra money on sporting activities or cars.
A wife’s purchase of a $120 designer outfit may appear outrageous to her spouse, while $200 for center court basketball tickets could appear foolish to his spouse. What is usually missing is communicating in advance about our purchase desires and learning to compromise.
Some couples implement a purchase threshold where purchases beyond a certain dollar amount require discussion and agreement of both spouses before the purchase is made. That way each spouse gets to weigh in on whether the purchase is in the budget or not and if it will only benefit one spouse, the other spouse should receive something else in return.
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Discuss your financial goals
Every couple should pend time talking about your dreams and goals for the future. Don’t just talk about what you would love to have or do for yourself, but also what you would love to have or do together. Perhaps you want to save up a down payment for a house or a car, put money aside for your child to go to college and don’t forget about retirement. Once you do discuss your financial goals, you’ll realize that those dreams aren’t going to happen unless a change is made in your spending habits. That change has to be made together.
Working together on your finances is never easy but it can be rewarding and keep you from making some serious financial missteps If you work on it together.
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