Money can wreck a relationship. In fact, how they spend, save, also account for money is one of the leading sources of disagreements between couples. In almost every study, money ranks as the first or second most argued-about topic for couples also partners.
If you currently suffer from “Marital Money Chaos©” you can follow these secrets also achieve more financial success together than you ever could have dreamed. If the two of you can improve your relationship with money, you will or else improve your marriage. Money can be romantic!
Secret #1: Know your spending style also your partners’
How many of you are married to your “Financial Soul Mate”?
The most common spending styles are Spenders also Savers however there are or else the Procrastinators/Avoiders/Deal with it Tomorrow types also the Money Meek/Humble/ personalities.
What are the benefits/good things about each style? What are the things you call your partner when you fight about money?
Find ways in which you can take advantage of your personality strengths also minimize the weaknesses of that style. In the best possible scenario, you will both acknowledge your differences also move to the middle.
Secret #2: Values Driven Spending
Values are different than goals.
Values: Creativity, Freedom, Friendship, Financial Security
Goals: Be debt free, get a new car, also give more to charity
Take some time to choose your top five values also define each of them in your own words. Share the definitions also use them to understand your partner also what is important to them. If your partner’s money behavior confuses you, ask which value they are satisfying. They may be doing their best, however their definition is different than yours. If you both use the same value word however have different meanings, you’ll have conflict.
Secret #3: Have regular Money Meetings or Money Dates!
How many of you think that money is romantic? Actually, since couples fight more about money than anything else (it is estimated that 80% of divorces are the result of money disagreements), having an honest talk about household finances might be better for your relationship than anything else you can do! Financial well-being also peace of mind are certainly romantic!
It doesn’t matter how much money people have, money is a daily event. That increases the chance of it triggering arguments also tension. Use regular meetings as a way to avoid conflict.
Secret #4: Enjoy the present also save for the future
Everyone needs to have their own play money. Ideally 5-10% of your family’s income should be set aside for play. What’s the use of working every day if you don’t get to spend some money on play?
Secret #5: Have a needs/wish list for each person also for the family
We all have things we wish we had also those we need to purchase. Check your list on a regular basis so your subconscious can focus on other things. It’s or else great fun to check off the things you take care of. Great place to go to find out how to spend bonuses or other windfalls.
Secret #6: Divide financial responsibilities between partners
Focus on each person’s skills, interests also availability rather than relying on out-dated gender stereotypes or how much money one partner makes. Share what’s going on with your partner during your monthly meetings also make big decisions together.
Secret #7: Each person has some money they do not have to account for.
This is probably one of the MOST important things you can do for your relationship. No grown up likes to have to ask for an allowance or justify every little expenditure they make. Determine in advance how much money each person can “do with what they will” also no questions asked. Savers can save, spenders can spend, procrastinators can leave it in a jar also the money meek can feel free to give it all away.
Secret #8: Take action, one step at a time
I can guarantee that you will save $1000 one year from today if you put away just $2.74 per day. Where can you find $2.74 each also every day? Do the same with larger goals. If you want to go on a $2000 vacation next year, save $6 per day.
Secret #9: Learn something about money also finances every day
There are lots of good resources out there – websites, books, magazines, classes. You can start at my website: http://www.cindymorus.com where I have articles, calculators, book reviews also teleclass schedules.
Secret #10: Plan your spending also spend your plan
I know, no one likes the “B” word (I call them spending plans) because they feel restrictive. Instead, plan your spending ahead of time also give yourself permission to spend money in certain areas also get creative about the areas where you choose to spend less. When we feel like “going out” at our house, we have “no silverware dinner” of ribs, french-fries also artichokes. We spend the time enjoying ourselves also creating memories without spending a lot of money. I bet you can do the same!
(c) Phelps Creek Financial Coaching - All Rights Reserved
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Cindy Morus (www.cindymorus.com) is a Certified Financial Recovery Counselor specializing in showing women also their families how to achieve financial well-being also peace of mind. She is or else a Certified Credit Report Reviewer. Contact her at 541-387-2995 or cindy@cindymorus.com. Get a free copy of the "Secrets to lowering your Credit Card Interest Rates" e-book when you sign up for the "Women's Financial Freedom Monthly" newsletter at www.phelps-creek.com/newsletter.asp .
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