Many young married couples struggle with financial issues that seem to stem from a lack of communication or differences of opinion on the value of money. These issues are even more emphasized when you have children!
Talking about money with your spouse early and often is the best way to avoid arguments and make sure that you can reach the budgeting goals that you have set out for your family!
I mean who doesn’t want to be debt free!
Here are 6 essential money conversation I suggest you and your spouse have!
What Type Of Money Person Are You?
If you want to understand finances as a couple, it is crucial to identify how you tend to handle your money. Are you a saver? A spender? If you are a saver and your spouse tends to be a spender, this could lead to some HUGE problems!
Don’t worry if this is your scenario! You can still have a thriving marriage (my wife is a saver, and I am a spender). It just takes extra effort to ensure that we are communicating. Honestly, I am thankful that my wife is a saver as she helps keep my impulse buying very minimum. It also helps us be able to conquer our debt very quickly!
You can balance each other, but first, you have to know what type you and your significant other are.
Are You Sharing A Bank Account?
I will save you from a long speech on this topic during this blog post, but if you have been following me for even a little bit, you know my answer to this. Honestly, sharing a bank account is so critical that many who do not share one have many additional marriage issues!
This does not mean you cannot have separate fun money that is designated for just your stuff!
How Fast Are You Going To Knock Out Debt?
Debt is like an ankle chain that goes with you everywhere and never let’s go until its paid off! Talk to each other about how fast you want to get rid of these debts. They maybe standing in the way of other financial opportunities your spouse wants to pursue!
Maybe you guys can each work a side hustle to help pay it down faster! Or one might stay home with the kids to alleviate that large daycare bill! (No, it does not have to be just the wife staying home!)
Who Is Dealing With The Money 👩 or 👨?
You wouldn’t believe how many times I get told, especially from my budgeting course, how many times people get late fees or rack up crazy debt because they forgot to pay the bill! And I get it. We are all extremely busy! But that is no excuse for forgetting to pay a debt on time!
Designate one person to handle the bills and the other person to set many reminders. This way you will get into a routine of paying the bills on time!
How Are You Going To Invest or Save Your Money?
Figure out a saving goal you guys want to get to together! This could be having enough saved in the bank to live for 6 months if you were to lose your job. I might be to save enough to purchase a new car for the family! Whatever it is, just choose one and focus on saving together for that one goal!
Also set aside personal saving goals. For me, I really want a new handgun with everything that goes with it. So this is going to be my goal with my own spending money that we give to each other! This will help you keep things in perspective and give you something to reach for!
After these have been talked about, decide what do you guys want to do with investments? We can’t work forever. Do you want to do one Roth? Maybe keep them separate so you get double the income? Maybe you want to invest in stocks that pay dividends so you can live off of those earnings?
Discuss, and then put that plan into action!
What Is Your One Weakness When It Comes To Money!
Don’t be ashamed or lie about it to your spouse! Everyone has a weakness. Knowing what yours is, and what your spouses are, lets us understand each other and keep each other accountable!
Make sure that you are an encouragement to your partner in this area and are consciously aware of their struggle so that you guys can be a unified team. That is what marriage is all about!
What Are Your Thoughts?
This isn’t a one-time conversation as your answers may even change! Even if it is uncomfortable the first few times, make sure that you and your spouse are talking about money and what you guys as a team want to see happen!
Let’s face it, the conversation will be much worst if we don’t!
- How often do you and your significant other talk about money?
- Do you listen?