Marriage & Money: Tips for discussing finances with your spouse
In a recent live feed I spoke about the importance of talking finances with your spouse and I thought it would be important to provide you with resources to aid in combining finances and budgeting within your marriage. No couple really wants to have that daunting conversation with their spouse; however, without it your marriage could be in for a slippery ride. Check out these tips if you want to avoid trouble in paradise….
Create a budget together with an ultimate goal behind it: Whether you’re putting money away for a rainy day fund, a house, or a nice vacation; the key is to sit down with your partner and put a purpose behind why you're saving. In my opinion if there is no ultimate goal then you will be less reluctant to wanting to set the money aside and really not touch it.
Write out and discuss all bills and major monthly expenses: Keep each other in the loop. You can write it down on a piece of paper and stick it on the fridge, or get a dry erase board calendar, however you guys see fit; as long as you are both able to see what bills are due and when.
Inquire about a joint bank account: If you don’t have one already, or if you've had your doubts about the idea of a joint account; i’d say do it. A joint account is a good way to keep track of the money that you guys have combined. It’s easy to set up housing payments, bills, groceries and any other expenses that you guys have to share. P.S. you can always keep your own personal accounts as well.
Agree on an equal amount of “fun money”: Fun money is an allotted amount that can be used towards things such as shopping trips, time spent with friends, self care or even an elaborate date night with each other. As long as you guys agree on a set amount from the money that you share then you’re all good. However, if you have your own money in a different account as “fun money” then you won’t necessarily need this step.
I hope you guys find these tips useful. They won’t solve all of your financial woes but I guarantee you that following them will help your ship sail a bit smoother.
Until next time,
Talesa
