Like everything in marriage, the key to managing your money well together is communication. You have got to be able discuss money with your spouse openly. It always amazes me how couples never discuss the subject of how they are going to handle their money, yet wonder why they are always scrambling at the end of the month for money. Talking from my experience of working with and studying married couples, there is a strong correlation between how much a couple communicates about money with how successful a couple is with money.
Take for instance Billy and Sally. What if Billy thought they were going to spend $500 on each other this year for Christmas but Sally thought they were spending only $200? Or what if Sally thought the two of them were going to go on a cruise this year for their anniversary while Billy thought he was going to get his new truck? Not only would this lack of communication lead to a lot of arguments and hurt feelings, it would also lead to an empty bank account as there would be no plan to handle their money.
So, do not be like Billy and Sally. Sit down and have the monthly money talk. Depending on what your situation is, it might not be for more than 20 or 30 minutes a month. Others might have to sit down and actually develop a game plan with their money for the very first time. If I am describing how you and your spouse handle money, please contact me today. I would love to sit down with you and talk one-on-one for 30 minutes and get to know your situation and see if we would be a good fit to work together. In addition, I did a four part podcast series titled “Love and Money” that is a good resource for couples who are starting to look towards managing their money better.
What about your marriage? Has having better communication on money helped your finances? I would love to hear your thoughts so please consider leaving a comment below.