6 Tips to Successfully Manage Money as a Couple
While discussions regarding finances don't make their way to the top of the to-do list as often as they should, it's more important than ever that couples take the time to sit down and discuss their finances and financial goals. Whether you already have a money management system in place-or you need help getting started-there's no better time than the present. Not only will a well thought-out plan keep both of you moving in the same direction toward your goals, it will also help to open the lines of communication so that you and your partner can talk more freely about financial problems, concerns and decisions.
According to Jane Honeck, CPA and author of The Problem With Money? It's Not About Money! offers the following money managing tips.
1. Talk, Talk, Talk. Money is still a taboo topic and we often don't have a clear idea about how our partner thinks or feels when it comes to spending versus saving. Talking about your goals with your partner is a simple way to make sure you're both on the same page when it comes to your finances.
2. Find Balance: Balance power around money. One person making all the decisions and having all the control when it comes to finances is often a recipe for disaster. Find ways for you both to be equally engaged in all money decisions.
3. Define Your System: Have a clearly defined money management system that covers everything from who handles the mail to who sends out the checks. Without a well thought-out plan in place, it's more likely that things will fall through the cracks.
4. Address Problems: When problems arise, address them immediately (no secrets allowed). Avoiding the issue only makes it more toxic and drives a wedge in the relationship.
5. Perform Checkups: Schedule an annual money checkup. Things change and just like our physical health, money management needs an annual checkup to keep it healthy and relevant. Set aside time to sit down with each other and evaluate what's working, what needs to be fixed and address any questions or concerns that either of you may have.
6. Keep the Lines of Communication Open. The most important thing to keep in mind when dealing with your finances is to continue to communicate with no blame or shame. We all have hang-ups around money, so it's important to treat your partner with compassion when it comes to your finances.
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