Valentine’s day can be a great day to celebrate all your relationships, but particularly the relationship with your significant other. On Valentine’s we might pay extra special attention to our relationship and our significant other (although some of us don’t). This attention is great. But we should also tend our relationships on the other 364 days of the year. Especially for married couples, a big part of a healthy relationship depends on a healthy approach to money.
Share Common Money Goals
Allegedly, Yogi Berra said, “if you don’t know where you’re going, you might end up somewhere else.” The same is true with couples and money. If you’re chasing different goals, you’re likely going to be at odds with each other and probably won’t reach any of those goals.
So sit down together and figure out what your joint money goals are. You may need to make some compromises. And don’t just do this once. Periodically touch base on where you are with your goals and what things you need to change.
Communicate (and Don’t Keep Secrets)
Let each other know how you’re spending and what you’re saving. Not only does this prevent errors like money shortfalls, it also builds trust with each other. Take this a step further and sit down together to go over budgets and review spending.
Communicating is great, but only if you communicate everything. Don’t keep money secrets (with obvious exceptions such as surprise gifts, providing the secret is kept with good intentions). Secrets will both erode trust and will derail your goals.
Encourage Each Other
Sometimes you’ll both need to make sacrifices to reach your money goals. Recognize the sacrifice your spouse is making and encourage them to keep up the good work.in pursuing your joint goals. Develop a team attitude instead of a competitive attitude. Remember, for better or worse, you’re in this together.
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- While I do strive to only write accurate information and dispense valuable advice, I am not a licensed financial adviser. All information is based solely on my personal experience and personal research and should be treated as such. Find out more.