According to a recent MMI survey, 56 percent of couples who are married, but unhappy, report financial problems are to blame. Money does matter when it comes to having a happy, healthy relationship so couples should try to devote time to improving their financial standing. A little honest communication could keep your relationship from becoming a statistic.
• First, don’t be afraid to share your feelings. No matter how unromantic, having an open and honest discussion about your financial past and future is vital to your financial success. Remember that everyone has their own money style, which has been shaped by their past experiences. Approaching money issues honestly and openly gives you a much better chance at having a strong, healthy financial relationship.
• Next, make a commitment. No one cares more about your financial security than the two of you. Make a promise to each other to take joint responsibility and take steps to better your overall financial position by paying down debt and establishing a savings cushion. Establishing a savings cushion could keep a financial setback from becoming a financial disaster. And, reducing debt allows you to make smart financial choices in the future.
• There’s nothing more romantic than making plans for your future. Set financial goals and vow to keep them. Make sure that your goals are both specific and achievable. Try to set goals that are equally rewarding so that you are both motivated to achieve them. Depend on each other for support and encourage one another to stay focused.
• Spend some quality time. Schedule a time to meet each month to discuss your financial goals and expectations. Review your budget regularly in order to identify problem areas. Occasional setbacks happen, so try not to get discouraged. Make adjustments as often as needed to ensure financial success.
• Understand your individual rights and responsibilities. State laws vary quite a bit regarding ownership of income and responsibility for debt. Learning about your individual privileges and liabilities will only help your relationship and could provide future financial security in a time of need.
Finally, the most important money move you can make for your relationship is to embrace your differences. Understand that you cannot change feelings created by a lifetime of experience; instead, try to cultivate the positive aspects of each of your styles. There is no one “right” way to handle your finances and a marriage of your money styles may be the perfect solution.
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