Feb 11
3
Financial health for couples
Money usually shows up in studies as the top reason couples argue. February is the perfect time to change that by setting up some routine around wealth management with your spouse. One of the main reasons that couples argue about money is because they are not working toward common goals.
The best way to change this is to sit down with a timer and your significant other. Set the timer for 10 minutes, while each of you write down your ultimate goals for having and growing wealth. Your reason can be a vacation home in the mountains, providing education for your grandchildren, a Harley or charitable giving. All dreams are allowed.
Next share the list one at a time, allowing no interruptions, until each of you has completed reading your own list. This will lay the foundation for working together to reach those goals. After you have identified what you each want, incorporate the following simple steps into your life:
Create some realistic but challenging money goals if you haven’t already done so.
Set up a regular money date to update and review progress toward your financial goals.
Recognize that childhood money beliefs are likely different and may sabotage efforts until resolved.
Agree to first discuss money spending or investing decisions over a set amount.
Designate one of you to prepare a monthly cash flow statement showing the money that comes in and out every month; alternating this task is ideal.
Review your monthly cash flow for ways to move you toward your money goals by decreasing spending, increasing income or both.
Once you are on the same page with why you ultimately want to have a certain amount of money, it will become much easier to work together to get it. Odds are great that the things on each of your lists overlap in many areas since you were drawn to one another in the first place. Incorporate this powerful couple’s strategy into Valentine’s Day this year to begin creating the life you really want to share.
