5 Smart Money Tips for Couples
As a financial planner, I have a front row seat to the impact that money has on relationships and I have seen money bring couples together while also tearing others apart. Today on the podcast, I am talking to Elle Martinez of the website and podcast Couple Money about some good best practices that will ease the stresses that money can bring on a relationship.
What are we drinking?
Mead – Honey wine made by Elle
We recorded this podcast from my hotel room during FinCon, and Elle was gracious enough to bring a bottle of her home brew with her. I had never tried mead before, so it was a fun experience for me.
5 Smart Money Tips
1. Start with open and honest communication
- If you plan to spend the rest of your life with someone, you need to trust them with all aspects of your life, including money.
- None of us has a perfect past and you should feel free to share your money past no matter what it looks like.
- If the person you are with gets scared away, then they probably would not have been a good long-term fit anyway.
2. Share your goals and the numbers will follow
- If you have a tough time coming right out with numbers, talk about goals and big picture ideas first.
- You should at least make sure that you are on the same page as far as big money goals like children, paying off debt, home ownership, etc.
3. Have Money Dates
- We go out on dates with our significant other all the time, why not have a money date?
- Money dates don’t always have to be around budgets and numbers but they should focus on the family finances.
- Put them on the calendar regularly.
4. Play to Your Strengths
- Some people are better bill payers and money managers while other people are better and big picture thinking.
- Each person should play the money role that they feel most comfortable, but both people should still be engaged throughout the entire process.
- A check and balance system should be in place to make sure the family finances stay on track.
5. Have Fun
- Money choices can be really stressful, but never forget to have fun along the way.
- As you achieve goals, make sure that you celebrate and cheer each other on.
Random Three Questions Elle Answered
- Do you and your husband fight about money?
- If you won an all-expense trip anywhere, where would you go and why?
- What’s a song you can listen to over and over again?