5 Smart Money Tips for Couples

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martinis and your money

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.

Podcast Notes

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

  1. Do you and your husband fight about money?
  2. If you won an all-expense trip anywhere, where would you go and why?
  3. What’s a song you can listen to over and over again?
Do you and your significant other fight about money? How do you manage money conflicts in a relationship?
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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

4 COMMENTS

  1. I bet getting to record some podcast episodes in person at FinCon was blast! Money can be a big issue for couples and even though hubs and I are on the same page most of the time, we do clash about money now and then. This is mostly because we have different spending personalities – I’m a saver and he’s more of a spender.

  2. I am most of the time trying to understand my husband side when it comes to finances because he has a background in accounting and I am amazed with his financial-related practices. When there’s conflict, I also try to bring up my side so that he knows where I am coming from for us to reach on the same page. By the way, I kinda relate so much with you podcast. I like the part about “sharing goals.”

  3. Love it! We lucked out and started using YNAB right after we got married. Talking is key though. Like when my wife mentioned her sisters wedding which was (at the time) a year and a half out. We were able to put $100 a month away for the wedding (we are both in it, so is our daughter, and bachelor/bachelorette parties plus gift and hotel – yikes!). I was frustrated at losing another $100 a month but the lack of stress when the big day comes will be well worth it. On top of that, it made my wife relieved that we were planning ahead. I wouldn’t have thought about it at all so if my wife didn’t bring it up I would have been blindsided. Even within a family, we all have different perspectives!

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