There are so many things to think about when you’re just married, or about to be, and no one would rate finances as the most exciting of them. In fact, studies show that money is the number one reason couples argue. So how can you achieve a healthy financial relationship? Here are some tips!
Talk To Each Other. Studies have found that the majority of engaged couples hold a negative attitude about discussing money. Speaking about money now is definitely important, but so is how. Whether you talk about money weekly, monthly or on some other schedule, what matters is that you agree on a system and stay open to changing it. It’s also important to remain calm and open-minded…never enter a financial conversation with stress or aggression.
Trust Each Other. The way to achieve a high level of trust is to remain honest, especially when it comes to money. If you made a purchase you shouldn’t have, own up to it. Retreating doesn’t help, and neither does finger-pointing. Work together to come up with a game plan!
Recognize that you are still individuals. Celebrate your differences. If your partner is a bargain-hunter, put them in charge of the spending while you invest the savings. Decide on a monthly amount each of you can spend, no questions asked.
There are pros and cons to opening a joint bank account. SmartMoney found that 64% of couples put all of their money in joint accounts, while 14% kept everything in separate accounts. For many newlyweds, the ideal choice may be both: yours, mine, and our accounts. Once you’ve determined shared living expenses, both of you can contribute your portion of those costs to the joint account based on your share of household income.
Ask for help when you need it. If you have concerns about your ability to work toward a better financial life, ask for help. SeaComm’s partnership with GreenPath Financial Wellness provides credit union members with exclusive access to free debt management services! The certified experts at GreenPath will provide you with financial counseling, a debt management plan, financial education and much more. To learn more about how SeaComm’s partnership with GreenPath can help you, click here or call (877) 337-3399.