How High-Value Couples Handle Their Finances

When you committed to the man or woman of your dreams, you had plans to have three kids, live in a big house, and travel the world.?

You never imagined that your days and nights would consist of arguing about money, being afraid of financial ruin, and being unable to afford to have kids.

You wonder if you’ve made a mistake and are ready to throw in the towel, but you love your spouse and are not ready to give up.

I’ve put together ten ways high-value couples handle their finances; maybe you can adopt a tip or two that will put you and your spouse back on course for living the lifestyle you planned when you said “I do.”

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You Know How to Communicate

Money is the number one conflict that causes most couples to argue or get a divorce. This stems from couples not knowing how to communicate.

You can begin the conversation by asking each other about your goals and how you plan to get there. Be sure not to cast judgment while they’re speaking.

For example, if your spouse says they owe $50K in student loan debt and feels stressed about their monthly payments, avoid interrupting them by actively listening, asking for clarification, and rephrasing what they say.

Discuss Your Values

Because you and your spouse grew up in different homes, your values regarding money may be very different. There are three types of values.

1)Who’s responsible for bringing in the income

2) How should money be spent

3) What type of lifestyle do you plan to live?

If it’s determined that your values are on each extreme, you may have to compromise, negotiate, or seek professional guidance on how to meet in the middle.

Ask the Tough Questions

Now that you know how to communicate and what you each value, you need to start asking the tough questions that can impact both of you financially.

Begin by discussing your financial goals, how much debt you have, what bills you pay, and what your assets are.

Be sure to find a setting that is quiet and free of distractions. This can be on a walk, over dinner, during pillow talk, or with a counselor.

Create a Plan

First, determine how many accounts you need to divide your money.

Next, write down your strengths and weaknesses and assign who will be in charge of what. Who is better at managing money, protecting money, and growing money?

Lastly, choose a day of every month you will commit to sitting down together to review and discuss if you are headed in the right direction of reaching your financial goals.

Determine How Many Accounts You’ll Have

If you’re married, you’ve probably wondered if you should keep your bank accounts separate or join them with your spouse.?

Every couple is different, but it usually boils down to communication, trust, and responsibility for which method might work best for you.

You can have one account for both bills and spending, two separate accounts, or three accounts, one for shared bills and the other two for personal spending.

You Don’t Commit Financial Infidelity?

When you have personal spending accounts, purchasing things that disrespect your spouse might happen unintentionally.

Paying for the opposite sex without first getting approval from your spouse can easily start an argument. Determine what things are off-limit for spending money on, regardless of the price.

Also, determine how much each of you can spend without discussing the purchase in advance; for instance, discussing purchases made over $200 might help to keep you accountable for your spending.

Never Compare Yourself to Others

Social media has nurtured a culture of envy and jealousy. Avoid comparing what your spouse can do for you compared to others financially if they make an honest living and are a hard worker.

Unless your spouse dies, becomes disabled, or develops an addiction that causes them to put your family at a financial disadvantage, more times than not, you knew precisely what lifestyle your spouse was able to provide before saying “I Do”.

Instead of being upset that you can’t travel the world, live in fancy homes, or provide help around the house, practice gratitude and discuss ways to improve your situation.

Give With Caution

At some point in your marriage, you may have family members or close friends asking to borrow money from you, and you may want to help.

Discuss loaning or giving money to your family and friends with your spouse before withdrawing the money from your account.

Consider how your relationship will be impacted if the person asking to “borrow” the money refuses to pay it back. Also, think about how your spouse would feel if you loaned money without their knowledge.

Live on One Income

Elizabeth Warren wrote a book called The Two-Income Trap. This book details how most Americans create a lifestyle based on two incomes.

When both parties can bring in income consistently, their lifestyle is manageable. When experiencing a job loss, sickness, or the wife wanting to stay home with the kids, the loss of income becomes a financial burden, often resulting in bankruptcy.

It is advised to take one income to live on and the other to save and invest if you both agree to work. This allows excess income to be used in emergencies to minimize financial burdens.

Invest in Your Education

You’re living during the best time in history because we live in the information age. This means everything you want to know is at your fingertips.

Spend 30 minutes a day reading a book on finances, following the financial news, taking courses, or paying for professional advice to help you to meet your goals.

You’ve now determined that your marriage is worth saving, after all.

You realize that you both were ignorant of how money should work in your marriage.

Now that you know how high-value couples handle their finances, become that high-value couple yourself.

Don’t let fear and ignorance keep you from living the life that you two dreamed of.

You deserve to live a good life with the ones you love.

Comment below which action you plan to take ASAP!