The Two Things Couples Fight About

We have all heard it. The two things couples fight the most about is money and sex. I am not a sex therapist so I cannot help with that piece. As a Wealth Advisor I sure can help with the money piece that couples can sometimes face. Here are three tips of where to start to not fight about money:

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1. Have a money date. A money date is when you and your partner set aside time in your schedule to sit down and talk about money, your finances, your goals. Set aside time at least quarterly for you and your partner to talk about money. Make sure you are having frequent money dates with each other and set boundaries. Such as, before making financial decisions regarding spending anything above $100 (or an amount that you both agree upon) is executed, discuss it with your partner. Set aside time at least once a quarter to have a money date to go over your spending, savings and goals. Ideally your money date will take place outside of your home.

We developed Love and Money Conversation cards to help couples start the conversation about money. These cards have questions to answer together to learn more about how each of you thinks and feels about money. These fun cards can help you discuss money in a light hearted way. For example, some questions include: If you won the lottery, how would you spend it? What is one financial mistake you have made in the past that you regret? To get your set of cards, please email [email protected].

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1. Set a budget.?We live in a society where we get so many messages to spend and so few messages to save and invest. So, it is easy to live beyond our means. Your budget is an estimation of revenue and expenses over a specified period of time. It is your income you have to spend and all the other things you spend money on every month. We have a budget worksheet you can use to start the budgeting process. You can find our budget worksheet under our Resources section of our website at www.prosperwell.com. Your budget is something that can be discussed on your money date.?Having a budget is very important, but sticking to it and being on the same page with your significant other is even more important. Make sure that you are adjusting your budget as needed to help you both reach your goals.

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1. Get a financial plan. You and your significant other will want to meet with your Wealth Advisor and discuss how to manage your individual and collective money for the long term (depending on if your money is merged or not). Sitting down with someone can help you both determine what your financial goals and plans should be. Your financial plan is your road map. Your guide. Think of a road trip. You would not just hop in the car and go. You could, but that may not be the most successful trip. It’s best to have a map and a plan and a guide. It is the same with your financial life. Having a financial plan can be your road map and your Wealth Advisor can be your guide.

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Being on the same page about your money with your partner is something that is extremely important. Talking about money with your significant other can be difficult but the benefits are worth it. If you would like more information on how you can start the conversation, would like a set of our Love and Money Conversation Cards or would like to meet with one of our Wealth Advisors, please contact us at www.prosperwell.com.