One of the most common topics over which couples fight is money, and for many, it is a taboo topic! People who deeply love their spouse need to talk about financial matters more often. A study from the Utah State University brought light onto the fact that couples who fight over financial matters more than once a week were at 30% higher risks of getting divorced. Therefore, now is the time for couples to take money out of the list of taboo topics and start discussing them!
Talking about money with a spouse can be tough; there’s no denying that. But it needs to start somewhere. The more one delays it, the higher will be the number of fights over money. Such fights create a communication gap between a couple which is one of the reasons why couples end up getting divorced!
These ten most beneficial tips will make it easier for couples to start discussing finances without any pressures. With these tips, an individual will get a direction through which they can initiate the most dreaded discussion!
Share Financial Goals:
As individuals and as a couple, both the husband and the wife have their own financial goals. Much of the financial arguments arise because both individuals do not know each other’s financial goals. Therefore, discussing and sharing this piece of information with each other paves the way for a smoother financial discussion!
Admit Money Mistakes:
The most difficult part of money talks with the spouse is to admit the money mistakes. It can be very challenging, and many people just do not want to admit it. The husband and the wife must accept their mistakes, which led their families and lives into a difficult situation. People make mistakes, and it is okay. Therefore, by accepting the mistakes, an individual can be open to money conversation with their spouse.
Lying makes things worse. It is important for people to understand that to avoid misunderstandings over the finances with your spouse, it is best not to lie about or hide something. It leads to tougher situations that are difficult to come out of. Being honest during money talks with the spouse is the key to learn the trust of a spouse.
Share Figures and Do Not Judge:
Couples need to be open about numbers and figures while discussing money. Instead of asking the spouse for the statements, a smart approach for an individual is to put their right in front. It makes the spouse comfortable in sharing their statements. It is one of the fundamental steps in financial planning and strategizing.
Another aspect of admitting to mistakes is to be fair. If the husband or the wife accepts any of their financial mistakes, the right manner is to stay calm. Screaming and shouting over the spouse makes things worse and negatively affects the relationship. It is advised for an individual to react the way they want their spouse to react when they admit their mistakes. For instance, if the husband or the wife spends more than agreed on a specific item and then accepts it, the other must try to talk to them with a softer approach.
Look for Common Financial Goals:
There are instances where couples have common financial goals. It is a step forward in a relationship as both entities agree to work towards a common goal. It is best to draw up a plan together. It helps in creating a financial understanding between the couple.
Plan and Strategize Together:
When couples get to know and understand each other’s financial goals during the money talk, they can work over a plan together. It helps in building up confidence in both individuals involved. Listen to each other’s opinions and reach a common decision after talking it over. Also, both these entities can together decide which areas to sacrifice on. Instead of restricting each other from spending, it is best to list down the things each of you think must be cut down from the expenses.
Make Money Talk a Habit:
Talking about financial matters is important among families, especially when it comes to couples. If not weekly, couples must sit together at least once every month for the money talk. Once a couple has started discussing financial matters, they should try to make it a habit. Aggressive first-time money talk can serve as a halt to any further financial discussions. Therefore, one must make sure that they are not initiating the talk with an aggressive attitude.
Take Up Responsibilities:
When financial plans are made to reach a goal, many sacrifices are involved. While discussing money with a spouse, it is best to talk about what one is ready to give up instead of asking them to sacrifice something. Also, sitting together and deciding upon the financial responsibilities is a great way to initiate the money talk. An individual must not try to be bossy about responsibilities. The smart way is to list down the financial responsibilities one is willing to take up!
Be Prepared for Arguments:
With financial discussions, arguments do come up. It is inevitable. Therefore, when preparing to start off with the money talk, it will be great to stay prepared for arguments. Try to address these arguments with a solution that both entities agree to that means both must be willing to make sacrifices.
Once a couple initiates their conversation about money, a significant number of problems fade away. Couples must discuss the taboo topics as it helps strengthen the bond, leading towards a better-married life.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.