So you may be asking why a single woman is writing a post about speaking the same financial language with your partner. I do have thoughts on this topic; however, I really want to learn more about it so I listen to the wisdom and experience of others. I’m pleased to offer you Good Nelly’s thoughts here. Good Nelly wrote a quality guest post for me in the past titled, The Debt Gender Gap and How to Reduce it Being a Woman. You are in for another treat with this post. Take it away, Nelly…
Why and How to Speak the Same Financial Language with Your Partner
I am sure that you have heard that couples need to speak the same financial language. Men and women need to be on a similar page for a better financial future.
But have you wondered why? Let’s find it out.
Why you need to be on the same financial page with your partner
You need to speak the same financial language because:
Financial compatibility is important for a good personal relationship
Research suggests that one of the primary reasons for divorce is financial incompatibility. It might be detrimental if both of you don’t consult with each other before a major purchase. Oftentimes one is the spender and the other one is a saver.
Communication is important in any relationship
You need to communicate with your partner when you decide to speak the same financial language. And, when you can communicate with each other properly, you can clear any misunderstandings. In turn, it strengthens your personal relationship, too.
Signs that you’re speaking the same financial language
So, how will you know that you’re on the same financial page with your partner? Check off any you can agree with.
¤ You have similar financial goals
It becomes easier to achieve financial goals if both of you have common goals. Even if you don’t have similar goals, you can help each other to achieve both of your goals. If you do so, then you’re on the same page.
¤ You plan a budget together
In continuation of the last point, I would like to add that if both of you can plan a realistic budget together and save a significant amount, then you can attain your individual financial goals.
¤ You discuss things with each other
Both of you discuss before spending money, especially if it’s a big-ticket purchase. Each of you discusses your spending habits with each other. This helps to clear the misunderstanding and thus helps strengthen the marital relationship too.
¤ You organize your things together
You’re on the same page if you organize your things together. Whether it is planning a budget or organizing your household things, it means both of you can come to a decision together.
How you can speak the same financial language for a better future
Here are a few tips to speak the same financial language with your partner.
Plan a budget together
This is the prime requirement to speak the same financial language. So, sit with your partner, discuss both of your financial goals and decide how you’ll achieve them. It is better to set goals as a team instead of deciding about goals individually.
When you plan a budget, try to follow it. It will be easier if it’s a realistic budget and both of you can follow it effortlessly. Also, modify your budget from time to time and make modifications when required.
Do not be rigid with the budget
It is not a crime if anyone splurges a bit occasionally. It can happen. Don’t criticize your partner. Instead, have some room in your budget for splurging a bit.
There is nothing wrong with planning a weekend tour or a dine out. The problem arises when splurging becomes a habit. Occasional splurging can help you to be disciplined and follow your budget in a better way.
If you splurge on something, then you can cut down on other things to balance the budget.
Another thing, designate an amount for amusement too. And once you attain one goal, celebrate it.
Be honest with your financial life
Honesty is the basis of every relationship. This holds great importance even when you decide to share your lives.
It is said that it takes years to build trust, but it can be broken in just a second. And, once trust is broken, it is sometimes impossible to get it back.
So, do not hide money related matters from your partner. Financial experts say that it is necessary to reveal financial secrets when a man and woman decide to share their lives together. For example, if you’re overburdened with debts and facing difficulty to pay it off, share it with your partner and being willing to receive his/her help to solve the issue.
If one partner makes some mistake, there is no harm in admitting it and learning a lesson from it. You’ll have the help of your partner to solve any financial issue.
Select a date and time every month to discuss money matters
Conversation and communication are two key things in a good relationship. So, to speak the same financial language, select a date every month and mark it in your calendar when you’ll have just financial discussions.
Make the discussion interesting by planning a dinner date with your partner at your home. If you wish, you can also crack open a wine bottle to enjoy the moment (Deanna here – as long as you are not in recovery for alcoholism!). Make it a happy and cherishable moment instead of a task. Then solve your financial issues.
Doing so, you can enjoy some we-time too.
Solve your debt problems
Try to get out of debt as soon as possible. When you’re in debt, you don’t have extra money to invest for a better financial future. Therefore, you should repay your outstanding balances, as fast as you can.
To do so, you can choose debt consolidation or debt settlement as per your financial situation. If you choose settlement, you can get rid of debt relatively fast. You won’t have to repay the entire amount. However, your credit score may suffer a bit. Choosing consolidation can help you repay your multiple balances in full and that too through single monthly payments.
In this regard, I would like to mention that usually, one partner is more proactive than the other one about dealing with finances. If you’re the one, then take the initiative to make your financial life happier. This will help you both to plan a better financial future.
Author’s Bio: Good Nelly is a financial writer who lives in Milwaukee, Wisconsin. She has started her financial journey long back. Good Nelly has been associated with Debt Consolidation Care for a long time. Through her writings, she has helped people overcome their debt problems and has solved personal finance-related queries. She has also written for some other websites and blogs. You can follow her Twitter profile.